Lenskart Stock Opens Flat near Rupees 402/- IPO Price, Founder Piyush Bansal Books ?823 Cr, SoftBank Exits with a 5.4x Multiplier
Mumbai, 10-November, 2025] Today marks a significant, milestone for India’s digital economy and a growing startup company, as Lenskart Solutions Ltd., the dominant omnichannel eyewear retailer, made its official market debut. The Lenskart IPO listing date, 10-November, 2025, saw the company’s shares start trading on the BSE and NSE with surprisingly minimal fanfare.
Despite witnessing massive investor demand, with the IPO being oversubscribed an astonishing 28.27 times, the Lenskart listing price hovered flat, opening very close to the upper end of its issue price band of Rupees 402/- per share. This subdued beginning directly mirrors the sharp correction in the pre-listing enthusiasm that had been brewing in the unofficial market.
Grey Market Premium Collapses, Signaling Market Maturity:
The primary reason behind the lack of fireworks on the listing day was the dramatic fall of the IPO GMP (Grey Market Premium). Just weeks before the Lenskart IPO listing time of 10:00 AM IST, the grey market was pricing in substantial gains, projecting a premium that would have yielded a double-digit percentage return on debut.
However, in the days leading up to the listing, the Lenskart GMP today (10-November, 2025) plummeted, with some dealers reporting the premium had effectively crashed to near zero. This rapid withdrawal of speculative interest meant that the much-anticipated Lenskart IPO listing price did not deliver the quick, high returns that many retail investors had hoped for. The market’s reaction underscores a growing sense of maturity, where increasing subscriptions don’t automatically guarantee a listing pop, especially when valuations are perceived to be steep.
The final Lenskart share price today date 10-November, 2025, as despite the massive 28.27 times oversubscription, Lenskart’s highly anticipated market debut on 10-November, 2025 delivered a major shock to investors chasing listing gains. The Lenskart listing price opened at a noticeable discount to the issue price of Rupees 402/- per share. On the BSE, the stock commenced trading at Rupees 390/-, marking a discount of nearly 3%, while on the NSE, it listed at Rupees 395/-, a discount of about 1.74%. This deeply muted opening, which was much worse than the flat-listing expectation signaled by the already – crashed IPO GMP, reflected the severe apprehension among institutional investors regarding the company’s stretched valuation multiples and signaled a clear move away from IPO hype toward fundamental performance scrutiny.
due to its flat open sends a clear signal, the focus has shifted from pre-listing hype to post-listing fundamentals.
Significant Payouts to Key Stakeholders
While the market debut was quiet, the IPO successfully facilitated substantial liquidity for the company’s early backers and the founder through the Offer for Sale (OFS) component.
Founder’s Windfall
Piyush Bansal, the dynamic founder and CEO of Lenskart, achieved a major personal financial milestone. Through the OFS, Bansal successfully divested a portion of his stake, reportedly raking in ?823 Cr. This payout not only validates the decade – long efforts poured into building the successful omnichannel brand but also provides a significant personal financial cushion as the company transitions into a publicly traded entity.
SoftBank Secures Massive Exit
The IPO also provided a strategic exit opportunity for key institutional investors. SoftBank, one of Lenskart’s largest backers, partially sold its stake in the company, realizing a massive profit on its investment. Industry calculations suggest that SoftBank’s partial divestiture generated an impressive 5.4x return, a phenomenal success story for the venture capital fund and a testament to the growth potential it identified in the Indian consumer tech space.
Future Strategy and Investor Outlook
The Lenskart share proceeds from the Fresh Issue component, which comprised a substantial portion of the Rupees 7,278 crore IPO, are earmarked for important strategic initiatives. These funds are critical for Lenskart’s aggressive growth plans, including:
- Physical Expansion : Rapidly opening hundreds of new retail stores across India and international markets to solidify its omnichannel dominance.
- Technology Investment : Enhancing its AI-driven customization and virtual try-on technology of product.
- Brand Building : Significant marketing investment to capture a larger share of the unorganized eyewear sector.
As trading progresses, investors are advised to monitor the BSE share price and follow analyses on platforms such as Moneycontrol. While the immediate listing returns are disappointing, analysts generally categorize Lenskart as a strong long – term growth stock due to its leadership position, robust supply chain, and efficient technology integration. However, the high valuation achieved in the private markets means the company will be under constant scrutiny to deliver consistent profitability and growth to justify its current Lenskart stock price.
The investment potential for Lenskart is a subject of significant debate among analysts, essentially boiling down to a classic “great company”, but with expensive price scenario. While the company shows the strong fundamental growth and a dominant market position, its valuation metrics are highly stretched, suggesting that much of the future growth is already priced into the stock.
Lenskart’s Core Financial Strengths
Lenskart’s long-term investment case rests on its demonstrated ability to scale and dominate the large, under-penetrated Indian eyewear market:
Strong Revenue Growth: The company has shown a healthy financial growth, with total revenue from operations surging to approximately Rupees 6,653 crore in FY25, reflecting a Compound Annual Growth Rate (CAGR) of about 32.5% over the previous two years results.
Profitability Turnaround: Lenskart successfully transitioned to profitability, reporting a Net Profit of Rupees 297 crore in FY25, a significant recovery from its previous losses.
Improving Operational Efficiency: Operating profit metrics have shown strong improvement. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew nearly fourfold to Rupees 971 crore in FY25, with EBITDA margins improving steadily from about 7% in FY23 to 14.7% in FY25.
Omnichannel and Technology Moat: Its vertically integrated supply chain, extensive global retail footprint (over 2,700 stores), and technology-led, AI-driven model create a robust competitive advantage that is difficult for competitors to replicate.
