The stock opened at ₹395 on NSE against an offer price of ₹402. It touched an intraday high of ₹413.75 before ending slightly lower at ₹404.55. The eyewear retailer’s market capitalisation at Monday’s close stood at ₹70,184.17 crore.
Analysts advised caution for investors entering the stock immediately after listing.
“Fresh purchases should be made only after monitoring results for 2-3 quarters. Post listing, we are hopeful that management will divulge more details on the future growth plans and goals in terms of profitability,” said Sunny Agrawal, head of fundamental research at SBI Securities. “This should help investors to make better data-driven decisions rather than falling prey to various stories floating on social media.”
Lenskart’s ₹7,278 crore IPO was subscribed 28.26 times. The non-institutional investors (NIIs) or high-net-worth individuals’ portion was subscribed 18.23 times, while the retail investors’ portion received 7.54 times the bids.
Vaqarjaved Khan, senior fundamental analyst at Angel One, said despite Lenskart’s leadership in India’s organised eyewear market and strong brand recognition, the stock remains expensive at a price-to-earnings (P/E) multiple of 235 times for FY25, even when compared with other retail players. Trent and Metro are trading at 107 times and 88 times P/E on FY25 earnings, respectively. “Despite the strong brand recall, valuation is twice as expensive when compared with other listed retail players,” said Khan. “We would like the company to display a couple of quarters of improving profitability and certain comfort in valuations before thinking of a fresh entry in the stock.”