India’s Lenskart debuts at discount after 28x oversubscribed IPO
- ByStartupStory | November 11, 2025
Lenskart Solutions, India’s largest prescription eyewear retailer, made a muted debut on the stock market on November 10, 2025, listing at a discount despite an oversubscribed IPO. The initial public offering (IPO), which was oversubscribed 28 times, raised ₹7,278 crore ($821 million) with strong interest from institutional investors, especially Qualified Institutional Buyers (QIBs) whose quota was oversubscribed over 40 times.
Shares opened at ₹395 on the National Stock Exchange (NSE), about 1.74% below the issue price of ₹402, and initially fell as much as 11% to ₹356.10 during the day. However, the stock staged a recovery to close slightly above the IPO price at ₹404.55, valuing Lenskart at roughly ₹70,200 crore (about $8 billion).
The IPO included a fresh issue of ₹2,150 crore and an offer for sale of ₹5,128 crore by existing shareholders, including major investors like SoftBank Vision Fund, Kedaara Capital, TR Capital, and Chiratae Ventures. The capital raised is planned for expanding physical retail stores, technology infrastructure enhancements, and marketing activities.
Lenskart has shown strong financial growth, with FY25 revenue rising 23% year-over-year to ₹6,652 crore and reporting a profit after tax of ₹297 crore, marking a turnaround from previous losses. However, the valuation has sparked debate, with critics pointing to high price-to-earnings multiples suggesting the company is trading at roughly 230 times its core net profit and 10 times its revenue. Supporters argue the premium reflects Lenskart’s scalable business model and market leadership in India’s fast-growing eyewear sector.
CEO Peyush Bansal emphasized the company’s mission to extend affordable eyewear across India, including tier-2 and tier-3 cities, rather than focusing solely on valuation.
This IPO is among the largest by an Indian consumer tech startup in 2025 and exemplifies the growing investor appetite for high-growth fintech and retail tech companies in India.
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