Lenskart IPO GMP slips to ₹60 on final day of bidding for ₹7,278 crore issue

Shares of Lenskart are trading at a premium of ₹59 in the grey market today, indicating a potential listing gain of around 15% when the stock debuts on the bourses on November 10.

The grey market premium (GMP), which was around ₹95 when the issue opened for subscription on October 31, has eased since then.

However, analysts caution that GMPs are merely indicative of market sentiment and tend to fluctuate sharply before listing.

Lenskart's IPO witnessed decent investor interest in the first two days of bidding, with the issue subscribed 2.01 times at the end of Day 2.

Among categories, the retail portion was subscribed 3.33 times, followed by non-institutional investors (NIIs) at 1.88 times and qualified institutional buyers (QIBs) at 1.64 times.

All you need to know about Lenskart IPO

The eyewear retailer is selling its shares in a fixed price band of ₹382-₹402 per share, with 10% of the issue reserved for retail investors. One lot comprises 37 shares, requiring a minimum investment of ₹14,874 at the upper end of the price band.

At the upper price band, the company could be valued at about ₹69,741 crore post-issue.

The ₹7,278 crore IPO includes a fresh issue of ₹2,150 crore and an offer for sale (OFS) of ₹5,128 crore.

Proceeds will be used to expand retail operations, strengthen technology infrastructure, and boost marketing initiatives.

Company snapshot

Founded in 2010, Lenskart is one of India's largest omnichannel eyewear retailers, combining a strong digital platform with a growing network of physical stores.

The company operates 2,137 stores in India and 669 internationally. It has introduced innovations such as virtual try-ons and home eye tests, helping it build a strong brand and loyal customer base.

In FY25, Lenskart reported a net profit of ₹297 crore, a sharp turnaround from a ₹10 crore loss in FY24. Revenue rose 22% year-on-year to ₹6,625 crore, driven by strong domestic demand and expanding international operations.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services are the book-running lead managers for the IPO.

The basis of allotment will be finalised on November 6, and the stock is scheduled to list on November 10.