Abhishek Sinha
Two of India’s most talked-about IPOs — Lenskart and Groww — are creating a buzz among retail investors this week. While Lenskart’s ₹7,278 crore issue has just wrapped up, Groww’s ₹6,600 crore IPO is now open for bidding. Both unicorns reflect India’s evolving digital and consumer story — eyewear retail and fintech investment.
Investor Sentiment: Both IPOs in High Demand
Lenskart’s issue saw a strong response right from day one, backed by solid anchor participation. Meanwhile, Groww’s offering has already caught retail investors’ attention with early full subscription in that category.
Valuations and Business Outlook
Groww’s IPO values the company near ₹62,000 crore, backed by an estimated FY25 profit of ₹1,800 crore — making it one of India’s few profitable fintechs.
Lenskart, on the other hand, is pegged at about ₹70,000 crore valuation. Its omnichannel presence, strong brand, and expanding footprint make it an attractive long-term play, though experts warn of steep valuations.
Analysts Divided
According to Harshal Dasani of INVasset PMS, Lenskart offers a high-growth consumer story, while Groww provides exposure to India’s booming digital finance sector.
“For investors seeking stability, Groww’s earnings visibility looks stronger. Lenskart appeals to those betting on brand-driven growth despite premium pricing,” Dasani noted.
Abhinav Tiwari of Bonanza believes Lenskart’s valuation — roughly 535× FY25 earnings — looks stretched, especially with revenue growth slowing from 46% to 17% in a year. He added that a large portion of the offer is an OFS (Offer for Sale), which may limit short-term upside.
In contrast, Groww’s asset-light model, high scalability, and strong profitability make it a standout in the fintech space — though its heavy reliance (84%) on broking revenue exposes it to market volatility.
Grey Market Premium (GMP) Trend
- Lenskart IPO GMP today: ₹56
➤ Indicates a likely listing around ₹458 per share — ~14% premium on ₹402 issue price.
➤ GMP trend: ₹48–₹108 over last 9 sessions — showing mild softening. - Groww IPO GMP today: ₹17
➤ Indicates a likely listing around ₹117 per share — ~17% premium on ₹100 issue price.
➤ GMP trend: ₹10–₹17 over last 7 sessions — showing upward momentum.
Expert Take
While both IPOs are expected to list with healthy gains, Groww’s GMP trajectory looks stronger, signaling sustained optimism among investors.
However, analysts advise caution, highlighting the importance of long-term fundamentals over short-term grey market trends.
Disclaimer: This is not investment advice. Investors should consult certified financial advisors before making decisions.
