Lenskart Stock Market Debut

Lenskart’s debut on the stock market was underwhelming, as it started trading at a price lower than its initial public offering (IPO) rate. Shares of the eyewear retailer commenced at Rs 395 on the National Stock Exchange, reflecting a decline of approximately 1.7% from the issue price of Rs 402. On the Bombay Stock Exchange, shares opened at Rs 390, representing a nearly 3% drop. The company’s IPO, valued at Rs 7,278 crore, was oversubscribed roughly 28 times, indicating robust interest from both institutional and retail investors, yet the initial trading did not mirror this enthusiasm.

Initial Trading Performance

During early trading, the stock price fell over 10% below the issue price but managed to recover some ground as the session progressed. This sluggish performance is notable considering Lenskart’s strong brand recognition and ongoing business expansion. At the peak of the pricing range, the company’s valuation stood at around 10 times FY25 sales and nearly 69 times EBITDA.

IPO Subscription Details

The subscription window for the IPO was open from October 31 to November 4, offering a price range of Rs 382 to Rs 402 per equity share, with a minimum investment requirement of Rs 14,874 and additional purchases in multiples thereafter. As per data from the exchanges, Lenskart’s IPO was oversubscribed 28.26 times, with the retail segment seeing 7.53 times subscription. Qualified Institutional Buyers (ex-anchors) subscribed at 40.35 times, while Non-Institutional Investors (NIIs) reached 18.2 times, and the employee portion was oversubscribed by 4.96 times.

Financial Highlights

In affirming Lenskart’s financial status, the company recorded a revenue growth of 22.6% year-on-year, rising to Rs 6,653 crore in FY25 from Rs 5,428 crore in FY24. This impressive growth enabled the business to transition from a loss of Rs 10 crore in FY24 to a net profit of Rs 297 crore in the recent fiscal year. For the first quarter of FY26, the SoftBank-backed company reported a profit of Rs 61 crore, in contrast to a loss of Rs 10.9 crore in Q1 FY25, while its operational revenue increased by 25% year-on-year, amounting to Rs 1,894.4 crore.