Lenskart's Debut IPO Ends Flat, Defying Expectations

Today marks two significant debuts in India's fast-paced business landscape. First, Bloomberg has launched its new India Edition, which will provide daily insights and reporting on the country's most important business, market, and political stories.

The other notable debut is that of Lenskart, one of the most anticipated IPOs of the year. The eyewear retailer listed its shares at a 12% discount to its offer price and ended the day flat, surprising both its critics and supporters. Lenskart's IPO was valued at a staggering 238 times its trailing earnings, a figure that had drawn significant scrutiny and debate among investors.

The flat performance of Lenskart's debut suggests that the market was not fully convinced by the company's lofty valuation, despite its strong growth and position in India's rapidly expanding eyewear market. This outcome will likely fuel further discussion around the appropriate valuation of high-growth, technology-driven businesses in the country.