Lenskart IPO sees Rs 1.1 lakh crore in bids, subscribed 28 times amid valuation buzz

Eyewear retailer Lenskart Solutions has set the primary market on fire, drawing bids worth over Rs 1 lakh crore for its highly anticipated Rs 7,278 crore IPO, despite ongoing concerns about its rich valuation. The issue, priced in the band of Rs 382–Rs 402 per share, closed with a massive 28.2 times overall subscription, according to data from stock exchanges.

The IPO received bids for over 281 crore shares against the 9.97 crore shares on offer, indicating extraordinary investor enthusiasm. The Qualified Institutional Buyers (QIBs) category led the charge with 40.35 times subscription, followed by Non-Institutional Investors (NIIs) at 18.23 times and Retail Investors at 7.54 times. Even the employee quota was subscribed 4.96 times, reflecting broad-based demand across investor classes.

Market experts said the strong QIB participation underscored institutional confidence in Lenskart’s growth trajectory and scalable business model. The response follows a robust anchor book, which saw heavy participation from domestic mutual funds and marquee global investors ahead of the issue’s opening.

Subscription Data (as of 05:30 PM, Tuesday, November 04, 2025)

QIB – 40.35

NII – 18.23  - {(NII 10L+) – 21.81, (NII 2L-10L) – 11.06}, 

Retail – 7.54

Employee – 4.96

Total – 28.26

Established in 2008, Lenskart Solutions is a technology-focused eyewear company involved in the design, manufacturing, branding, and retail of prescription eyeglasses, sunglasses, contact lenses, and accessories. Operating under a direct-to-consumer model, it offers a broad range of eyewear under its own brands and sub-brands, catering to all age groups and price segments.

Lenskart’s vision of driving growth by providing clear vision to Indian/international customers leveraging on its well-designed integrated business model makes it a better play amongst the new age technology companies, said ICICIDirect Research.

"The unorganized dominance and lower usage of eyewear products in India compared to other countries create a significant opportunity for branded players like Lenskart to increase their market share domestically. Hence, we assign 'subscribe' rating on Lenskart from a long term view," it added.

Ahead of its IPO, Lenskart Solutions raised a total of Rs 3,268.36 crore from 147 anchor investors as it allocated 8,13,02,412 equity shares at Rs 402 apiece. Lenskart Solutions has reserved 75 per cent of the net offer qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of 10 per cent in the IPO.

Lenskart's omnichannel strategy along with centralised manufacturing suggests a resilient business model and bodes well to remain cost competitive in the highly fragmented market. Its is able to grow faster than the industry, scaling up its operations through product innovations, entering new markets, acquisitions and market share gains, said Nirmal Bang Securities.

"At FY25 P/E of 235 times and EV/Ebitda of 68 times, issue prima facie looks expensive. However, when we compare the company with other retailers like Metro and Trent, valuations seem fair. Moreover, future expansion plans and growth prospects of Lenskart, provides cushion to the valuations and thus recommend ‘subscribe’ to the issue with a long term view," it added.

For the three-months ended on June 30, 2025, Lenskart Solutions reported a net profit of Rs 61.17 crore with a revenue of Rs 1,946.10 crore. It clocked a net profit of Rs 297.34 crore with a revenue coming in at Rs 7,009.28 crore for the year ended on March 31, 2025. Last heard, It was commanding a grey market premium of Rs 60-65 per share, suggesting 16 per cent uspide.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services are the lead managers for the issue, while MUFG as registrar. Shares of the company shall be listed on both BSE and NSE on November 10, Monday.