Lenskart's Blockbuster IPO Surges 21% in Grey Market

Lenskart, India's largest eyewear retailer, has entered the second day of bidding for its ₹7,278 crore IPO on November 4, 2025. The issue was fully subscribed on the first day, with bids for 11.23 crore shares against 9.97 crore shares on offer, translating to a subscription rate of 1.13 times.

The IPO is currently trading at a 21.14% grey market premium, signaling strong investor demand. This suggests the stock could potentially list around ₹487, well above the issue price of ₹402. The company plans to use the net proceeds from the fresh issue to expand its retail footprint, invest in technology and cloud infrastructure, and boost brand marketing and business promotion.

Lenskart has grown from an online eyewear startup into a leading omnichannel player, with over 2,800 stores across 14 countries, including 2,137 stores in India. The company also owns international brands like Owndays and Meller, strengthening its global presence. For FY25, Lenskart reported revenue of ₹6,653 crore and a net profit of ₹296 crore, with an EBITDA margin of 14.7%.

While the IPO's valuation of 235x FY25 earnings and 68x EV/EBITDA is on the higher side, analysts highlight Lenskart's strong long-term growth potential, driven by the rapidly expanding Indian eyewear market and the company's integrated supply chain, technology-driven expansion, and premium product offerings.