LIVE: Lenskart share price surges 5% after tepid listing – Is it a Buy or Sell now? Analysts weigh in

In FY25, Lenskart’s revenue increased by about 22–23% to Rs 6,653 crore, supported by stronger domestic demand and international operations. The company reported a net profit of Rs 297 crore, recovering from losses in the previous fiscal year.

Funds from the fresh issue will be channelled toward business expansion. Lenskart plans to invest Rs 272 crore to open new company-owned outlets and Rs 591 crore for lease and rental obligations. Around Rs 213 crore is earmarked for technology upgrades, Rs 320 crore for marketing and brand activities, and the rest for acquisitions and general corporate needs.

Speaking on the listing, market veteran Ambareesh Baliga said, “The current uptick after a tepid listing could be used by allottes to sell their shares. The same trend was noticed for Orkla as well as Studds. However, this could create more difficulties for forthcoming IPOs as listing gains disappear, as most of the IPO applicants subscribe for listing gains.”

As of 12 PM, Lenskart Solutions shares were trading higher in their market debut session. On the BSE, the stock was seen at Rs 411.25, up 5.45% from the issue price, while on the NSE, it was trading at Rs 408.90, gaining 3.48%. The recovery in price comes after a volatile start to the session.

Lenskart follows an omnichannel strategy, integrating online convenience with in-store services. Customers can browse online or visit one of its 2,700+ outlets across India for fittings, consultations, or quick purchases. This approach allows the brand to serve both digital-first consumers and walk-in shoppers.

Lenskart operates as a full-service eyewear retailer, offering prescription glasses, contact lenses, and sunglasses. Alongside its core range, it also sells eyewear accessories and provides vision care through a network of physical stores and digital platforms.

The Lenskart share price has seen some recovery in morning trade after tepid listing. The shares listed below the issue price and are now trading close to 2% above the opening rates.

Kavita Vempalli, Sr Research Analyst – Nirmal Bang Retail Research highlighted that the “Listing as expected was subdued due to stretched valuations. Once the stock consolidates, long-term investors can accumulate the stock since fundamentals remain strong for the company.”

After listing at a discount earlier in the day, Lenskart shares have turned positive in post-listing trade. The stock is currently trading at Rs 401 on the BSE, up 2.82%, and at Rs 400 on the NSE, up 1.27% from the issue price. The recovery comes after an initial decline of up to 11% in the early minutes of trade.

Lenskart shares slipped as much as 11% below the issue price during the initial minutes of trade on Monday. However, the stock quickly recovered, trading at Rs 393.45 on the BSE, up 0.88%, and at Rs 398.60 on the NSE, up 0.91%, showing signs of stabilisation after a weak start.

Lenskart finally made its market debut today, listing on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The stock opened at a discount, with shares listing at Rs 390 on the BSE, down 2.99%, and at Rs 395 on the NSE, down 1.74% from the issue price.

In a letter to stakeholders ahead of the listing, “Bansal wrote that, “We didn’t build Lenskart to reach a valuation. We built it to reach people.”

This is particularly an interesting perspective, as many market observers have raised concerns about Lenskart valuations and consider it steep in current perspective.

Also Read: Lenskart IPO: ‘Overpriced’ or ‘Long-Term Buy’? 6 Market Gurus weigh in

Lenskart shares were trading at Rs 390 in the BSE pre-open session ahead of their official listing on Monday. Investors are closely watching the debut to see how the stock performs after a sharp drop in its grey market premium in recent days.

The Lenskart IPO will list at 10 am. The issue price has been fixed at Rs 402 per share. The issue was subscribed 28.27 times. The retail category was subscribed 7.56 times.

Speaking on the potential listing price, market veteran Ambareesh Baliga pointed out that, “in the short term anything is possible – it could open at a premium because the stakes are high, especially reputation risk, but sustaining it could be difficult. In case it opens at a discount, we could see some panic selling.”

Highlighting Lenskart’s strong tech foundation, Peyush Bansal said the company is building the “operating system for eyewear”, connecting design, manufacturing, supply chain, and customer experience through an integrated, AI-driven network. He also reaffirmed plans to grow its smart eyewear range, ‘B by Lenskart’, which aims to “redefine what eyewear can mean.”

Lenskart Solutions made its market debut at 10 AM on November 10, with its shares listing simultaneously on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The much-awaited listing follows a Rs 7,278.76 crore IPO, which included both a fresh issue and an offer for sale.

Also read: Lenskart’s ₹70,000 cr IPO: A ‘Stupid Game’ Buffett Would Avoid?

The Lenskart GMP has seen some uptick in GMP ahead of listing. The current grey market premium is now up 2.5% after falling to near issue price over the weekend. All eyes are now at 10 am when the shares are going to list on the exchanges.

The Lenskart Solutions IPO was a book-built issue worth Rs 7,278.76 crore, combining both a fresh issue and an offer for sale. The company raised Rs 2,150.74 crore through a fresh issue of 5.35 crore shares, while existing shareholders sold 12.76 crore shares worth Rs 5,128.02 crore under the offer for sale.

The IPO opened for subscription on October 31, and closed on November 4. The share allotment was finalised on November 6, ahead of its market debut on November 10.

A consortium of leading financial institutions managed the offer. The list of book-running lead managers includes Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services. The IPO’s registrar, MUFG Intime India, oversaw the allotment and refund process.

