Shares of eyewear retailer Lenskart Solutions Ltd made a muted debut on the stock exchanges on Monday, listing at a discount of around 3 per cent to its issue price of Rs 402 per share.
On the BSE, the stock opened at Rs 390, down 2.98 per cent, before sliding 11.52 per cent to Rs 355.70. It later recovered to trade at Rs 403.80 apiece, up 0.44 per cent from the issue price.
On the NSE, shares listed at Rs 395, a discount of 1.74 per cent, and fell as much as 11.41 per cent to Rs 356.10 before bouncing back to trade at Rs 404, up 0.5 per cent.
The company’s market capitalisation stood at ₹69,091.21 crore on the NSE.
The Rs 7,278-crore Initial Public Offering (IPO) of Lenskart Solutions received a strong response from investors, with a subscription of 28.26 times on the final day of bidding, primarily driven by institutional buyers.
The IPO comprised a fresh issue of shares worth Rs 2,150 crore and an Offer for Sale (OFS) of 12.75 crore equity shares by promoters and existing investors. The price band for the issue was fixed at Rs 382–Rs 402 per share.
According to the company, the proceeds from the IPO will be used for a range of strategic initiatives, including capital expenditure to establish new company-operated, company-owned (CoCo) stores in India, and for payments related to lease, rent, and licence agreements for these stores.
Lenskart also plans to invest in technology and cloud infrastructure, brand marketing and business promotion to enhance brand awareness, potential inorganic acquisitions, and for general corporate purposes.
In its pre-IPO funding round, SBI Mutual Fund invested Rs 100 crore in Lenskart, while Radhakishan Damani, founder of Avenue Supermarts (DMart), invested around ₹90 crore.
Founded in 2008, Lenskart began as an online eyewear platform in 2010 and opened its first physical store in New Delhi in 2013. The company is now one of India’s largest omni-channel eyewear retailers, offering a wide range of prescription eyeglasses, sunglasses, and contact lenses through its online platform and retail network.
Lenskart has a strong presence across metro, tier-1, and tier-2 cities, along with expanding international operations in Southeast Asia and the Middle East.
