Highlights – Lenskart IPO allotment on November 06: Check status online on NSE, BSE; GMP slumps 66% from peak ahead of allotment

Lenskart Solutions offers a comprehensive range of contact lenses in various types, materials, and power options for comfort, convenience, and clear vision. Available under brands like Aqualens and Owndays, these include powered, colored lenses and solutions sourced from trusted third-party suppliers.

The company offer prescription eyeglasses, including powered, reading, computer, and smart glasses across the economy to premium categories with customisable frames and lenses. Customers can choose from various materials, designs, and lens options such as blue light, UV protection, anti-glare, and photochromic, or purchase standalone frames and lenses.

Lenskart Solutions was awarded “India’s Most Trusted Eyewear Brand of 2025” by TRA Research in FY25. The company’s centralised prescription eyeglasses supply chain and manufacturing allows for managing the supply chain operations and addressing customer demand for each store location. The company strive to provide Eyewear for All and make quality eyeglasses accessible and affordable across the markets of operations.

“Lenskart is a very unique company. Its real strength will unfold in the months ahead. Its listing price is at $8 billion; if it does not touch $15 billion in the next 12 months or less, I’ll eat my hat out,” said market veteran, Ronnie Screwvala.

Lenskart Solutions operates a direct-to-consumer model that eliminates multiple layers of intermediaries in the traditional prescription eyeglasses supply chain, enabling the company to deliver products to customers at an affordable cost and with next-day delivery. The company will continue to expand and diversify the brand portfolio and product offerings to address evolving customer needs and enhance customer engagement.

Through the OFS route, 13.2 crore shares are being sold by existing investors. Major shareholders such as SoftBank, Kedaara Capital, Temasek’s Macritchie Investments, and Alpha Wave Ventures are among those partially exiting their holdings.

Lenskart integrates technology into its operations from AI-based virtual try-on tools to home eye testing, making shopping and testing more convenient for users. The company offers a wide range of eyewear, catering to both budget-conscious and premium customers.

Lenskart follows an omnichannel model, combining online and offline sales. The company sells through its website, mobile app, and a large network of 2,723 stores worldwide, including 2,067 in India and 656 overseas across Japan, Southeast Asia, and the Middle East.

Lenskart follows an omnichannel model, combining online and offline sales. The company sells through its website, mobile app, and a large network of 2,723 stores worldwide, including 2,067 in India and 656 overseas across Japan, Southeast Asia, and the Middle East.

The funds raised from the fresh issue will be used to:

Expand company-owned retail stores (CoCo model)

Upgrade technology and cloud systems

Boost brand marketing activities

Pay leases for store rentals

Explore acquisitions for business growth

Promoters and Major Shareholders

The IPO opened on October 31, and will close on November 4. Shares are expected to list on the BSE and NSE around November 10.

The Lenskart IPO is valued at around Rs 7,278 crore in total. It includes a fresh issue worth Rs 2,150 crore and an Offer for Sale (OFS) of about Rs 5,128 crore. The size of the issue makes it one of the largest IPOs in the consumer segment this year.

The price band for the Lenskart IPO has been set between Rs 382 and Rs 402 per share. Retail investors can bid for a minimum of 37 shares, which requires an investment of about Rs 14,874 at the upper end of the band.

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.