In the grey market, Lenskart’s IPO is currently commanding a 14.7% premium, down from the earlier 21.14%, indicating a slight cooling in investor sentiment. The price band for the issue is set at Rs 382–402 per share. The offer includes a fresh issue of Rs 2,150 crore and an offer for sale (OFS) worth Rs 5,128 crore by existing investors such as SoftBank, Kedaara Capital, and Temasek.
Lenskart IPO Subscription Status
The Lenskart IPO was subscribed 2.02 times by the end of Day 2, according to BSE data.
Retail Individual Investors (RIIs) subscribed 3.33 times against the 1.80 crore shares allocated to them.
Non-Institutional Investors (NIIs) bid for 1.89 times the 2.71 crore shares on offer.
Qualified Institutional Buyers (QIBs) subscribed 1.64 times the 5.42 crore shares reserved for their category.
Also Read: Catch All Lenskart IPO GMP Live Updates Here
Lenskart IPO GMP Today
The Grey Market Premium (GMP) for Lenskart Solutions’ IPO is currently around Rs 59, which represents a 14.5% premium over the upper issue price of Rs 402 per share. Based on this, the stock is expected to list near Rs 461 on the exchanges if current trends hold.
However, the decline in GMP signals cooling investor enthusiasm. The premium has fallen from about 21.14% on Day 2 to 14.7% now, suggesting that demand in the unofficial market has softened even as bidding enters its final day.
Business Overview
Lenskart has evolved from a digital-first eyewear startup into a leading omnichannel retailer. The company offers a wide range of prescription glasses, sunglasses, and contact lenses through its website, mobile app, and a rapidly growing offline network of over 2,800 stores across 14 countries, including 2,137 stores in India. Lenskart also owns international eyewear brands such as Owndays (Japan) and Meller (Spain), strengthening its presence across Asia and Europe.
In FY25, Lenskart reported revenue of Rs 6,653 crore, reflecting a 23% year-on-year growth, along with a net profit of Rs 296 crore, marking a turnaround from the losses incurred in FY24. Its EBITDA margin improved significantly to 14.7%, supported by cost optimization, strong brand positioning, and a premium product mix.
The company manufactures a majority of its eyewear in-house at production facilities in Bhiwadi and Gurugram, ensuring an integrated supply chain that maintains both affordability and quality. Additionally, Lenskart is building what is set to be the world’s largest eyewear manufacturing facility in Hyderabad, which will further boost cost efficiency and scalability in the coming years.
Lenskart IPO: Valuation, Market Outlook & Use of Funds
At the upper price band of Rs 402, Lenskart is valued at a P/E of 235x FY25 earnings and an EV/EBITDA of 68x, positioning it among the most expensive retail listings in recent years. Despite the steep valuation, analysts believe the company’s robust growth trajectory and expanding global presence offer strong long-term potential.
The Indian eyewear market, currently estimated at Rs 78,800 crore, is expected to nearly double to Rs 1.48 lakh crore by FY30, registering a CAGR of around 13%. Growth will be driven by increasing digital adoption, better access to eye care, and a rising fashion-conscious consumer base.
Use of Proceeds
The net proceeds from Lenskart’s fresh issue will be primarily directed towards expanding its retail footprint, with Rs 272 crore allocated for setting up new company-owned stores and Rs 591 crore earmarked for lease and rental payments for existing and upcoming outlets.
Additionally, the company plans to invest Rs 213 crore in technology and cloud infrastructure to strengthen its digital capabilities and enhance operational efficiency. A further Rs 320 crore will be used for brand marketing and business promotion, supporting Lenskart’s efforts to boost visibility and drive customer engagement across markets.
Brokerage Recommendations on Lenskart IPO
SBI Securities has given Lenskart a “Subscribe for Long Term” rating, citing its strong business fundamentals and dominant position in an underpenetrated eyewear market. The brokerage notes that while short-term listing gains may be limited, the company’s integrated supply chain, improving profitability, and brand strength offer a compelling long-term growth opportunity.
Ventura Securities also recommends a “Subscribe”, calling Lenskart a visionary growth story. It highlights the company’s technology-led business model, AI-driven customer engagement, and efficient store economics, with a payback period of less than one year per store. The firm expects profitability to expand further as Lenskart continues to scale operations and enter new international markets.
Nirmal Bang acknowledges that the IPO’s valuations appear steep, but believes they are justified when compared to modern retail peers such as Trent and Metro Brands. The brokerage maintains a “Subscribe with Long-Term View” recommendation, citing Lenskart’s brand equity, premium product mix, and ambitious global expansion strategy as key growth drivers.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)