In yet another sign of India’s booming IPO market, Lenskart’s Rs 7,278-crore issue was fully subscribed on its first day, following Orkla India’s strong demand a day earlier. The back-to-back successes highlight the continuing investor enthusiasm for new listings in October’s crowded primary market.
According to NSE data, the issue received bids for 10.34 crore shares against the 9.98 crore shares on offer. The portions reserved for retail investors and Qualified Institutional Buyers (QIBs) were fully booked, while the Non-Institutional Investor (NII) segment was subscribed 29 percent.
The public issue comprises a fresh issue of shares worth Rs 2,150 crore and an offer for sale (OFS) of 12.75 crore shares. The IPO will remain open until November 2, with a price band of Rs 382–402 per share, valuing the company at around Rs 70,000 crore.
Investors can apply for a minimum of 37 shares, requiring an outlay of Rs 14,874, and in multiples thereafter. Share allotment is expected to be finalised on November 5, with the stock slated to list on the NSE and BSE on November 10.
Ahead of the IPO, Lenskart raised Rs 3,268.4 crore from 147 anchor investors, including the Government of Singapore, T Rowe Price, BlackRock, Goldman Sachs, Fidelity, Nomura, Wellington Management, and JP Morgan.
In the unlisted market, Lenskart’s shares are commanding a grey market premium (GMP) of 15–17 percent over the upper end of the IPO price band, up from about 12 percent earlier this week, according to data from Investorgain and IPO Watch.
Analysts said the company’s strong brand, omni-channel model, and expanding international footprint have fuelled investor interest, though valuations remain steep.
At the upper end of the price band, analysts estimate Lenskart’s P/E ratio at around 230 times, seen as expensive even by high-growth sector standards. CEO Peyush Bansal, speaking to CNBC-TV18, defended the company’s valuation, pointing to a 90 percent EBITDA CAGR and “long-term value creation for both customers and shareholders.”
