Lenskart IPO Day 1 Updates: Issue booked 1.13x so far, retail investors steal the show. GMP hints 17% listing pop.

Lenskart IPO GMP Updates: Lenskart IPO subscription status was 1.13 times on day 1. The retail portion was subscribed 1.31 times, and NII portion has been booked 41%, Qualified Institutional Buyers (QIBs) portion received 1.42 times bids. Employee portion subscribed 1.10 times.

The company has received bids for 11,23,58,344 shares against 9,97,61,257 shares on offer, at 17:00 IST, according to data on BSE.

Lenskart IPO GMP LIVE: Prashanth Tapse advises investors that Lenskart can be high growth, high risk, high reward while Titan would be a low risk, moderate rewarding player for investors.

In the current segment growth if investors wish to see faster scalability Lenskart could be the “next Titan Eye+” a focused eyewear giant riding India’s eye care consumption boom.

On the other side, Mohit Gulati said that both Lenskart and Titan have done a phenomenal job in organising India’s eyewear market turning what was once a fragmented, unbranded category into a scaled, aspirational one.

“I wouldn’t jump in at the current valuation — it makes sense to wait for a better entry point that prices in both sustainable growth and real, recurring profitability. Titan Eye+, on the other hand, benefits from being part of the Titan Group’s well-oiled retail engine steady, profitable, and backed by deep parent support. It’s honestly not a comparable really,” added Gulati.

As of June 30, 2025, Lenskart operated 2,806 stores globally - 2,137 in India and 669 overseas - with 1,831 owned and 306 franchised stores in India. Remote eye testing is offered through 136 optometrists at 168 stores across India and select international locations, including Japan and Thailand.

Lenskart IPO GMP LIVE: According to Harshal Dasani, Business Head, INVasset PMS, at an estimated valuation of ₹70,000 crore, Lenskart is no longer a startup story — it’s a mature consumer-tech play commanding premium multiples typically reserved for category leaders. The company’s forward valuation implies over 200 times current earnings, making it one of the most expensive listings in India’s digital retail space.

The real question isn’t whether Lenskart deserves this valuation, but whether it can grow into it. With revenues rising sharply in FY24 and losses narrowing, the company’s omni-channel strategy, private-label dominance, and global expansion give it credible growth levers. However, sustaining 30–40% revenue growth while expanding margins in a competitive eyewear market will be critical to support such rich pricing.

At these levels, near-term upside may be limited unless profitability accelerates faster than expected. Over the medium term, investors betting on Lenskart are essentially backing its ability to evolve from a high-growth retailer into a cash-generating consumer brand with global scale. The company’s next phase will determine whether ₹70,000 crore marks a justified premium — or the upper bound of optimism.

Lenskart IPO GMP LIVE:

1. Capital expenditure towards set-up of new CoCo stores in India.
2. Expenditure for lease/rent/license agreements related payments for CoCo stores operated by Company, in India.
3. Investing in technology and cloud infrastructure.
4. Brand marketing and business promotion expenses for enhancing brand awareness.
5. Unidentified inorganic acquisitions and general corporate purposes.

Lenskart IPO GMP LIVE: Lenskart IPO subscription status was 69% on day 1. The retail portion was subscribed 1.08 times, and NII portion has been booked 28%, Qualified Institutional Buyers (QIBs) portion received 76% bids. Employee portion subscribed 93%.

The company has received bids for 6,86,66,968 shares against 1,59,99,104 shares on offer, at 14:45 IST, according to data on BSE.

Lenskart IPO GMP LIVE: As outlined in Lenskart's red herring prospectus (RHP), the company primarily competes with key organized retailers of prescription eyewear in India, such as Eyegear Optics India Private Ltd, Gangar Opticians Private Ltd, GKB Opticals Ltd, Lawrence and Mayo (India) Private Ltd, Specsmakers Opticians Private Ltd, and Titan Company Ltd (Eyecare division).

Most other prominent organised optical retailers are not mentioned, with the exception of Titan Company Ltd, which encompasses the Titan Eyecare division.

Lenskart IPO GMP LIVE: Considering its history and presence in the market, Mohit Gulati, CIO, ITI Growth Opportunities Fund said that the startup world often lives in a bit of delulu—private markets thrive on ‘price-to-dreams’ multiples rather than price-to-earnings. But the public markets aren’t buying dreams; they price discipline. Gulati believes Lenskart will likely discover that reality soon after listing.

“To be clear, I genuinely admire what the company has built—it’s a category leader with great execution—but admiration must meet arithmetic. At the right valuation, there should still be something left on the table for public investors,” said Gulati.

