Lenskart’s $821 Million IPO Debut Wobbles Before Shares Bounce Back

Mumbai — Eyewear retailer Lenskart Solutions Ltd., backed by SoftBank Group Corp., made a nervous start on its first day of trading in Mumbai, moving sharply between losses and small gains after one of India’s largest public offerings this year.

Founded by Shark Tank India judge Peyush Bansal, the company raised ₹72.8 billion ($821 million) through its initial public offering. The sale was oversubscribed 28 times, mostly by large funds, but the stock still opened below its issue price before climbing to ₹412, about 2.5 percent higher. By late morning, it was holding steady around that level.

The mixed start came down to one key concern — price. At its offer level, Lenskart was valued at roughly 238 times its last fiscal year’s profit, far above the BSE Consumer Discretionary Index’s average multiple of 42. That steep difference led several brokerages to call the offer too expensive. Ambit Capital began coverage with a sell rating, saying that even though Lenskart runs a solid business, “the current price leaves little room for near-term growth.”

Market veteran Shankar Sharma from GQuant said that while the company’s brand and reach are impressive, investors “may have already paid for the next few years of growth.”

The share sale attracted several major foreign investors, including funds run by JPMorgan Chase, Nomura, Amundi, HSBC, and the Government of Singapore. Domestic mutual fund DSP also bought in and later defended its decision after online criticism, describing Lenskart as a “profitable and scalable business” but admitting the entry price was high.

Lenskart was started in 2010 and now runs more than 2,500 stores in India, along with operations in the Middle Eastand Southeast Asia. It serves about 20 million customers a year and manages much of its own manufacturing and logistics, helping keep margins stable.

The listing adds to a busy year for Indian markets. Companies in the country have raised close to $16 billion through new share sales in 2025, making India the fourth-largest IPO market in the world. Strong local liquidity and an expanding pool of retail investors have made large offerings more common, and upcoming issues from Groww’s parent Billionbrains Garage Ventures and fintech firm Pine Labs are expected to draw similar attention.

After listing, Lenskart’s market value was around ₹700 billion ($8.4 billion) — higher than that of Colgate-Palmolive India, United Breweries, Page Industries, and Procter & Gamble Hygiene and Health Care. The comparison shows how quickly newer consumer technology brands are catching up with long-established consumer goods companies.

Some fund managers say that to justify that size, Lenskart will need to show steady profit growth and prove it can expand abroad without losing margins. “Investors like the story,” said a Mumbai-based portfolio manager. “Now it’s about showing consistent numbers, not just reach.”

By midday, Lenskart shares traded at ₹411.80, leaving the company valued near ₹700 billion, a figure few Indian startups have reached within 15 years of launch.

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