Lenskart Solutions Ltd. listed at a discount today, underscoring the investor concerns over the pricey valuations of India’s largest eyewear retailer.
The Lenskart share price fell as much as 11.51% from its IPO price of ₹402 apiece to ₹355.70 on Monday (10 November 2025), according to the BSE website. The stock listed at a discount of 2.98% at ₹390 to hit a high of ₹404.80 and a low of 355.70. Earlier, the stock was trading at a ₹10 premium in the grey market.
The three-day Lenskart IPO was subscribed 28.27 times, despite a price-to-earnings ratio of 238:1—meaning, the company wants its investors to pay ₹238 for every rupee earned. The QIB portion received 40.36 times demand, reflecting confidence in the company’s business model. The retail-investor portion was subscribed 7.56 times.
Lenskart Valuation
Ambit Capital was among the first major brokerages to issue a “sell” rating on Lenskart just days before the listing, setting the target price at ₹337—a downside of nearly 16% from the IPO price of ₹402.
The commentary hinges on what Ambit calls “stretched valuations”. While acknowledging Lenskart’s strong brand and projected CAGR of 20% through FY28, the brokerage pointed out that the company’s current market-implied valuation is significantly higher than those of established and capital-efficient peers like Nykaa, Trent and Titan’s eyewear business.
DSP Asset Managers Pvt. Ltd., however, defended its investment in Lenskart, saying that the company’s business is “strong and scalable”, but conceded the deal was expensive.
Following the IPO, Lenskart commands a valuation of about ₹7,000 crore—higher than those of comparable listed consumer companies.
Lenskart Business Model
Lenskart’s made-to-order manufacturing is costly—as is its rapid expansion strategy—which means capex will weigh on free cash flow through FY28. For value-focused investors, the sub-par return ratios relative to peers make the risk-reward ratio unattractive at the current IPO price.
Still, Lenskart’s market leadership bodes well for long-term growth. That capital-intensive expansion plan can open up a largely untapped market in India and push high-margin growth globally.