New Delhi, Nov 10 (PTI) Shares of eyewear retailer Lenskart Solutions made a weak market debut on Monday, listing with a discount of 3 per cent against the issue price of Rs 402.
The stock began trading
at Rs 390, down 2.98 per cent from the issue price on the BSE. Later, it plunged 11.52 per cent to Rs 355.70, before rebounding to trade at Rs 403.80 apiece, up 0.44 per cent.
On the NSE, the shares listed at Rs 395 apiece, a discount of 1.74 per cent, and dropped 11.41 per cent to Rs 356.10 before recovering to trade at Rs 404, up 0.5 per cent.
The company’s market valuation stood at Rs 69,091.21 crore on the NSE.
The initial public offer of eyewear retailer Lenskart Solutions Ltd received 28.26 times subscription on the final day of the share sale on Tuesday, led by institutional buyers.
The Rs 7,278 crore Initial Public Offering (IPO) had a price band of Rs 382-402 per share.
The IPO has a fresh issue of shares worth Rs 2,150 crore and an Offer-for-Sale (OFS) of 12.75 crore equity shares by promoters and investors.
Lenskart proposes to use the proceeds from the IPO for strategic initiatives, including capital expenditure to set up new company-operated, company-owned (CoCo) stores in India, and payments under lease, rent, and licence agreements for these CoCo stores.
Investments in technology and cloud infrastructure, brand marketing and business promotion to enhance brand awareness, potential unidentified inorganic acquisitions, and general corporate purposes were some of the other goals stated by the firm.
In the pre-IPO funding round, SBI Mutual Fund invested Rs 100 crore in Lenskart, while Radhakishan Damani, founder of Avenue Supermarts (DMart), invested around Rs 90 crore.
The company, one of India’s largest omni-channel eyewear retailers, offers a wide range of prescription eyeglasses, sunglasses, and contact lenses through its online platform and retail network.
Founded in 2008, Lenskart started as an online eyewear platform in 2010 and opened its first physical store in New Delhi in 2013.
The company has a presence across metro, tier-1, and tier-2 cities, as well as international operations in Southeast Asia and the Middle East. PTI HG HG DR DR
