Welcome to A Bright Time with your comprehensive coverage of India’s most exciting business and financial developments! Today, we bring you breaking news from the Indian stock market that’s capturing nationwide attention among investors, analysts, and market enthusiasts. As Lenskart Solutions’ initial public offering (IPO) subscription entered its final day on November 4, 2025, the grey market premium (GMP) for India’s leading eyewear retailer remained firmly in positive territory, signaling sustained investor confidence despite concerns over potentially stretched valuations. The company, founded by entrepreneur and Shark Tank India judge Peyush Bansal, launched its first-ever IPO on October 31, 2025, targeting a massive ₹7,278.02 crore fundraising through a combination of fresh equity and promoter stake sale. The offer comprises a fresh issue of 5.35 crore shares worth ₹2,150 crore and an offer for sale (OFS) of 12.76 crore shares, valued at ₹5,128.02 crore, with the price band fixed between ₹382 and ₹402 per share. By the final hours of bidding, the Lenskart IPO had been oversubscribed an impressive 15.05 times, with retail individual investors leading the charge at 6.39 times oversubscription, demonstrating remarkable enthusiasm across all investor categories despite valuation debates.financialexpress+6​

What is the GMP of Lenskart IPO?

Grey Market Premium (GMP) represents the unofficial premium price at which an IPO’s shares trade in the grey market before their official listing on stock exchanges, providing investors with early signals about market sentiment and expected listing gains. For the Lenskart IPO, the GMP has witnessed considerable fluctuation throughout the subscription period, reflecting evolving investor sentiment and market dynamics surrounding the eyewear giant’s public debut.outlookmoney+2​

On the final day of subscription (November 4, 2025), Lenskart’s GMP stood at approximately ₹55-59 per share as of late morning trading, translating to a premium of roughly 13.68% to 14.68% over the upper price band of ₹402. This means that unlisted shares of Lenskart Solutions were trading at approximately ₹457-461 apiece in the grey market, indicating that investors expect modest listing gains when the stock debuts on BSE and NSE on November 10, 2025. With the current GMP, investors who successfully receive allotments at the upper price band of ₹402 can anticipate potential listing gains of around 13-15%, though these are speculative estimates based on unofficial trading and not guaranteed outcomes.ndtvprofit+2​

However, it’s important to note that Lenskart’s GMP has declined significantly since the IPO opened for subscription, reflecting increasing concerns about the company’s steep valuation of approximately ₹70,000 crore. When the IPO opened on October 31, the GMP stood at a robust ₹95 per share, representing a premium of over 23%. The highest GMP recorded for Lenskart was ₹108 on October 27, 2025, just days before the subscription window opened. Over the three-day subscription period, the GMP witnessed a decline of over 42%, dropping from ₹95 to ₹55-59, primarily driven by valuation concerns and profit-booking by grey market participants.outlookmoney+1​

Important Disclaimer: Grey market premium does not represent official data from stock exchanges or regulatory authorities, and these figures are purely speculative based on informal trading among grey market operators. GMP can fluctuate rapidly based on market conditions, investor sentiment, subscription status, and broader market trends, making it an unreliable sole indicator for investment decisions. The actual listing price may differ significantly from grey market expectations, and investors should conduct thorough fundamental analysis before making investment decisions.ndtvprofit​

[Image 1: Lenskart founder Peyush Bansal celebrating the company’s IPO launch]

Is Lenskart Going for IPO?

Yes, Lenskart Solutions has successfully launched its initial public offering (IPO), with the subscription period running from October 31 to November 4, 2025. This represents a historic milestone for India’s largest and most successful eyewear retail chain, marking its transition from a privately-held startup backed by major investors like SoftBank, KKR, and Kedaara Capital to a publicly-traded company listed on India’s premier stock exchanges.samco+2​

The IPO structure includes two components: a fresh issue of equity shares worth ₹2,150 crore and an offer for sale (OFS) of existing shares worth ₹5,128.02 crore, bringing the total issue size to ₹7,278.02 crore. The fresh issue proceeds will be utilized for multiple strategic purposes, including ₹320 crore allocated for brand-building and marketing initiatives to strengthen Lenskart’s market position against emerging competition. Additional funds will support store expansion, technology infrastructure upgrades, working capital requirements, and general corporate purposes aimed at accelerating growth across India and international markets.storyboard18+2​

