Lenskart Solutions IPO — Full Coverage and In-Depth Analysis

India’s leading eyewear brand Lenskart Solutions Ltd. made its much-awaited Dalal Street debut today, but instead of a blockbuster listing, the company saw a muted start — surprising many who had expected a premium opening given the IPO’s massive 28x oversubscription.

While the IPO was hailed as one of India’s most anticipated tech-driven retail offerings of the year, Lenskart shares opened at a 3% discount to the issue price, signaling market concerns over valuation and near-term profitability.

Let’s take a detailed look at everything surrounding this IPO — from the listing details, market response, investor reaction, expert opinions, to what it means for the future of Lenskart.

💰 Lenskart IPO: Key Details at a Glance

ParticularsDetailsIPO Issue Size₹7,278 crorePrice Band₹390 - ₹402 per shareIssue TypeOffer for Sale (OFS)Listing DateNovember 10, 2025Listed ExchangesNSE, BSEFace Value₹1 per shareLot Size37 sharesSubscription28.3x overallListing Price (NSE)₹395 (↓ 1.74%)Current Price (as of writing)₹404 (after recovery from 10% dip)

📊 Market Debut: A Roller-Coaster Start

Lenskart’s stock listed at ₹395 per share on the NSE — around 3% below its IPO price of ₹402. Within minutes of trading, the share slipped nearly 12% to ₹355, before bouncing back sharply above the issue price, reflecting high volatility and mixed investor sentiment.

According to CNBC-TV18, the shares recovered swiftly, trading above the IPO price by late morning as institutional investors stepped in to absorb early profit booking.

However, retail investors who expected instant listing gains were left disappointed, as the stock’s grey market premium (GMP) had crashed by 95% from its peak a day before listing, signaling waning enthusiasm.

📉 Why the Muted Debut? — Decoding the Market Mood

Despite robust demand during the subscription phase, analysts pointed to valuation concerns and profitability challenges as reasons behind the weak debut.

Here’s what the experts are saying:

• Moneycontrol: “Lenskart’s stock may face up to 14% downside from current levels due to stretched valuations. The brokerage has issued a ‘Sell’ rating.”

• Hindustan Times: “The dull listing reflects investor caution over Lenskart’s high price-to-earnings ratio and uncertain short-term profitability.”

• The Economic Times: “Despite oversubscription, the issue’s rich valuation and heavy reliance on online growth may have limited upside potential.”

In simpler terms, while investor faith in the brand is strong, the market wanted more clarity on margins, cash flow, and path to sustainable profits.

🧠 Peyush Bansal’s Emotional Message: ‘Day Zero’ for Lenskart

On the eve of the IPO, Lenskart’s co-founder and CEO Peyush Bansal — widely known as the Shark Tank India judge — shared an emotional note on LinkedIn titled “Day Zero”.

“It feels like we are just getting started,” he wrote. “The IPO is not the end, it’s the beginning of a new chapter — one where millions of Indians see better, live better.”

Bansal emphasized that Lenskart remains a tech-driven company first — leveraging AI-based eye testing, 3D try-ons, and omnichannel expansion. He also reiterated his long-term vision to make India a global eyewear hub.

🏦 Big Winners from the IPO

While retail investors faced early disappointment, Lenskart’s early backers walked away with impressive gains:

• SoftBank Vision Fund exited partially, making a 5.4x return on its investment.

• Peyush Bansal reportedly earned ₹823 crore from the IPO while retaining significant ownership.

• ADIA (Abu Dhabi Investment Authority) and Temasek also recorded strong paper profits from their stakes.

📈 Grey Market and Analyst Reactions

Before listing, Lenskart’s Grey Market Premium (GMP) had fallen from ₹70 to nearly zero, indicating tepid listing expectations.

• Business Today reported that investors were wary of the lofty ₹70,000 crore valuation, comparing it with global peers like Warby Parker.

• Livemint noted that despite subdued listing, “the long-term story remains intact” due to India’s underpenetrated eyewear market and Lenskart’s strong brand moat.

🧾 Company Overview: How Lenskart Became a Market Leader

Founded in 2010 by Peyush Bansal, Lenskart began as an online optical retailer and has since evolved into India’s largest omnichannel eyewear brand.

Key highlights of the business model:

• Over 2,500 stores across India and international markets (Singapore, Dubai, Riyadh).

• Product portfolio includes eyeglasses, sunglasses, contact lenses, and accessories.

• Proprietary AI-powered lens manufacturing and 3D face-scanning technology.

• Focus on affordable, stylish eyewear for middle-class and urban consumers.

📣 What Should Investors Do Now? — Buy, Hold, or Sell?

The million-dollar question — is Lenskart a good buy post-listing?

Here’s a snapshot of what experts advise:

Brokerage/AnalystRecommendationTarget/CommentMoneycontrolSELLValuation stretched; possible 14% downsideET NOWHOLDVolatility expected short-termZee Business (Anil Singhvi)ACCUMULATE ON DIPSStrong long-term potentialMotilal OswalBUYBrand leadership and AI-driven moat

Verdict:
For short-term investors, the listing may not be rewarding due to volatility.
For long-term investors, Lenskart’s tech-enabled model, market dominance, and growth in India’s vision care space make it a potential multibagger over 5–7 years.

🌍 The Bigger Picture: A Win for India’s Startup Ecosystem

Despite the lackluster listing, Lenskart’s IPO marks a milestone moment for Indian startups — joining the league of Zomato, Nykaa, Paytm, and Mamaearth on Dalal Street.

It reaffirms investor confidence in India’s D2C (Direct-to-Consumer) ecosystem and its ability to produce scalable, tech-driven consumer brands.

📌 Conclusion: A Blurry Start, But the Vision is Clear

While the Lenskart IPO listing may have opened on a weak note, its long-term vision remains sharp. The company’s blend of innovation, technology, and affordability has transformed how India views eyewear — both literally and metaphorically.

Short-term volatility aside, Peyush Bansal’s mission-driven approach and Lenskart’s steady financials could well make today’s “Day Zero” the beginning of a powerful new era for Indian retail tech.