Lenskart targets different customer categories through a portfolio of brands and sub-brands that include premium collections through John Jacobs and Owndays, and economy & affordable premium collections through Lenskart Air, Vincent Chase, hustlr, and Hooper Kids

Lenskart IPO GMP LIVE: 1. The company manufactures some of the frames in, and import some of raw materials from, the People’s Republic of China, including through import of frames through Baofeng Framekart Technology Limited, the company’s Joint Venture. Any delay, interruption or reduction in the supply of such frames or other raw materials could adversely affect its business, financial condition, results of operations and cash flows.

2. There are outstanding legal proceedings involving the Company, Directors, Promoters, Subsidiaries, Key Managerial Personnel and Senior Management Personnel. An unfavourable outcome in such proceedings may have an adverse effect on the company’s business, results of operations, financial condition and cash flows.

Lenskart IPO GMP LIVE: Lenskart is executing an aggressive retail expansion strategy funded through IPO proceeds totalling ₹8,640.62 million allocated specifically for store-related investments. The company plans capital expenditure of ₹2,726.22 million for setting up new company-owned company-operated (CoCo) stores in India, targeting deeper penetration in existing markets and entry into new geographies.

This expansion is complemented by ₹5,914.40 million earmarked for lease/rent/license agreement payments for CoCo stores, ensuring sustainable long-term presence in strategic locations with favourable commercial terms.

Lenskart IPO GMP LIVE: “We assign “Subscribe (With Caution)” rating to this IPO as the company the largest seller of prescription eyeglasses in terms of volumes sold in India in FY25. However, the IPO is richly priced and company will have to continue growing its business at high growth rate in order to justify its valuation which keeps us cautious from a long-term perspective,” said Marwadi Shares and Finance.

1. Centralized Supply Chain and Manufacturing Processes.
2. Frame and Lens Engineering and Manufacturing Capabilities.
3. Direct-to-consumer model.
4. Customer-Focused Product Design Capabilities.
5. Lenskart Brand and Portfolio of Owned Sub-brands.
6. Technology First Approach to Customer Experience and Operational Efficiency.
7. Omnichannel Retail Network.
8. Culture and Values.
9. Category Leadership, Scale, and Track Record of Revenue and EBITDA Growth

Lenskart IPO GMP LIVE: 1. Increase Markets’ Penetration and, Expand Customer Access Across Channels.

2. Strengthen Manufacturing and Supply Chain Capabilities.

3. Continue to Innovate and Expand Product Portfolio.

4. Invest in New Technologies.

5. Continue to Enhance Customer Experience.

6. Continue to strengthen brand across markets.

Lenskart IPO GMP LIVE: According to SMIFS, the IPO proceeds of ₹21,500 million will fund 620 new CoCo stores plus internal accruals targeting 1,200+ total stores through FY26-FY28, positioning the company to deepen Tier-2/3 penetration. We recommend subscribing to the issue given.

Lenskart’s profitability recovery, 65% penetration headroom in India’s 777 million affected population, technology-led 10-month store payback, and sustainable competitive advantages offering compelling value creation in India’s fastest-growing eyewear retail sector, a high-risk, high-potential opportunity for long-term investors.

1. Technology-Enabled Operations and AI-Driven Customer Experience
2. Strategic Store Expansion and Brand Enhancement Initiatives
3. Vertically Integrated Supply Chain and Scalable Omnichannel Model
4. Strong International Presence and Acquisition-Driven Growth

Lenskart IPO GMP LIVE: 1. Import risk: The company sources some of its raw materials and frames from China, where it also operates a manufacturing facility via Boafeng Framekart Technology Ltd (JV – company holds 51% stake).

2. Risk from medical advancements: The company operates in the eyewear industry, which is subject to technological changes and innovations that may affect the demand for its products.

3. Franchisee-operated retail stores: A portion of the company’s retail stores are owned or operated through franchise agreements with third-party entities.

Lenskart IPO GMP LIVE: 1. 669 stores across Japan, SEA, and Middle East reducing dependency.

