Lenskart makes subdued market debut after $828m IPO

The stock opened at 392.3 rupees on the National Stock Exchange (NSE), valuing the company at around 676.25 billion rupees ($7.69 billion). During the session, shares fell as much as 11 per cent to 356.1 rupees, compared to the issue price of 402 rupees.

Lenskart’s US$828 million initial public offering (IPO) was among India’s biggest this year and was heavily oversubscribed, with total bids exceeding $13 billion, including anchor investor participation. The weak debut, however, tempered optimism in a market that has recently seen a flurry of listings from technology-driven firms such as stockbroker Groww, edtech company PhysicsWallah, and fintech platform Pine Labs.

“Lenskart looks good from a business model perspective, but at the right valuation which is much lower than the current levels,” said independent market analyst Ambareesh Baliga. He noted that the debut underlined the risks of relying on grey market premiums or high oversubscription levels when applying for IPOs.

Ahead of the listing, Lenskart’s shares were trading at a premium of up to 108 rupees in the unofficial grey market. Baliga added that such outcomes, where well-subscribed issues debut weakly, could dampen retail investor enthusiasm for upcoming IPOs.

Lenskart, which turned profitable in the financial year 2025, reported a 23 per cent rise in revenue to 66.53 billion rupees. The IPO included a fresh issue of shares worth 21.5 billion rupees and an offer for sale of 51.3 billion rupees by existing shareholders.

Rival eyewear and jewellery retailer Titan Company, which has a significantly larger market presence, commands a valuation of around $37.7 billion.

The company’s subdued debut reflects broader market caution around valuations of consumer technology and retail startups, even as India’s equity markets remain buoyant and investor interest in new listings continues.