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Today, the Rs. 7,278 crore IPO of Lenskart Solutions Ltd. opened for subscription, marking one of the most-awaited listings of 2025 in India's tech and retail space. The IPO will remain open until November 4, 2025, at a price band of Rs. 382 - Rs. 402 per equity share. It consists of a fresh issue of Rs. 2,150 crore and an offer for sale (OFS) of Rs. 5,128 crore.
Lenskart shares are trading at a premium of Rs. 48 in the grey market, suggesting a listing gain of approximately 12%. Analysts are cautious, saying that GMP trends are generally unstable and fluctuate with market sentiment and institutional interest during the subscription period.
Lenskart’s IPO seeks a valuation of around Rs. 70,000 crore, reflecting high growth expectations. The company reported a revenue of Rs. 6,652 crore in FY25 with a net profit of Rs. 297 crore, making a turnaround from losses from previous years. However, a portion of that profit has resulted from a non-cash accounting gain, inflating the valuation to 285x P/E.
Lenskart’s EBITDA margin increased to 14.7% in FY25, up from 7% in FY23, driven by stronger sales, greater operational efficiencies, and international expansion that now contributes to about 40% of total revenue.
At the press time, the IPO was subscribed 0.06 times in total.
Retail Investors (RII): 0.23x
Non-Institutional Investors (NII): 0.05x
Qualified Institutional Buyers (QIB): 0.00x
Employee Quota: 0.14x
Analysts expect subscriptions to increase over the next two days, particularly from QIBs and mutual funds.
Price Band: Rs. 382-Rs. 402 per share
Lot Size: 37 shares per lot
Allotment Date: November 6, 2025
Listing Date: November 10, 2025
Registrar: MUFG Intime India Pvt. Ltd.
Lead Managers: Kotak Mahindra Capital, Morgan Stanley, Axis Capital, Avendus, Citigroup, and Intensive Fiscal Services
Marwadi Financial Services says, “Subscribe with caution.” The firm highlights that while Lenskart dominates the eyewear market by volume, its rich valuation leaves limited room for listing gains.
SBICAP Securities advised to “subscribe for long term.” Analysts cite robust margins, strong brand recall, and scope for profitability improvement as key positives.
Swastika Investmart remained “Neutral.” It warns that high valuation multiples (P/E >200x, EV/Sales 10x) make the IPO demanding.
Lenskart's IPO has high potential for growth with premium pricing. Although its GMP indicates lower listing gains, lofty valuation and early profitability warrant some caution.
Investors are advised to subscribe for the long term, as the company's future earnings growth and margin expansion will be key in maintaining this valuation.
