[Update] Lenskart IPO Closes With 28.26X Oversubscription

Update | November 4, 19:45 IST

Lenskart’s IPO closed with a bumper 28.26X oversubscription on the final day of bidding. The public issue received bids for 281.88 Cr shares against 9.97 Cr shares available for subscription.

Among investor categories, qualified institutional buyers (QIBs) showed the highest demand, with their portion subscribed 40.35X. QIBs placed bids for 218.68 Cr shares against 5.42 Cr shares on offer.

Within this segment, foreign institutional investors (FIIs) bid for 118.56 Cr shares, while mutual funds and domestic financial institutions placed bids for 26.49 Cr and 45.37 Cr shares, respectively.

The non-institutional investors’ (NIIs) segment saw 18.23X oversubscription, receiving bids for 49.39 Cr shares against 2.71 Cr shares on offer.

Meanwhile, the retail investor portion was oversubscribed 7.54X, receiving bids for 13.61 Cr shares compared to 1.80 Cr shares available for them.

The employee quota was oversubscribed 4.96X, getting bids for 19.42 Lakh shares against 3.91 Lakh shares reserved.

Original | November 4, 13:18 IST

Omnichannel eyewear retailer Lenskart’s IPO continued to see strong investor interest on the final day of bidding and was subscribed 5.25X as of 12:35 IST. The public issue received bids for 52.93 Cr shares against 9.97 Cr shares on offer.

Non-institutional investors (NIIs) showed the highest interest on Day 3, as they placed bids for 21.41 shares against 2.71 Cr shares earmarked for them. This translated to an oversubscription of 7.91X.

Retail investors followed suit, with their quota oversubscribed 5.10X. They placed bids for 9.20 Cr shares against 1.80 Cr shares earmarked for them.

The qualified institutional buyers’ (QIBs) portion was oversubscribed 4.42X, receiving bids for 23.97 Cr shares against 5.42 Cr shares available for them. Of this, foreign institutional investors (FIIs) placed bids for 20.42 Cr shares, while mutual funds placed bids for 44.02 Lakh shares.

Lenskart’s employee quota was also oversubscribed 3.75X, receiving bids for 14.68 Lakh shares against 3.92 Lakh shares reserved for them. 

The public issue will close today and the company’s shares are expected to list on the exchanges on November 10.

LensKart filed its RHP for its INR 7,278 Cr (about $827.4 Mn) IPO on October 25. The issue comprises a fresh issue of up to INR 2,150 Cr and an OFS component of up to 12.76 Cr shares.

At the upper end of the price band of INR 382 and INR 402, Lenskart is valued at INR 69,726 Cr (about $8 Bn). The valuation sought by the company created a furore on social media. Lenskart’s price-to-earnings (P/E) ratio stands at 237X based on its FY25 profit of INR 297 Cr. 

Peyush Bansal’s 15-year-old company marked its first profitable year in FY25, posting a net profit of INR 297 Cr compared to a loss of INR 10.1 Cr in FY24. Operating revenue grew 23% YoY to INR 6,652.5 Cr in FY25. It maintained profitability in Q1 FY26, posting a profit of INR 61.2 Cr, while the top line grew 25% YoY to INR 1,894.5 Cr.

Brokerages SBI Securities and ICICI Securities gave a subscribe rating to Lenskart’s IPO. SBI Securities said the eyewear giant’s valuation looks stretched, making listing gains unlikely. But it still sees strong long-term potential due to Lenskart’s dominance in the underpenetrated eyewear market and the robust margins of listed international peers.

ICICI Securities cited Lenskart’s long-term potential, especially from offline expansion in India and international market growth, for its rating.