Lenskart IPO Day 1 Updates: Offer Fully Subscribed, QIBs Lead Bidding; GMP Goes Up
Here are the offer's highlights for its first day of bidding.
Lenskart IPO Day 1: Subscription Status
On the first day of bidding Lenskart was subscribed 1.13 times as of 5 p.m.
Qualified Institutional Buyers (QIBs): 1.42 times
Non-Institutional Investors (NIIS): 0.41 times or 41%
Retail Individual Investors: 1.31 times
Employee Reserved: 1.10 times
Lenskart IPO Day 1 Live: GMP As Of 3:58 P.M.
Lenskart's GMP was up top Rs 83, indicating a 20.65% premium listing at Rs 485.
Lenskart IPO Day 1 Live: Offer Subscribed 1.04 Times
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%
Lenskart IPO Day 1 Live: Check Subscription Status
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%
Lenskart IPO Day 1 Live: Peyush Bansal Slammed for Lenskart's $7 Billion Valuation
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."
