LIVE: Lenskart IPO Day 2 subscription at 2x- GMP slips further to near 15%

Lenskart operated over 2,700 stores in India and more than 650 overseas. Its manufacturing facility in Bhiwadi supports both domestic and international distribution.

In FY25, Lenskart reported revenue of about Rs 6,653 crore, up 22–23% year-on-year, and a net profit of Rs 297 crore compared to a loss in the previous year. However, analysts noted that part of the profit was driven by “other operating income.”

The allotment for the Lenskart IPO is likely to be finalised on November 6. The credit of shares to successful bidders demat accounts is expected on November 7, with the listing slated for November 10 on both NSE and BSE.​

MUFG Intime India is the registrar of the issue.

Kotak Mahindra Capital, Morgan Stanley (India), Citigroup Global Markets (India), Avendus Capital, Axis Capital, and Intensive Fiscal Services are the lead managers

Lenskart plans to use IPO funds to expand its retail network in India and overseas, enhance technology and marketing infrastructure, and explore acquisitions to strengthen its omni-channel presence.

On day 2 of the Lenskart IPO, all investor categories were fully subscribed. As of 5:00 PM on Monday, November 3, 2025, the overall subscription stood at 2.01 times. QIB category was subscribed 1.64 times, while NII segment saw a total subscription of 1.88 times. Retail Investor category recorded the highest interest with a 3.33 times subscription, and the Employee portion was subscribed 2.62 times. The issue will close for subscription tomorrow, Tuesday, November 4, 2025.

“Lenskart IPO is obnoxiously valued with no justification for the high valuation. It’s not a business that offers massive scale or growth potential, and the company just turned profitable last year, just before the IPO. They have tried to create positivity by getting in some large, reputable investors into pre IPO. However, the valuation of the company above Rs 15,000 crores is not justifiable. Highly avoidable IPO,” said Sandeep Sabharwal of Asksandipsabharwal.com

“Lenskart’s Rs 7,278 crore IPO offers scale but not necessarily value. Priced at 230x FY25 P/E, it trades well above global leaders like Essilor Luxottica. Nearly 70% of the issue is secondary, with early investors exiting at 8x their entry valuation in under a year. With recurring profits at Rs 128 crore and growth slowing to 18%, the fundamentals appear stretched. A wait-and-watch approach seems prudent for long-term investors,” said Gaurav Garg, Research Analyst at Lemonn Markets Desk.

The allotment for the Lenskart IPO is likely to be finalised on November 6. The credit of shares to successful bidders demat accounts is expected on November 7, with the listing slated for November 10 on both NSE and BSE.​

Lenskart’s GMP showed volatility before the issue, peaking near Rs 120 (about 30% premium) and later settling in the Rs 70–Rs 94 range (17–23% premium).

As of the latest, the shares of the company in the grey market is trading at a premium of Rs 65%, indicating an estimating listing price of Rs 467. This is up 16% from the upper price band

However, it is important to note that GMP is not the official listing price and may fluctuate based on market condition.

The Lenskart Solutions IPO has been subscribed 1.72 times so far on Day 2, with bidding still underway. The retail investor portion has seen the highest interest, subscribed 2.88 times, followed by Qualified Institutional Buyers (QIBs) at 1.49 times and Non-Institutional Investors (NIIs) at 1.41 times.

Lenskart plans to use IPO funds to expand its retail network in India and overseas, enhance technology and marketing infrastructure, and explore acquisitions to strengthen its omni-channel presence.

“Given its strong growth potential but high valuation and profitability risks, this offering is best suited for investors with a higher risk appetite and a long-term investment horizon. Thus we assign a “Subscribe for Long Term” rating for this issue,” said Choice Broking in its IPO note.

Lead Managers: Kotak Mahindra Capital, Morgan Stanley (India), Citigroup Global Markets (India), Avendus Capital, Axis Capital, and Intensive Fiscal Services.

Registrar: MUFG Intime India

“On the valuation, at the upper end of the price band, the issue represents a market cap of Rs 70,000 crore. At a 10x Sales multiple, valuations are stretched from a medium-term perspective. No doubt the business model is fairly strong; the company has made solid on-ground progress. However, at the current price, it is ideal for those looking at long-term plays in the retail eyewear manufacturing to consumer platform. Going forward, the key metrics to track will be the ability of the business to scale its profitability in line with its international peers,” according to Sunny Agrawal, Head of Fundamental Research at SBI Securities.

Lenskart is one of India’s largest organised eyewear retailers and ranks among Asia’s top two B2C players in the prescription glasses segment by sales volume.

As of the latest, on Day 2 of bidding so far, the Lenskart Solutions IPO has been subscribed 1.39 times overall, while the bidding process is still ongoing. So far, the retail investors’ portion has seen the highest interest with 2.03 times subscription, followed by qualified institutional buyers (QIBs) at 1.42 times and non-institutional investors (NIIs) at 0.88 times.

The grey market premium (GMP) of the company has risen in the past few days. On October 29, the company was fetching a premium of a mere 12% to its issue price, which increased to 23.6% on October 31. This hints that the company has gained the confidence of investors.

Also read: Will Lenskart go the Paytm way? GMP indicates a different picture

The company counts SoftBank, Temasek, and Kedaara Capital among its key backers. The OFS component allows early investors to partially exit while anchor investors include major global institutions.

In FY25, Lenskart reported revenue of about Rs 6,653 crore, up 22–23% year-on-year, and a net profit of Rs 297 crore compared to a loss in the previous year. However, analysts noted that part of the profit was driven by “other operating income.”

As of March 2025, Lenskart operated over 2,700 stores in India and more than 650 overseas. Its manufacturing facility in Bhiwadi supports both domestic and international distribution.

Founded in 2010, Lenskart operates an omni-channel eyewear retail model across India and international markets. It offers eyeglasses, sunglasses, contact lenses, and accessories under brands such as John Jacobs, Vincent Chase, and Lenskart Air.

Funds raised through the fresh issue will be used for expansion and operational needs. Key allocations include Rs 272.6 crore for new company-owned stores, Rs 591.4 crore for rent and lease of existing outlets, Rs 213.4 crore for technology, and Rs 320 crore for brand marketing.

Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services are the book-running lead managers. MUFG Intime India is the registrar.

The IPO is divided among Qualified Institutional Buyers (QIBs) with around 75% reservation, Non-Institutional Investors (15%), and Retail Investors (10%).

The IPO was subscribed 1.13 times by the end of Day 1. The retail portion was booked 1.32 times, QIBs subscribed 1.42 times, and the NII segment 0.41 times.

The issue opened on October 31 and will close on November 4, 2025. The allotment is expected on November 6, and listing on November 10 on both NSE and BSE. Anchor investors were allotted shares worth Rs 3,268 crore ahead of the issue opening.

The Rs 7,278.02 crore IPO includes a fresh issue of Rs 2,150 crore and an offer for sale (OFS) worth Rs 5,128.02 crore. The price band is fixed between Rs 382 and Rs 402 per share. Investors can apply for a minimum of one lot containing 37 shares.