The offer for sale component involves several major existing shareholders liquidating portions of their stakes, including founder and CEO Peyush Bansal, who is selling 2.05 crore shares worth approximately ₹824 crore at the upper price band. Other selling shareholders include SoftBank’s SVF II Lightbulb (Cayman), Kedaara Capital, ChrysCapital’s PI Opportunities Fund II, KKR’s MacRitchie Investments, and Alpha Wave Ventures, all of whom are partially exiting their investments to realize returns on their early-stage backing. Peyush Bansal’s sister and co-founder Neha Bansal is also selling 10.1 lakh shares for a payout of around ₹40.6 crore.businesstoday+2​

Key IPO Timeline and Details:financialexpress+1​

• Subscription Period: October 31 – November 4, 2025
• Price Band: ₹382 – ₹402 per share
• Lot Size: 37 shares (minimum investment of ₹14,874 at upper band)
• Allotment Date: November 6, 2025
• Listing Date: November 10, 2025
• Listing Exchanges: BSE (Bombay Stock Exchange) and NSE (National Stock Exchange)

The IPO is being managed by an impressive consortium of six leading investment banks and financial institutions, including Kotak Mahindra Capital, Morgan Stanley India, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services, with MUFG Intime India serving as the registrar. This high-profile management team reflects the significance and scale of the Lenskart offering within India’s IPO landscape.samco+1​

What is GMP for Lenskart?

As detailed earlier, the grey market premium (GMP) for Lenskart IPO on the final day of subscription stood at approximately ₹55-59 per share, reflecting a 13.68% to 14.68% premium over the upper price band of ₹402. This translates to an estimated listing price of ₹457-461 per share based on grey market indications, though actual listing prices may vary significantly depending on demand-supply dynamics, market conditions, and broader indices performance on the listing day.news18+2​

The declining GMP trend from ₹108 (pre-subscription) to ₹95 (opening day) to ₹55-59 (final day) reflects growing investor concerns about Lenskart’s valuation metrics, which many market analysts consider stretched relative to the company’s current financial performance. At the IPO price of ₹402, Lenskart is valued at approximately 230 times its FY25 net profit of ₹297 crore and approximately 10 times its FY25 revenue of ₹7,009 crore, multiples that significantly exceed traditional retail valuations and even surpass many technology companies.thearcweb+3​

Despite the valuation concerns, the positive GMP throughout the subscription period indicates that investors remain cautiously optimistic about Lenskart’s growth potential, brand strength, and market leadership position in India’s expanding eyewear market. The company’s successful transition to profitability in FY25 after years of growth-focused investments has provided confidence to investors who value sustainable business models over pure growth stories.business-standard+3​

[Image 2: Lenskart retail store showcasing the company’s omnichannel retail model]

Strong Demand Across Investor Categories

Despite concerns over potentially stretched valuations and the declining GMP trend, the Lenskart IPO garnered exceptionally strong demand across all investor categories, demonstrating broad-based confidence in the company’s long-term growth prospects. By the final hours of the subscription window on November 4, 2025, the offering had been oversubscribed 15.05 times overall, with investors bidding for far more shares than the company made available.chittorgarh+1​

Category-wise Subscription Breakdown (Final Day):thehindubusinessline+1​

• Retail Individual Investors (RII): 6.39 times oversubscription, receiving bids for 7.47 crore shares against 1.81 crore shares reserved for the category, demonstrating exceptional enthusiasm from individual investors
• Non-Institutional Investors (NII): 15.11 times oversubscription overall, with high-net-worth individuals (HNI) placing bids exceeding ₹10 lakh achieving 4.71 times subscription, while investors in the ₹2-10 lakh range subscribed at 3.50 times
• Qualified Institutional Buyers (QIB): 17.98 times oversubscription, with domestic institutional investors contributing bids for 5.89 crore shares and mutual funds placing bids for 44 lakh shares
• Employee Reservation: 3.14 times subscription, with bids for 12.30 lakh shares against 3.91 lakh shares set aside for Lenskart employees

The subscription trajectory showed remarkable acceleration throughout the three-day bidding period, with Day 1 witnessing modest demand that gradually built momentum through Day 2 (2.01 times overall) before exploding on the final day. Retail investors emerged as the most enthusiastic category, consistently leading subscription rates and demonstrating strong faith in Lenskart’s brand equity and growth potential. The robust institutional participation, particularly the 17.98x QIB oversubscription, validates the company’s business fundamentals and long-term investment thesis despite valuation concerns.chittorgarh+1​

