Lenskart IPO Makes Weak Market Debut, Stock Lists At 395 Vs Rs 402 Issue Price

Lenskart IPO Listing: Eyewear maker Lenskart made a subdued market debut on Monday, November 10, 2025. Its shares were listed at Rs 395 on the NSE, which is a discount of Rs 7 or 1.74% over the issue price

of 402 apiece. The listing is in line with its grey market premium (GMP) trends that fell to zero, days after witnessing a Rs 108 premium.

On the BSE, the stock listed at a discount of Rs 12 or 2.99% at Rs 390 apiece.

The IPO saw an overwhelming rush from investors across the board, pulling in bids worth Rs 27,494 crore for 9.97 crore shares on offer, an overall subscription of 6.86 times. Qualified institutional buyers subscribed 6.5 times, non-institutional investors 8.6 times, and retail investors 5.37 times, while anchors had already taken up their full quota of Rs 3,268 crore. Even employees showed strong participation, subscribing 3.9 times to their portion.

Brokerage raised concerns over the company’s valuations, which stood at nearly 230x P/E ratio.

“While the numbers look stellar on paper, such heavy oversubscription often reflects short-term market excitement rather than deep conviction in the company’s fundamentals,” said Gaurav Garg, research analyst at Lemonn Markets Desk.

Lenskart IPO Listing: Should You Buy, Sell Or Hold?

Analysts point towards the high valuation of the company. SBI Securities said that at the upper end of the price band, Lenskart’s valuation stands at 10.1 times its FY25 EV/Sales and 68.7 times EV/EBITDA on a post-issue basis. The IPO comes at a price-to-earnings (P/E) ratio of 230x.

The analysts at SBI Securities cautioned that the issue appears stretched on valuation, which may cap potential listing gains. However, they highlighted the company’s strong business model and the significant growth opportunity in India’s expanding eyewear market as key positives.

The brokerage also noted that profitability metrics will need close monitoring as the company continues to scale its operations. Lenskart’s EBITDA margin has notably improved from 7% in FY23 to 14.7% in FY25, reflecting operational efficiency. Considering the company’s long-term prospects, SBI Securities has recommended subscribing to the IPO for the long term at the cut-off price.

Brokerage firm SIMFS recommends subscribing to the IPO, highlighting the strong growth runway in India’s eyewear market and Lenskart’s tech-enabled business model. It pointed to the company’s “vertically integrated manufacturing ecosystem” and profitability turnaround.

The firm noted that India’s eyewear industry is “poised for exceptional growth… projected to reach Rs 1,483 billion by FY30, clocking a 13% CAGR.” It emphasised Lenskart’s scale advantages, saying the firm produces “30-40 million lenses and 25 million frames annually… eliminating 2.5-4x middlemen markups, enabling 70% gross margins.”

SIMFS recommended that the IPO is a “high-risk, high-potential opportunity” given long-term growth tailwinds and Lenskart’s execution track record.