Lenskart IPO Day 1 Live: Offer Fully Subscribed, QIBs Lead Bidding; Check GMP, Key Risks

• Qualified Institutional Buyers (QIBs): 1.39 times

• Non-Institutional Investors (NIIS): 0.29 times or 29%

• Retail Individual Investors: 1.10 times

• Employee Reserved: 0.95 times or 95%

The LensKart Solution IPO has been subscribed 62% as of 2:00 p.m.

• Qualified Institutional Buyers (QIBs): 68%

• Non-Institutional Investors (NIIS): 25%

• Retail Individual Investors: 100%

• Employee Reserved: 86%

A day after Lenskart Solutions Ltd. founder and chief executive officer Peyush Bansal shrugged of the ongoing debate around the eyewear company’s valuation, market critics have hit back saying that he would be rejected if he was a contestant on Shark Tank.

Business analyst Jayant Mundhra in an open letter has called out Lenskart’s $7 billion IPO, accusing Bansal of dodging valuation questions, inflating overseas assets and ignoring franchisee lawsuits. He has also branded the IPO a ‘mockery’ of public trust.

He has alleged that Lenskart's management has deflected by emphasising 'creating value for customers' over discussing the IPO price, a stance he characterises as dismissive of public market scrutiny.

According to Mundhra, a 'backward-integrated retail chain' is not entitled to a software-style multiple unless its earnings quality and its growth justifies this high valuation. He has also pointed out 'hundreds' of pending cases that include cheating allegations from franchisees.

Among others critising Bansal is a Twitter user using the handle name 'Save Invest Repeat' who said, "If Peyush Bansal pitched Lenskart’s valuation to Shark Tank’s Peyush Bansal then he would have got rejected."

Veteran investor Shankar Sharma said he has no interest in the initial public offering of Lenkart Solutions Ltd. and never met founder and CEO Peyush Bansal.

"I have no interest in Lenskart IPO and offers coming from Indian tech companies. I never met Peyush Bansal and I am good friends with Radhakishan Damani," Sharma, founder of GQuant Investech, told NDTV Profit in a televised interview on Friday, hours before the launch of the IPO.

He said Lenskart is going public at a valuation nearly 10 times its revenue, compared to companies that have previously been at 25x to 50x. "They (Lenskart) are already being conservative. Lenskart's valuation is not as bad as it is being made out to be on social media."

The LensKart Solution IPO has been subscribed 16% as of 11:51 a.m.

• Qualified Institutional Buyers (QIBs): Nil

• Non-Institutional Investors (NIIS): 14%

• Retail Individual Investors: 65%

• Employee Reserved: 55%