Lenskart Solutions made a subdued debut on the stock market on Monday, with the company’s shares trading below expectations amid stretched valuations. The stock was priced at 392.3 rupees, giving the eyewear retailer a valuation of approximately 676.25 billion rupees (about $7.69 billion).
This is significantly lower than rival Titan, which commands a market cap of $37.7 billion. Lenskart’s initial public offering (IPO), valued at $828 million and one of the largest in India this year, attracted strong investor interest. On the first day of bidding, total bids – including commitments from anchor investors – surpassed $13 billion, indicating high enthusiasm for the company.
However, despite this strong demand, Lenskart’s stock price later declined, with shares falling as much as 11% from their issue price of ₹402 to around ₹356.1. Market analysts, such as Ambareesh Baliga, an independent market analyst, commented that while Lenskart’s business model appears sound, its current valuation may be overstretched. Baliga pointed out that Lenskart turned profitable in the financial year 2025 and saw a 23% revenue growth, reaching ₹66.53 billion. He emphasised the importance of valuation over IPO oversubscription or grey market premiums, which for Lenskart were as high as ₹108 before listing.
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Baliga warned that such a listing, coming after strong subscription levels, could influence retail investor participation in future IPOs. Lenskart’s IPO consisted of a fresh issue worth ₹21.5 billion and an offer for sale valued at ₹51.3 billion. The muted debut highlights the cautious sentiment in India’s primary market, especially for technology-driven firms, amid concerns over valuations and market conditions.
