Lenskart IPO: Shares Trade 12% Higher in Grey Market, GMP Falls to ₹48 Ahead of Listing

Lenskart Solutions Ltd. shares are trading about 12% higher in the grey market, where people buy and sell shares before they are officially listed.

This suggests the stock may see listing gains, but the grey market premium (GMP) has fallen to ₹48 from ₹108, showing that investor interest has slowed down a bit.

IPO Details

Lenskart, backed by SoftBank, plans to raise ₹7,278 crore through its IPO.

After the issue, the company could be valued at around ₹69,741 crore.

The price band is set between ₹382 and ₹402 per share.

One lot has 37 shares, and investors need at least ₹14,874 to apply.

Anchor investors can bid today. The IPO will open tomorrow and close on November 4.

Who Is Selling

Lenskart will raise ₹2,150 crore by issuing new shares.

Existing investors will sell 12.76 crore shares through an offer for sale (OFS).

Those selling include founder Peyush Bansal, SoftBank, Kedaara Capital, ChrysCapital, KKR, and Alpha Wave Ventures.

Before the IPO, SBI Mutual Fund invested ₹100 crore, valuing Lenskart at around $7.7 billion.

DMart founder Radhakishan Damani also bought shares worth ₹90 crore.

After the IPO, the promoters’ holding will fall from 19.9% to 17.7%.

Company Performance

In the last three years, Lenskart’s revenue grew by over 30% each year, and its EBITDA (operating profit) increased by over 90% per year.

For FY25, the company reported ₹6,652 crore in revenue and a profit of ₹297 crore (including a one-time gain).

Lenskart runs more than 2,100 stores, and 40% of its revenue comes from international markets.

Market Outlook

The IPO is managed by Kotak Mahindra Capital, Axis Bank, Avendus Capital, Citigroup, Morgan Stanley, and Intensive Fiscal Services.

Founded by Shark Tank India judge Peyush Bansal, Lenskart is among India’s most awaited IPOs.

It comes as 2025 is expected to be a record year for IPOs in India.