Lenskart IPO Day 1 Updates: Offer Fully Subscribed, QIBs Lead Bidding; GMP Goes Up

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's GMP was up top Rs 83, indicating a 20.65% premium listing at Rs 485.

• 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."

If Peyush Bansal pitched Lenskart’s valuation to Shark Tank’s Peyush Bansal then he would have got rejected.

— Save Invest Repeat 📈 (@InvestRepeat) October 29, 2025

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%

Lenskart Ltd.'s initial public offer opened for subscription on Friday and will conclude on Tuesday. A day before, its grey market premium plunged because of valuation concerns. The eyewear company's valuation is pegged at Rs 70,000 crore, which analysts found stretched. Not only analysts, LensKart Solutions' red herring prospectus also mentioned several risks associated with the company.

LensKart Solution is dependent on raw materials sourced from China. The raw materials form the bigger pie of the expenses it incurs during production, the RHP said. It gets raw material from Baofeng Framekart Technology Ltd.

The raw material expense was at Rs 467.34 crore or 25.45% of the total expense pie in April–June. In financial year 2025, the expense was at Rs 1,622.97 crore, according to the RHP.

Hence, any disruption in the supply chain will shake up LensKart Solutions' financial performance and operations. Advance in medical procedure to treat refractive errors and sight complications may reduce the demand for corrective eyewear, particularly in emerging markets, the RHP said.

Around 22 mutual fund houses and Asset management companies have been alloted shares in the pre-IPO anchor round that 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.

According to Investorgain, the latest GMP for the Lenskart IPO stood at Rs 74 as 8:00 a.m on Friday. With a price band of Rs 402, the IPO’s estimated listing price stands at Rs 476 per share, reflecting an expected gain of 18.41% per share.

The latest GMP shows an increase from Oct. 30, 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.

The bidding for Lenskart Solutions IPO opened at 10:00 a.m. The initial subscription status will be shared on the stock exchanges after sometime.

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.

Axis Capital emphasised Lenskart’s integrated business model and growing global footprint across Asia and the Middle East. With over 2,800 stores and 10 crore app downloads, it is among Asia’s top two organised eyewear retailers.

However, it flagged that the company’s reliance on overseas manufacturing partners, particularly its Chinese joint venture, adds supply-chain vulnerability.

While revenue growth has been strong with 22.6% year-on-year rise to Rs 6,652 crore in financial year 2025, profitability remains modest relative to valuation. The firm’s international ambitions may also stretch management focus and increase execution complexity.

Lenskart Solutions IPO will open for subscription on Friday, Oct. 30 and close on Nov. 4. The Peyush Bansal-led eyewear products maker will raise Rs 2,150 crore via fresh issue of shares, while promoters and investors will be offloading 12.75 crore equity shares via offer-for-sale. The OFS amounts to Rs 5,128, including from the likes of Softbank Vision Fund, Kedaara Capital, TR Capital, and Chiratae Ventures.

The issue is priced between Rs 382 and Rs 402 per share, with a minimum bid size of 37 shares.

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.