Also read: Groww IPO GMP slides to all-time low – Allotment to be finalised today, step by step guide to check status online

Kavita Vempalli, Senior Research Analyst at Nirmal Bang Retail Research, expects Lenskart’s market debut to be subdued given the current market sentiment and a crowded IPO pipeline. “Amidst IPO congestion, Lenskart might have a flattish to marginal listing gain of 5–7%,” she said.

Vempalli added that the long-term outlook remains strong, supported by the company’s omnichannel growth model, aggressive expansion plans, and centralised manufacturing setup. “In the near term, given premium valuations, the stock might be under pressure. Long-term investors can use the opportunity to accumulate the stock,” she noted.

Also read: Lenskart Vs Groww IPO: Which is a better bet? 5 ‘must know’ details before you subscribe

Lenskart Solutions has developed a scalable and replicable business model by strategically investing in technology solutions, AI tools, and automation across key areas such as customer engagement, supply chain and post-order fulfillment, retail operations, and internal processes.

These capabilities empower the company to deliver a superior customer experience while driving operational efficiency at scale. Additionally, its manufacturing base in India enables Lenskart Solutions to offer high-quality, affordable eyewear to customers across global markets.

Deven Choksey, Managing Director of DRChoksey FinServ, doesn’t expect Lenskart to see a big premium on listing. He believes the focus should be on stability and long-term growth rather than immediate price gains. “I don’t think we are looking for a big premium on listing. As long as it sustains the price at which it has issued the shares, I think that would be a good achievement as far as the company is concerned. Now the next level of price rise will happen only when the company shows the sustainability and improvement in the profits. Up till now they have had only one year for profit so far. So certainly I think the investor who bought it at a higher valuation will definitely demand the profit first before they increase the valuation. At current levels, it is an excessive valuation,” he said.

Also read: Lenskart’s ₹70,000 cr IPO: A ‘Stupid Game’ Buffett Would Avoid?

In a social media post, Lenskart CEO Peyush Bansal said the company aims to expand its reach across India, focusing on smaller towns and underserved areas. “We didn’t build Lenskart to reach a valuation. We built it to reach people — from the heart of Delhi to the smallest towns in the Northeast,” he wrote. Calling the listing day “Day-Zero,” Bansal added that eyewear should bring together “precision, design and joy,” to make quality vision care accessible to everyone.

He further said that for Lenskart, real success is measured by trust. “Every customer we serve is our IPO,” Bansal wrote. “The markets may ring the bell once, but our customers ring it every single day—when they trust us, when they smile, when they see clearly again.”

Lenskart IPO’s grey market premium (GMP) saw a sharp fall ahead of its market debut. The premium, which had touched a high of Rs 120 on October 26, just before the subscription opened and gradually slipped as sentiment turned weak in the unlisted market.

By November 8 and 9, the GMP had almost vanished, dropping to as low as Rs 0–Rs 5, a 95% fall from its peak. Ahead of the November 10 listing, it hovered around Rs 10. This indicates a premium of 2.49% as of the latest. However, it is important to note that this is note the official listing and may fluctuate based on market sentiment.

Also read: Lenskart IPO GMP crashes to zero ahead of Monday market debut, investors brace for flat listing

Well-known fund manager and market veteran Sandip Sabharwal of Asksandipsabharwal.com took a sharp stance on Lenskart’s valuation, suggesting the stock is significantly overpriced. “The value of the Lenskart stock is not more than 25% of offer price. That’s where it should ultimately settle. However, in terms of timing, it is uncertain,” Sabharwal said.

Also read: ‘Feels like Day Zero…’: Lenskart CEO Peyush Bansal pens note to stakeholders day before IPO debut

The listing of Lenskart Solutions is just a few hours away and Peyush Bansal shared a note last night to investors. “There’s no playbook for a day like this,” wrote Bansal. The letter has a title ‘It’s Still Day Zero — On the Eve of Lenskart’s Listing.’

“Fifteen years ago, I didn’t dream of ringing a bell. I just wanted to solve one simple, human problem — that millions of people in India couldn’t see clearly,” the letter read.

The subscription numbers came in strong, reflecting investors’ confidence in Lenskart’s long-term growth narrative. However, the significant drop in GMP poses a risk that its much-anticipated market debut could be a subdued one.

At the top end of its price band, Lenskart is eyeing an estimated valuation of approximately Rs 72,700 crore. The IPO comprises a fresh issuance of 5.35 crore shares worth Rs 2,150 crore and an offer for sale of 12.76 crore shares totalling Rs 5,128.02 crore.

Sunny Agrawal – Head of Fundamental Research, SBI Securities also reiterated the focus on long-term profitability, “I feel that maybe for next one to two years, at least the valuations are discounting the next two-year story. In case the company is able to surpass that expectation and clock consistent rise in profitability, then in the long run, definitely value can be created, or vice versa.”

Speaking on the current valuation, he highlighted that the pricing is already factoring in positives expected over next 1-2 years.

On FinancialExpress.com, we touched base with a host of market gurus on the Lenskart pricing. Vijay Kedia pointed out that the pricing is expensive. According to him,

“Lenskart’s valuations look quite expensive to me, and I’m not a buyer at any price. I prefer to stay away from money that comes with high risk, as it can change one’s investing mindset. Remember, no position is also a position.”

You can read more on this – Lenskart IPO: ‘Overpriced’ or ‘Long-Term Buy’? 6 Market Gurus weigh in

Though the GMP is an unofficial indicator, the sharp drop in GMP have raised investor concerns about the listing price. The current GMP indicates that the counter will list close to the issue price. However, just to remind our viewers the listing price can be very different from whatthe GMP indicates. All eyes are now at 10 am when the counter will list on exchanges