Abhishek Sinha
The much-awaited Lenskart IPO opened for subscription today, marking one of the most talked-about listings of 2025. Backed by strong growth and a recognizable brand, the IPO has drawn keen attention from both retail and institutional investors.
Let’s break down everything you need to know — from grey market premium (GMP) to subscription status, valuation, and whether it’s worth applying or not.
📅 Lenskart IPO Dates
- Bidding Opens: 31 October 2025
- Bidding Closes: 4 November 2025
- Allotment Date (Likely): 6 November 2025
- Listing Date (Likely): 10 November 2025
- Exchanges: BSE and NSE
💸 Lenskart IPO Price Band and Size
- Price Band: ₹382 – ₹402 per share
- Lot Size: 37 shares per lot
- Total Issue Size: ₹7,278.02 crore
- Fresh Issue: ₹2,150 crore
- Offer for Sale (OFS): ₹5,128.02 crore
📊 Lenskart IPO GMP (Grey Market Premium)
As per market observers, Lenskart shares are trading at a premium of ₹48 in the grey market today.
➡️ Lenskart IPO GMP Today: ₹48
➡️ Expected Listing Gain: Around 12% over the issue price (if trend sustains).
This suggests positive investor sentiment, though the premium has softened slightly from earlier expectations.
🧾 Lenskart IPO Valuation
According to Prashanth Tapse, Senior VP of Research at Mehta Equities,
“Lenskart is reportedly seeking a valuation of around ₹70,000 crore, which is priced for future growth rather than current profitability. Despite impressive revenue growth, its margins remain thin due to heavy marketing and expansion costs.”
So while the company has shown operational improvement and profitability turnaround, it remains expensive on valuation metrics.
📈 Financial Snapshot
| Financial Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | EBITDA (₹ Cr) | EBITDA Margin |
|---|---|---|---|---|
| FY25 | 6,652.5 | 295.6 | 971.1 | 14.7% |
| FY24 | 5,400 | -10 | — | — |
| FY23 | 3,800 | -64 | — | — |
After years of losses, Lenskart turned profitable in FY25, showing strong sales momentum and improving operational efficiency.
🧮 Subscription Status (as of 11:54 AM, Day 1)
- Overall Subscription: 0.17x
- Retail Investors: 0.69x
- NII (Non-Institutional Investors): 0.15x
- QIBs (Qualified Institutional Buyers): To be more active in later sessions
Early trends show a moderate start, but analysts expect demand to pick up as institutional investors join in.
🏦 Lead Managers & Registrar
- Lead Managers: Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup Global Markets India, Axis Capital, Intensive Fiscal Services
- Registrar: MUFG Intime India Private Limited
📉 Analyst Recommendations – Apply or Not?
🟠 Marwadi Financial Services:
“We assign a Subscribe (With Caution) rating. The IPO is richly priced with a P/E of ~285x on FY25 EPS of ₹1.41. Lenskart dominates India’s eyewear market and has strong brand equity, but its high valuation requires sustained high growth to justify current pricing.”
🟢 Ventura Securities:
“We recommend a Buy tag. Lenskart reported a major turnaround in FY25 with strong revenue and profitability growth. Improving margins and operational efficiency support long-term potential.”
🧠 Verdict: Should You Apply for Lenskart IPO?
✅ Pros:
- Market leader in eyewear retail
- Strong omnichannel presence (online + offline)
- Profit turnaround with rising revenue
- Growing demand for vision correction and fashion eyewear in India
⚠️ Cons:
- High valuation (~₹70,000 crore)
- Thin margins and high marketing spend
- Dependence on sustained growth to justify pricing
💬 Final Take:
If you’re a long-term investor who believes in Lenskart’s growth story and retail market potential, you may consider subscribing cautiously.
For short-term traders eyeing listing gains, the ₹48 GMP hints at a modest 10–12% upside, but volatility can’t be ruled out.
📌 Summary
| Parameter | Details |
|---|---|
| IPO Price Band | ₹382 – ₹402 |
| GMP Today | ₹48 |
| Expected Listing Gain | ~12% |
| IPO Size | ₹7,278.02 crore |
| Valuation | ₹70,000 crore |
| Rating | Subscribe with Caution |
Disclaimer: This article is for informational and educational purposes only. The opinions expressed are those of market analysts and brokerage firms. Investors should consult their financial advisor before investing.
