'We asked him about Lasik and the call dropped': Top fund takes a swipe at Lenskart IPO

As buzz around Lenskart’s IPO reaches fever pitch, alternative investment fund Persistence Capital took a swipe at the eyewear giant with a cryptic post on X: “We are proud to say that we also skipped this IPO.”

The remark came with a caveat—“We will not comment on whether we were approached in the first place”—implying an air of selective exclusivity. But when a user claimed Lenskart CEO Peyush Bansal had personally reached out to the fund, Persistence delivered a pointed punchline: “We asked him about LASIK and the call dropped. It was definitely the network.”

The public exchange adds fuel to the growing skepticism over Lenskart’s much-hyped IPO, with market veterans questioning both the offer and the valuation.

Quant Mutual Fund founder and CIO Sandeep Tandon minced no words, calling the IPO wave a product of “stupidity.” 

In an interview to NDTV Profit, Tandon said, “If the US is not willing to pay these companies this sort of valuation, then why should I pay in India?” He warned that investor euphoria is masking risk, pointing to data showing 60% of recent listings now trade below their IPO prices.

“The best brains of the country are cashing out,” he said, adding that demand has tilted too far in favor of sellers.

Veteran investor Shankar Sharma shared similar views. He dismissed the offering outright: “I have no interest in Lenskart IPO… I never met Peyush Bansal.”

Sharma criticized the company’s rumored Rs 70,000 crore valuation, which implies a price-to-sales ratio over 10x and a staggering price-to-earnings ratio of 230x. On X, he previously likened the pricing to past tech IPO blowups, warning that dissenting voices are being dismissed as part of an “organised campaign.”