Lenskart shares recover after early slump, closing at ₹405
10 Nov 2025

Lenskart, a leading Indian eyewear retailer, debuted on the stock market today.

The company's shares opened at ₹395, slightly below the IPO price of ₹402. However, during the trading session, they fell by as much as 11% to ₹356.10 before recovering to close at ₹404.55.

This gave Lenskart a market capitalization of about ₹702 billion (nearly $8 billion).

Lenskart's IPO was heavily oversubscribed
Subscription details

Lenskart's ₹72.8 billion ($821 million) IPO was heavily oversubscribed, with bids coming in at about 28 times the shares available.

The company has a vertically integrated model, controlling everything from manufacturing to retail stores.

However, it faces competition from established optical chains and new direct-to-consumer players across price points.

This has raised questions about its ability to scale profitably in India and overseas.

Company's financial performance in FY2025
Financials

In FY 2025, Lenskart reported a 23% year-on-year (YoY) revenue growth to ₹66.53 billion (around $750 million).

The company's net profit stood at ₹2.97 billion (around $33 million), aided by an accounting gain of ₹1.67 billion linked to its Owndays acquisition.

Excluding this one-time item, the company's core profit was about $15 million.

Lenskart plans to use the IPO proceeds for expansion, including opening new stores and strengthening its supply chain and retail infrastructure.

Proposed valuation sparked debates among retail investors
Valuation debate

Lenskart aimed for a ₹700 billion valuation at the top end of its IPO price range.

This was a 60% jump from the $5 billion level at which Lenskart shares traded in a secondary share sale last June.

The proposed valuation implied about 230 times Lenskart's core net profit and about 10 times its revenue, sparking debates among retail investors and on social media.

CEO Peyush Bansal defends company's valuation
CEO's defense

Lenskart's CEO Peyush Bansal defended the company's valuation, saying it was "fairly priced" based on feedback from institutional investors.

He emphasized that they didn't build Lenskart to reach a certain valuation but to serve people across India.

Existing investors including SoftBank, Schroders Capital, Premji Invest, Kedaara Capital and Alpha Wave Ventures sold shares in the IPO while co-founders Peyush and Nehal Bansal also sold some of their stakes.