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The IPO of Lenskart Solutions Ltd remains strong as it heads into the final day of bidding. The issue, which opened on October 31, has been subscribed to 2.15 times to date, suggesting steady, continued demand across investor categories despite stretched valuations.
According to exchange data, as of the third day, Lenskart IPO received bids for over 20 crore shares against 9.97 crore shares on offer.
The retail investor segment led participation with a 3.33x subscription, followed by non-institutional investors (NIIs) at 1.88x, and qualified institutional buyers (QIBs) at 1.64x. The employee portion was also subscribed to 2.53x.
The company aims to raise around Rs. 7,278 crore, comprising a fresh issue worth Rs. 2,150 crore and an offer for sale (OFS) of 12.76 crore equity shares valued at Rs. 5,128 crore.
Lenskart's IPO price band is between Rs. 382 - Rs. 402 per share, with a lot size of 37 shares. Investors will need Rs. 14,874 for one lot, while the maximum retail allocation of 13 lots (481 shares) would cost Rs. 1,93,362.
In the grey market, Lenskart shares are trading at a premium of Rs. 59, implying an estimated listing price of around Rs. 461 per share, which is 14.7% higher than the upper end of the price band.
The basis of allotment will be finalized on November 6, with refunds and share credits expected by November 7. The listing date is scheduled for Monday, November 10, 2025, on both the BSE and NSE.
Brokerage firms continue to express their confidence in Lenskart’s future growth. SMIFS pointed out the company’s “technology-led business model and fast store payback of 10 months” as key competitive advantages.
It also noted Lenskart’s technological innovations, such as AI-led remote eye testing, AR virtual try-ons, and data-led site selection, as a distinguishing factor that has enabled the company to scale efficiently.
SBICAP Securities and Reliance Securities have both given a “Subscribe for Long Term” recommendation due to the company's dominance in the Indian eyewear market and its strong profitability momentum.
Proceeds from the issue will be used to open 620 new stores to expand its network in Tier-2 and Tier-3 markets.
Lenskart’s IPO is expected to be among the prominent IPOs of this year in India’s retail sector, given that the company has a strong brand recall, over 100 million app downloads, and a clear roadmap to double its store network by FY28.
While short-term listing gains may moderate due to valuation pressures, analysts believe the company’s technology advantage, profitability recovery, and expansion strategy make it a strong long-term bet.
