Eyewear retail giant Lenskart Solutions saw its initial public offering (IPO) fully subscribed on the very first day of public subscription, marking a strong vote of confidence despite concerns around its steep valuation. The IPO was subscribed 1.13 times as of 5:00 PM on October 31, 2025, with retail investors leading the charge with 1.31 times subscription, while Qualified Institutional Buyers (QIBs) backed the issue with 1.42 times subscription. The Non-Institutional Investor (NII) category was less enthusiastically subscribed at 0.41 times. Employees’ portion was subscribed 1.10 times.

The robust IPO subscription coincided with a grey market premium (GMP) of around Rs 66 per share, indicating that investors expect the stock to list with a gain of about 16.4% over the upper price band of Rs 402 per share. The IPO is set to raise Rs 7,278 crore, comprising a fresh issue of Rs 2,150 crore and an offer for sale (OFS) of Rs 5,128 crore from existing investors such as SoftBank, Temasek, and Kedaara Capital. The allotment results are expected by November 6, with listing scheduled for November 10 on both BSE and NSE.

Market observers have expressed concerns about Lenskart’s high valuation, pegged at Rs 70,000 crore, which corresponds to a price-to-earnings ratio of about 237 times based on its Rs 297 crore net profit in FY25. Industry experts cautioned that while Lenskart’s aggressive omni-channel expansion, private-label dominance, and global ambitions present credible growth prospects, sustaining rapid revenue growth and margin improvement in a competitive eyewear market will be crucial to justify the premium pricing.

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The IPO has attracted marquee anchor investors, with 147 anchor investors committing Rs 3,268 crore at the upper price band, including global mutual funds and sovereign wealth funds. Despite the high valuation and recent sharp jump in the price band, retail investors have enthusiastically subscribed, perhaps driven by Lenskart’s market leadership as India’s largest organized eyewear retailer and its position as a top player in Asia. Early backers aim for substantial listing gains and long-term growth potential amid evolving consumer trends.

Lenskart’s IPO debut represents one of the biggest and most closely watched listings in India’s consumer tech space this year. While the company’s valuation raises questions about near-term upside, its strong subscription shows investor appetite remains high for market leaders with innovative omnichannel business models in fast-growing segments like eyewear.

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