Lenskart shares fall nearly 3% as equity worth ₹1,700 crore frees up for trade today

Shares of newly listed Lenskart Solutions Ltd. fell as much as 3% on Monday, December 8, as its one-month shareholder lock-in period comes to an end.

As many as 40.7 million shares or 2% of the company's outstanding will free up for trade as the lock-in comes to an end today, according to Nuvama Alternative & Quantitative Research.

Based on Friday's closing price, the value of the shares that free up for trade today is worth ₹1,701 crore.

It must be noted that the end of the shareholder lock-in period does not mean all the shares will be sold in the open market, but they only become eligible to be traded.

In its first quarterly result post listing, Lenskart reported revenue growth of 21% from last year, while its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) grew by 45%.

The company's India business grew by 13% from last year, while its international business saw growth of 33% on a year-on-year basis.

Lenskart expects revenue and EBITDA to be better in the third quarter, while it targets more than 450 net store additions across the country.

Shares of Lenskart Solutions are trading 2.5% lower on Monday at ₹406.8. The stock continues to remain above its IPO price of ₹402 per share.