Key Valuation and Profit Quality Concerns
The primary risk for long-term investors lies in the extremely high valuation at the IPO price of Rupees 402/- per share:
Stretched Valuation Multiples: At the IPO price, Lenskart trades at aggressive multiples. Analysts estimate its valuation at around 10x FY25 EV/Sales and nearly 68x EV/EBITDA. Some calculated P/E multiples suggest an even higher figure, exceeding 200x, which is significantly higher than established global peers.
Profit Quality: A major concern is the sustainability of the reported FY25 profit. Brokerage analysis suggests that the Rs.297 crore profit includes a significant one-time, non-cash accounting gain (such as from the revaluation of a financial instrument related to the Own days acquisition). Excluding this gain, the normalized net profit is substantially lower, leading to very modest net margins.
Capital-Intensive Model: While the omnichannel model is a strength, Lenskart’s aggressive expansion of company-owned stores (CoCo model) and investment in its integrated, made to order manufacturing process require significant and continuous capital expenditure (Capex). Some analysts project that Free Cash Flow (FCF) may not turn positive until fiscal year (FY) 2028 due to a planned Rupees 2,000 crore in Capex over the next three years.
Low Return Ratios: The company’s Return on Capital Employed (RoCE) is currently lower than many established retail peers, further suggesting that the current valuation premium is stretched relative to the capital efficiency of the business.
Long-Term Investment View
For long-term investors, the decision to invest in Lenskart comes down to a high-risk, high-reward proposition:
| Investment Category: Growth Investor |
| Rationale : Bets on Lenskart’s ability to execute on its aggressive growth plan (store expansion, international push) and believe its dominant market share will eventually translate into sustainable high margins. |
| Outlook: High Potential if growth remains above 30% and margins continue to expand, which requires high risk tolerance. |
Investment Category : Value Investor
Rationale: Cautions against the “stretched valuation” and “profit quality issues”. Prefer to wait for a more attractive entry point post-listing, allowing the stock price to cool down or the company to “grow into” its valuation.
Outlook: Wait and Watch for a potential post-listing correction or several quarters of sustainable, high-quality earnings.
The muted listing is a reflection of the market acknowledging the strong business fundamentals while remaining cautious about the price. The company is positioned to be a market leader in a high-growth sector, but it must deliver flawless execution to justify the premium listed Lenskart stock price.
Based on the latest reports from major institutional brokerages and research houses covering the Lenskart IPO, there is a divided consensus, which is heavily skewed towards a “Subscribe for Long-Term” recommendation, but with a major caveat regarding the “stretched valuation”.
Here is a summary of the analyst consensus rating as of the listing date, 10-November, 2025:
Lenskart Analyst Consensus: Divided View
The market has a clear split between those focused on the high valuation multiples (leading to a “Sell” or “Avoid” for short-term) and those prioritizing the company’s long-term market dominance and growth.
Brokerage/Research House: Ambit Capital
Final Rating/View (Pre-Listing): SELL (Target Price: Rupees 337/-)
Key Rationale: Bearish, as Valuation is extremely stretched (55x FY28 EV/EBITDA, higher than peers like Trent/Nykaa) despite lower Return on Capital Employed (RoCE). Implies 16% downside from the IPO price of Rupees 402/-. Free Cash Flow (FCF) is expected to remain negative until FY28 due to high Capex.
Brokerage/Research House: SBI Securities
Final Rating/View (Pre-Listing): SUBSCRIBE (Long-Term)
Key Rationale: Bullish, Strong omnichannel business model, leadership in an underpenetrated market, and consistent top-line growth. Cautions that listing gains will likely be muted due to the expensive valuation (68.7x FY25 EV/EBITDA).
Brokerage/Research House: Nirmal Bang
Final Rating/View (Pre-Listing): SUBSCRIBE (Long-Term View)
Key Rationale: Positive, Strong business model, centralized manufacturing, strong brand recall, and competitive advantage through its technology and omnichannel strategy. Considers the high valuation is “reasonable” when compared to premium retail segment.
Brokerage/Research House: Acumen Capital
Final Rating/View (Pre-Listing): MODERATE RISK/REWARD
Key Rationale: Recommended subscription for long-term only. Warned that the cooling Grey Market Premium (GMP) suggests short-term listing gains will be minimal, given the high price band.
Brokerage/Research House:: Equitymaster (Profit Hunter)
Final Rating/View (Pre-Listing): SPECULATION / AVOID
Key Rationale:Took a highly cautious view, criticizing the “stratospheric valuation” (P/E over 230x, which they view as a “mirage” due to one-time gains) and recommending that investors monitor performance post-listing before considering an investment.
The Core of the Valuation Debate
The divided opinion is centered on two main figures:
- Valuation Multiples: At the final IPO price of Rupees.402 per share, Lenskart is priced at approximately 10x FY25 EV/Sales and around 68x FY25 EV/EBITDA (pre-IND AS 116). For comparison, well-established retail leaders often trade at lower multiples.
- Profit Quality: Analysts widely noted that the reported Net Profit of Rupees 297 crore in FY25 included a significant one-time, non-operational gain (estimated at Rupees 167 crore related to the Owndays acquisition) Adjusting for this, the core operational profit is much smaller, making the Price to Earnings (P/E) ratio truly astronomical in some estimates, over 280x.
Listing Day Outlook
The collapse of the Grey Market Premium (GMP), which dropped from a high of over Rs.100 to near RS.10 on the listing morning, confirms the market’s caution. This sentiment suggests that the stock is likely to debut with a flat to modest premium (around 2% to 4%) over the issue price of Rs.402, validating the brokerage warnings about minimal short-term listing gains.
In Short, the overall consensus shows, Lenskart as a A great business with a fantastic long-term growth story in an challenging but expanding market, but one that comes with a premium price tag that leaves very little margin for error for investors.