Lenskart IPO Anchor Book Receives Rs 68,000-Crore Bids, Nearly 10X Higher Than IPO Size
This is nearly 10 times the issue size of about Rs 7,300 crore, and 20 times the anchor book size of nearly Rs 3,200 crore.
Lenskart Solutions Ltd.'s IPO anchor book received bids worth Rs 68,000 crore on Wednesday, a day before the public issue is opened for subscription, according to sources.
This is nearly 10 times the issue size of about Rs 7,300 crore, and 20 times the anchor book size of nearly Rs 3,200 crore.
The anchor book reflects a strong interest from foreign institutional investors, who account for 52% of the bids received. This marks a departure from the domination of domestic institutional investors seen in most major IPOs over the last two years.
BlackRock, GIC, Fidelity, Nomura and Capital International are the leading FIIs participating in the nearly Rs 3,200 crore anchor book, the sources said. On the other hand, the mutual fund arms of SBI, ICICI Prudential, HDFC, Kotak Mahindra and Aditya Birla are among the domestic investors, they added.
The anchor book, which attracted bids from over 70 top investors, was expected to be formalised later on Thursday night.
Lenskart Solutions is set to open its IPO for subscription on Friday. Investors can bid for shares in the Lenskart IPO between Rs 382 and Rs 402, according to a public advertisement.
The IPO allotment will be tentatively finalised on Nov. 6, and shares will be credited into the demat accounts by Nov. 7. Lenskart Solutions will list on the NSE and BSE on Nov. 10. On the upper price band, the company is valued at nearly Rs 70,000 crore.
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 IPO has been in focus for quite some time, with a debate on the valuation on the IPO still ongoing.
At the upper end of its price band, Lenskart’s market capitalisation on listing will be close to Rs 70,000 crore or $7.946 billion, based on financial year 2026 market cap data, according to NDTV Profit calculations.
The company's valuation metrics suggest a high premium, which is its price-to-earnings or P/E ratio. This is projected at 236.5 times for financial year 2025 and a massive 202.1 times for financial year 2026.
In response to NDTV Profit's question about Lenskart’s valuation, Bansal said he does not view determining valuation as part of an entrepreneur’s role. Instead, he emphasised that his responsibility lies in ensuring that customers receive the best-quality spectacles at the lowest possible price.
He further added that valuation is something that he understands less and it is largely determined by strong advisers, and as entrepreneur, "It is not our job to decide valuation".
