The much-anticipated Lenskart Solutions Ltd. IPO made its market debut on Monday, November 10, 2025, with a subdued start. Moreover, the Lenskart share price is listed at a 3 per cent discount over the issue price of ₹402 per share. However, it begins at ₹390 on the BSE and ₹395 (AED 16.36) on the NSE.
The stock dropped further by over 11 per cent soon after listing, as it touched an intraday low of ₹355.70 (AED14.73), before recovering sharply to trade around ₹403.80 (AED 16.72) on the BSE and ₹404 on the NSE — slightly above the IPO price.
The ₹7,278.76-crore (AED 3.2 billion) IPO was among the most talked-about public issues this season to have been subscribed 28 times during the October 31 – November 4 bidding window. However, the grey market premium (GMP) fell drastically to ₹6.5 (AED 0.27) by November 8, which indicates a cooling investor sentiment before listing. However, the GMP earlier peaked at ₹108 (AED 4.7) on October 27.
Analysts React to Lenskart’s Volatile Debut
The Lenskart share price shows intense volatility post-listing, as it jumped over 15 per cent inter-day after touching its early low. Moreover, experts believe that the high value of an eyewear retailer and its capex-heavy model were key factors behind its muted listing despite a strong investor response during the IPO phase.
Ambit Capital also issued a “Sell” call on Lenskart IPO or share even before the stock made its market debut, which is a rare move in a brokerage. Moreover, the firm set a target price of ₹337 (AED 13.96) to signal the potential downside of nearly 14 per cent from the listing price and more than 16 per cent from the IPO price. In addition, Ambit noted that the made-to-order business model of the company is capital-intensive to keep returns subdued and predict positive free cash flow only by FY28E.
Market expert Ambareesh Baliga commented on Lenskart Share Price, “Lenskart looks promising from a business model perspective, but the right valuation is much lower than the current levels. The weak listing reinforces the importance of evaluating valuations rather than depending on oversubscription or grey market premium”.
Harshal Dasani, Business Head at INVasset PMS, said, “Valuation is stretched at the current levels, with limited near-term earning visibility. Investors may consider booking profits where available and re-entering once fundamental catch-up.”
Investor Guidance and Market Sentiment on the Lenskart Share Price
Despite the strong IPO Subscription, the debut performance has raised questions about valuation fatigue among investors. Analysts suggest that the long-term traders should maintain a stop-loss near ₹350 (AED 14.49). However, long-term investors can consider holding of Lenskart IPO, supported by earnings visibility and store expansion plans.
Shivani Nyati, Head of Wealth at Swastika Investmart, recommended, “Investor allotted shares might hold for the medium to long term, while short-term traders should look for better opportunities”. Moreover, experts believe that this sort of listing, despite heavy demand, could cool retail investor participation in the upcoming IPOs.
In addition, the event highlights a growing preference for profitability and cash-flow-driven companies over high-growth consumer tech stories.
Understanding Lenskart’s Business and Valuation
It was founded as the largest eyewear retailer. Now, Lenskart sell eyeglasses, sunglasses, and contact lenses both online and through a vast offline network. Moreover, the Lenskart IPO aimed to raise funds through a fresh issue worth ₹2,150 crore (AED 890 Million) and an offer for sale of 12.75 crore shares, priced between ₹382 (AED 15.82) and ₹402 (AED 16.65) per share.
Lenskart’s price-to-earnings (P/E) ratio stood at 238:1 at its IPO prices, which is one of the highest among consumer retail companies at its IPO price. Moreover, this ratio implies investors are paying ₹238 for every rupee of current earnings.
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