Lenskart Shares List at 3% Discount: IPO Falls Short of Grey Market Estimates

Muskan Saini

Published on November 13, 2025

Lenskart Solutions’ shares debuted 3% below the issue price, disappointing grey market expectations despite strong IPO demand with a 28.26x subscription. The muted listing reflects investor caution over valuation and growth prospects in India’s competitive eyewear retail market

Monday saw a muted debut for Lenskart Solutions, a seller of eyeglasses, with shares listing at a discount of around 3% and trailing expectations in the grey market. The Bombay Stock Exchange (BSE)’s opening stock of the corporation was ₹390 against the issue price of ₹402. From its IPO, the stock fell to a low of Rs 355.70, some 9% below the offer price. Business Standard Lenskart listed at ₹395 on the National Stock Exchange of India (NSE), a 1.75 per cent discount against the IPO price, and quickly gave away more ground.

Ahead of listing, unlisted Lenskart shares were trading at around ₹412, suggesting a minor grey-market premium (GMP) of only ₹10 or roughly 2.5 per cent over the issue price. The muted grey-market reaction reflected controlled investor enthusiasm before the IPO. Although the debut was tepid, the IPO itself attracted great demand; the National Stock Exchange of India (NSE) subscription data reveals the entire offering was subscribed 28.26 times, with institutional investors leading the charge. QIBs oversubscribed about 40.35 times; Non-Institutional Investors (NIIs) oversubscribed about 18.23 times; and the retail component oversubscribed approximately 7.54 times.

Through a mix of fresh issuance (53.5 million shares) and an offer for sale (127.6 million shares), the Lenskart IPO Confirmed garnered about ₹7,278.76 crore (₹72.79 billion). With applications accepted between October 31 and November 4 and allotment concluded on November 6, the price range was fixed at ₹382 and ₹402 per share. According to Lenskart Solutions Ltd red-herring prospectus, part of the proceeds will be utilized to grow company-owned store footprints, lease and rental expenses, update technological infrastructure, increase brand-building and marketing, as well as for possible acquisitions and general purposes. Although a solid subscription implied investor interest in the firm’s business strategy and expansion plans, the stock’s listing performance showed the market anticipated a greater boost.