2. International revenue ₹26,387.29M (40% of total), up 16.51% YoY.

3. Owndays acquisition boosted share in high-incidence, low-penetration markets (68% Japan, 65% SEA vs. 40% India).

4. IPO funds for targeted tech and product acquisitions.

Lenskart IPO GMP LIVE: 1. Centralized Supply Chain and Manufacturing Processes

2. Frame and Lens Engineering and Manufacturing Capabilities

3. Direct-to-consumer model

4. Customer-Focused Product Design Capabilities

5. Lenskart Brand and Portfolio of Owned Sub-brands

6. Omnichannel Retail Network

7. Technology First Approach to Customer Experience and Operational

Efficiency

Lenskart IPO GMP LIVE: 1. Centralized Supply Chain and Manufacturing Processes

2. Frame and Lens Engineering and Manufacturing Capabilities

3. Direct-to-consumer model

4. Customer-Focused Product Design Capabilities

5. Lenskart Brand and Portfolio of Owned Sub-brands

6. Omnichannel Retail Network

7. Technology First Approach to Customer Experience and Operational

Efficiency

Lenskart IPO GMP LIVE: "At the upper band of ₹402, the IPO is valued at FY25 EV/Sales and EV/EBITDA multiples of 10.1x and 68.7x, respectively, based on post-issue capital. Valuation of Lenskart seems be stretched and hence listing gain is likely to be muted. However, looking at the robust business model, the company is well placed to encash on the fast-growing domestic organized underpenetrated eyeglasses market. Moreover, as business scales up, there is scope of improvement in profitability over medium to long term.

Listed international peers have robust margin profile and going forward, street will keenly track the path to profitability for Lenskart too. As per the historical track record, the company has consistently improved its reported EBITDA margin#(7.0% in FY23 to 14.7% in FY25) and incremental improvement will be keenly tracked by the investors. We recommend investors to SUBSCRIBE to the IPO for long term at the cut-off price," said SBICAP Securities.

Lenskart IPO GMP LIVE: Lenskart intends to allocate the funds raised from the IPO towards various strategic objectives, such as capital investments for establishing new company-operated, company-owned (CoCo) stores across India; settling lease, rent, and license fees associated with these CoCo locations; investing in technology and cloud systems; enhancing brand visibility through marketing and promotional activities; exploring potential unidentified acquisitions; and addressing general corporate needs.

Lenskart IPO GMP LIVE: Lenskart, among the largest omni-channel eyewear retailers in India, provides a broad selection of stylish and affordable prescription glasses, sunglasses, and contact lenses via its online platform and extensive network of retail locations.

Lenskart IPO seeks to gather ₹2,150 crore through the issuance of new shares. Besides this fresh issuance, there will also be a component of offer-for-sale (OFS), where promoters and investors plan to sell over 12.75 crore equity shares.

Lenskart IPO Day 1 LIVE: Lenskart IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors. A discount of ₹19 per equity share is being offered to eligible employees.

Lenskart IPO Day 1 LIVE: Tentatively, Lenskart IPO basis of allotment of shares will be finalised on Thursday, November 6, and the company will initiate refunds on Friday, November 7, while the shares will be credited to the demat account of allottees on the same day following refund. Lenskart share price is likely to be listed on BSE and NSE on Monday, November 10.

Lenskart IPO Day 1 LIVE: The anchor book received interest from global investors, which was equally notable with very strong demand from sovereign and long-only FIIs such as the Government of Singapore, Monetary Authority of Singapore, Government Pension Fund Global (Norway), New World Fund Inc, Fidelity, T. Rowe Price, BlackRock, Capital Group, Goldman Sachs, Nomura, Amundi, JP Morgan and Wellington Management Company LLP, among others.

Lenskart IPO Day 1 LIVE: The anchor book has received widespread participation from domestic institutional investors including leading mutual funds such as SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, Mirae Asset, DSP Mutual Fund, Franklin India,HSBC MF, WhiteOak Capital, Edelweiss, Bandhan, and Canara Robeco, and insurance companies such as SBI Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, Kotak Mahindra Life Insurance, Axis Max Life, Reliance Nippon Life Insurance, and Tata AIA Life Insurance.

Lenskart IPO Day 1 LIVE: Lenskart Solutions allotted 8,13,02,412 equity shares to 147 anchor investors, comprising marquee domestic and global institutional investors, and raised ₹3,268.36 crore ahead of the Company’s proposed IPO at the upper end of the price band at ₹402 per equity share (face value ₹2 per share).

Out of the total allocation of 8.13 crore equity shares to anchor investors, 2.87 crore equity shares (35.34%) were allocated to 21 domestic mutual funds through a total of 59 schemes.

Lenskart IPO Day 1 LIVE: Lenskart IPO GMP today is ₹70. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Lenskart share price was indicated at ₹472 apiece, which is 17.41% higher than the IPO price of ₹402.

According to the grey market trends observed over the past six sessions, the current GMP of ₹70 indicates a tendency to decline. The lowest recorded GMP stands at ₹48.00, whereas the peak GMP is ₹108, as stated by the expert.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.