Lenskart Share Price LIVE: Peyush Bansal-Led Eyewear Maker Lists At Discount; Stock Erases Opening Losses

Srivastava questioned the rationale behind investing public money in companies that, despite their growth narratives, show no clear path to profitability.

“The question is if you pay these nutcase valuations, when do you make the return?” Srivastava asked, pointing out that even fundamentally strong companies can become poor investments when valuations are irrational.

The demand for initial public offerings has not slowed down despite valuation concerns and muted listings for some mainboard issues in recent weeks. Institutional investors, especially Indian mutual funds, continue to show interest in loss-making IPOs, not to appease bankers or secure future allocations, but because of the strong appetite for deploying capital, an investment advisor explained.

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From high valuations to teetering investor sentiment, take a closer look at the reasons why one of the most talked-about IPOs of 2025 saw a tepid debut on the stock exchanges by clicking the link below.

At the current price, Lenskart trades at an implied ~55× FY28E EV/Ebitda for its India business — about 20–30% higher than Trent and Nykaa’s BPC divisions. Ambit argues that such rich valuations are unwarranted, given Lenskart’s lower profitability and capital returns.

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.