Lenskart Bounces Back from Lackluster Debut to Close First Day Modestly Over IPO Valuation

Tepid Market Debut with Slight Loss

Lenskart’s much-anticipated IPO opened on November 10, 2025, with a modest setback as the shares listed at Rs 395 on the NSE and Rs 390 on the BSE, slightly below the issue price of Rs 402. The stock initially dipped further to around Rs 356 but managed to stabilize, reflecting a cautious investor sentiment despite overwhelming subscription during the IPO process.​

Strong IPO Subscription but Valuation Concerns

The IPO was robustly subscribed 28 times overall, led by enthusiastic participation from institutional investors who subscribed nearly 45 times. Retail and non-institutional investors also contributed strongly. However, market participants expressed concerns over Lenskart’s high valuation and thin profit margins, which tempered excitement on listing day, leading to the subdued debut.​

Financial Performance Highlights

Lenskart reported revenue of Rs 6,653 crore in FY25 and a profit of Rs 297 crore, largely buoyed by a one-time gain from the Owndays acquisition. Adjusted profitability remains thin at around 1.9% margin. In Q1 FY26, profit margins showed improvement but free cash flow constraints due to heavy capital expenditure requirements remain a concern for investors.​

Future Investment Plans

Founder Peyush Bansal emphasized that proceeds from the IPO will be primarily used to expand Lenskart’s retail footprint, technology upgrades, and global brand building. Currently operating over 2,600 stores, Lenskart aims to deepen market penetration across cities and towns, solidifying its position in an underpenetrated eyewear market in India.​

Market Outlook and Investor Confidence

Despite the cautious start, the investment community remains optimistic about Lenskart’s growth potential driven by its strong brand and omni-channel presence. The company’s execution of expansion plans and improvement in profitability metrics will be key factors to monitor in the coming months as the stock stabilizes post-listing.​