Key points
Elevated Lenskart $821 million through its initial public offering on the Indian stock exchanges in Rs 402 per share.
The initial public offering was 28 times oversubscribeddriven by mutual funds and global institutional investors.
Shares opened below issue price and fell 12%later recovered to trade nearby $412.
The listing valued Lenskart at approximately 8.4 billion dollars (barely 700 billion rupees).
The shares were trading at approximately 238× FY24 earningsmuch higher than that of most of its Indian retail peers.
Capital Area issued a sell rating, saying the valuation may not hold up in the near term.
Major investors included JPMorgan, Nomura, Amundi, and Singapore GIC.
Bombay — SoftBank Group Corp.-backed eyewear retailer Lenskart Solutions Ltd. got off to a nervous start on its first day of trading in Mumbai, swinging sharply between losses and small gains after one of India’s biggest public offerings this year.
Founded by Shark Tank India judge Peyush Bansal, the company raised Rs 72.8 billion ($821 million) through its initial public offering. The sale was 28 times oversubscribed, mainly by large funds, but the shares still opened below their issue price before rising to ₹412, around 2.5 per cent higher. By late morning, it was stable around that level.
The mixed start came down to one key concern: price. At the bid level, Lenskart was valued at around 238 times last fiscal’s earnings, well above the average multiple of 42 on the BSE Consumer Discretionary Index. That stark difference led several brokerage firms to call the offer too expensive. Ambit Capital began coverage with a sell rating and said that while Lenskart has a strong business, “the current price leaves little room for near-term growth.”
Market veteran Shankar Sharma of GQuant said that while the company’s brand and reach are impressive, investors may have “already paid for the next few years of growth.”
The share sale attracted several major foreign investors, including funds managed by JPMorgan Chase, Nomura, Amundi, HSBC and the Singapore government. Domestic mutual fund DSP also participated and later defended its decision after online criticism, describing Lenskart as a “profitable and scalable business” but admitting that the entry price was high.
Lenskart was started in 2010 and now runs over 2,500 stores in India, along with operations in the Middle East and Southeast Asia. It serves about 20 million customers a year and handles much of its own manufacturing and logistics, which helps keep margins stable.
The listing adds to a busy year for Indian markets. Companies in the country have raised nearly $16 billion by selling new shares in 2025, which will make India the world’s fourth-largest IPO market. Strong local liquidity and a growing pool of retail investors have made big deals more common, and upcoming issuances from Groww parent Billionbrains Garage Ventures and fintech firm Pine Labs are expected to attract similar attention.
After listing, Lenskart’s market value was around Rs 700 billion ($8.4 billion), higher than that of Colgate-Palmolive India, United Breweries, Page Industries and Procter & Gamble Hygiene and Health Care. The comparison shows how quickly new consumer technology brands are catching up with long-established consumer goods companies.
Some fund managers say that to justify that size, Lenskart will need to show consistent profit growth and prove it can expand overseas without losing margins. “Investors like history,” said a Mumbai-based portfolio manager. “Now it’s about showing consistent numbers, not just reach.”
At midday, Lenskart shares were trading at Rs 411.80, leaving the company valued at close to Rs 700 billion, a figure few Indian startups have reached within 15 years of launching.
About Lenskart
Lenskart was founded in 2010 by Peyush Bansalwhich also appears in shark tank india. The company transformed the Indian eyewear space by combining technology, in-house manufacturing and convenience at retail.
Operates on 2,500 retail stores throughout India and has expanded internationally to United Arab Emirates, Singapore, and Indonesia. Lenskart serves around 20 million customers every year through both online and offline platforms.
The company produces approximately 15 million pairs of glasses annually in your haryana facilitiesmaintaining strict quality and profitability control. In FY24, reported 3,780 crores in revenue with constant growth in profits.
Lenskart is backed by leading global investors such as SoftBank Vision Fund, Temasekand Kedaara Capitalwhich have supported its rapid expansion and product innovation.
compete with Titan Eye+, spec saversand CoolwinksLenskart is now a key player in India 4 Billion Dollar Eyewear IndustryKnown for making prescription and fashion glasses accessible nationwide.
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