The initial public offering (IPO) of omnichannel eyewear retailer Lenskart was fully subscribed on the first day itself, as institutional and retail investors lapped up the portions reserved for them.
The issue was subscribed 1.12 times by the close of bidding on Friday, with bids for 11.2 crore shares against the almost 9.98 crore on offer. Institutional buyers led the demand, with their basket of shares subscribed 1.42 times. This segment usually sees bidding late on the last day of the IPO.
The retail portion was subscribed 1.3 times, while employees bids stood at 1.08 times their basket. High net-worth investors subscribed to only 41% of the shares reserved for them.
The investor enthusiasm belies concerns over the Rs 70,000 crore valuation Lenskart is targeting with its IPO. This is equal to the company asking for Rs 235–238 for every Re 1 it earns. The steep ask could potentially impact future growth (or market?) prospects.
Anchor book
Lenskart raised Rs 3,268.3 crore from 147 anchor investors the day before the IPO. The company allotted 8.13 crore shares at the upper end of the price band — Rs 402 per — to domestic and global investors.
Prominent participants included SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, DSP Mutual Fund, Franklin Mutual Fund, WhiteOak Capital, and Mirae Asset, along with insurers such as SBI Life, HDFC Life, ICICI Prudential Life, Bajaj Allianz Life, and Tata AIA Life.
Among foreign funds, the Government of Singapore, Monetary Authority of Singapore, Norway’s Government Pension Fund Global, T Rowe Price, Fidelity, BlackRock, Capital Group, and Goldman Sachs participated in the anchor book.
Key details
- IPO opens: October 31
- IPO close: November 4
- Price band: Rs 382–402 per share
- Lot size: 37 shares
- Minimum bid: Rs 14,874 (at upper price limit)
- Total issue size: Rs 7,278.02 crore
- Fresh issue: Rs 2,150 crore
- Offer for sale: Rs 5,128.02 crore
- Estimated valuation: Rs 70,000 crore
- Allotment date: November 6
- Tentative listing date: November 10, 2025
