Lenskart IPO GMP In Focus Today: Check Latest Grey Market Trends As Day 2 Subscription Concludes

The Initial Public Offering (IPO) of Lenskart Solutions Ltd., which opened on Friday, was fully subscribed, with investors bidding for 11,23,58,344 shares against the 9,97,61,257 on offer. The grey market premium (GMP) for the IPO continues to remain volatile, but has shown gains after the public issue was fully subscribed on Day 1. Previously, the grey market premium saw a sharp drop due to concerns over the eyewear company’s steep valuation, which is pegged at around Rs 70,000 crore, and which many analysts find stretched.

Here's all you need to know about the Lenskart IPO, including the latest grey market premium, subscription status, and other important details regarding the IPO.

The latest GMP for the Lenskart IPO stood at Rs 65 as of 2:00 p.m. on Monday. With a price band of Rs 402, the IPO’s estimated listing price stands at Rs 467 per share, reflecting an expected gain of 16.17% per share.

The latest GMP shows an increase from October 29, when the GMP stood at Rs 48 per share, indicating a listing price of Rs 450 with a potential gain of 11.94%. The highest ever GMP recorded for the Lenskart IPO was Rs 108 on October 27.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.

The Lenskart Solutions IPO is a book-built issue worth Rs 7,278.02 crore. It includes a fresh issue of 5.35 crore shares, worth Rs 2,150 crore, and an offer-for-sale (OFS) of 12.76 crore shares, amounting to Rs 5,128.02 crore.

The mainboard issue will remain open for subscription till November 4. The IPO price band has been fixed at Rs 382 to Rs 402 per share. Each lot size consists of 37 shares, entailing retail investors to invest at least Rs 14,134 to participate in the IPO.

Similarly, small NIIs can apply for a minimum of 14 lots (518 shares), amounting to Rs 2,08,236 investment at the upper end. Meanwhile, big NIIs can apply for at least 68 lots, requiring an investment of Rs 10,11,432 at the upper price end.

The Lenskart Solutions IPO allotment status is expected to be finalised on Thursday, November 6. The tentative listing date for the IPO has been finalised as November 10. Shares of Lenskart Solutions will be listed on the NSE and BSE.

The company raised Rs 3,268 crore from anchor investors on Thursday. The company allotted 8.13 crore shares at Rs 402 apiece to 147 anchor investors.

On the second day of bidding, the Lenskart IPO was subscribed 1.88 times as of 2:57 p.m.

• Qualified Institutional Buyers (QIBs): 1.64 times

• Non-Institutional Investors (NIIS): 1.58 times

• Retail Individual Investors: 3.06 times

• Employee Reserved: 2.41 times

Around 22 mutual fund houses and Asset management companies have been allotted shares in the pre-IPO anchor round, which has turned into a buzzword in the markets.

New World Fund got the highest allocation of 3.82%. While T. Rowe Price International Discovery Fund got the second highest allotment of 3.11%, SBI Focused Fund got 3.06% stake in the company.

Twenty-one domestic mutual funds have applied through 59 schemes, the eyewear firm said in an exchange filing on Thursday. They have collectively netted 35.34% of the anchor portion.

SBI, Kotak, ICICI Prudential, HDFC and Axis were among the major fund houses in this category.

Lenskart is a technology-driven eyewear company focused on improving access to affordable, high-quality eyewear. The company primarily sells prescription eyeglasses, sunglasses, contact lenses and related accessories through a direct-to-consumer model under its own brands and sub-brands.

With India as its largest market, Lenskart is the country’s largest seller of prescription eyeglasses by volume among organised retailers in FY2025, according to a Redseer Report. Leveraging its scale and supply-chain expertise, Lenskart has also expanded into select international markets including Japan, Southeast Asia and the Middle East.

SBI Mutual Fund recently invested Rs 100 crore in the company at a valuation of about Rs 67,762 crore. CEO Peyush Bansal had earlier sold shares worth Rs 90 crore to DMart promoter Radhakishan Damani at the same valuation.

The company turned profitable only in FY25, reporting a net profit of Rs 297 crore. However, its Rs 70,000-crore valuation at the upper end of the price band implies a steep 237-times price-to-earnings ratio. This has raised concerns among analysts and market experts.

Many experts also outlined that the company, backed by SoftBank, Temasek, KKR and Alpha Wave, was valued at $6.1 billion by Fidelity in its April 2025 portfolio update.

Moreover, a news report from July is circulating online, in which it was suggested that Bansal took a Rs 200 crore loan just three months before the IPO to buy Lenskart shares at a Rs 8,500 crore valuation. Now, in November, he is selling part of his stake to public and institutional investors at nearly nine times that valuation.

Veteran investor Shankar Sharma, Founder of GQuant Investech, minced no words while talking about the Initial Public Offering (IPO) market, labelling India's IPO market as the "dumbest in the history of IPO markets", driven by "dumb money" from retail investors.

His comments came as eyewear retailer Lenskart Solutions garnered a blockbuster response for its upcoming IPO, receiving bids of around Rs 68,000 crore from its anchor investors on Thursday. The anchor book saw participation from around 70 marquee investors.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.