Lenskart’s Business Model and Financial Performance

Lenskart Solutions operates as India’s leading omnichannel eyewear retailer, designing, manufacturing, and selling eyeglasses, sunglasses, and contact lenses under its own brands through a direct-to-consumer model that combines physical retail stores with a powerful e-commerce platform. As of March 2025, the company operated 2,723 stores globally—2,067 stores in India and 656 stores in overseas markets, making it one of India’s largest retail chains by store count. In FY25 alone, Lenskart launched 105 new eyewear collections, including high-profile brand collaborations with celebrities and fashion brands that enhanced its premium positioning.entrackr+2​

FY25 Financial Highlights:kotaksecurities+1​

• Operating Revenue: ₹6,653 crore (23% growth from ₹5,428 crore in FY24)
• Net Profit: ₹297 crore (turned profitable after years of growth-focused losses)
• India Revenue: ₹4,015 crore (27% growth), driven by 282 new stores and 99 lakh annual transacting customers
• International Revenue: ₹2,638 crore (17% growth), supported by 52 new overseas stores and 25 lakh international customers
• Total Expenses: ₹6,619 crore (controlled 19.3% growth despite aggressive expansion)
• EBITDA Margin: Low single-digit positive margins, with improving efficiency metrics
• Revenue per Rupee Spent: ₹0.99 spent to earn each ₹1 of revenue, demonstrating operational efficiency

Lenskart’s transition to profitability in FY25 represents a significant inflection point in the company’s growth journey, validating its business model and demonstrating that the extensive investments in stores, technology, marketing, and supply chain infrastructure are beginning to generate positive returns. The company achieved this profitability milestone while continuing aggressive expansion, adding 334 new stores globally and growing its customer base by 23% to 124 lakh transacting customers.kotaksecurities+1​

The eyewear retailer’s revenue composition shows strong diversification, with ₹6,360 crore from product sales (eyewear, sunglasses, contact lenses, accessories) and ₹133 crore from services such as Lenskart Gold memberships, home eye check-ups, and training programs. The Lenskart Gold membership program, which offers benefits like free eye check-ups, discounts, and warranty extensions, had grown to 68 lakh members by March 2025, creating a recurring revenue stream and enhancing customer loyalty.entrackr​

[Image 3: Infographic showing Lenskart’s revenue growth and store expansion journey]

Peyush Bansal’s Journey and IPO Windfall

Peyush Bansal’s entrepreneurial journey from founding Lenskart in 2010 to India’s IPO stage represents one of Indian startup ecosystem’s most inspiring success stories. An IIM Bangalore graduate, Bansal identified the massive opportunity in India’s fragmented and unorganized eyewear market, where quality products, transparent pricing, and convenient shopping experiences were largely absent. Starting with an online-only model, Bansal gradually evolved Lenskart into a powerful omnichannel player combining e-commerce convenience with physical store experiences, pioneering concepts like home eye check-ups and try-at-home services.timesnownews+1​

The IPO represents a massive personal financial milestone for Peyush Bansal, who stands to realize extraordinary returns on his entrepreneurial investment. Before the IPO, Bansal owned 17.32 crore equity shares, representing a 10.28% stake in Lenskart Solutions. In a remarkably prescient move just three months before the IPO, Bansal acquired 4.26 crore additional shares at an average price of ₹52 per share, investing approximately ₹222 crore. With the IPO priced at ₹382-402 per share, those same shares are now valued at nearly ₹1,717 crore at the upper band, generating an unrealized profit of approximately ₹1,495 crore in just three months.economictimes+1​

Through the offer for sale component, Bansal is selling 2.05 crore shares worth approximately ₹824 crore at the upper price band, providing substantial liquidity while retaining significant ownership. Post-IPO, his shareholding will decline to 8.78% (15.27 crore shares), but the value of his remaining stake will exceed ₹6,200 crore based on the IPO valuation. Combined with the ₹824 crore he receives from the share sale, Bansal’s total wealth from Lenskart surpasses ₹7,000 crore, potentially placing him among India’s billionaires if Lenskart shares rally beyond ₹510 levels after listing.businesstoday+1​

Bansal originally acquired many of these shares at an average price of just ₹18.6 each, meaning he is realizing a return of over 2,000% on his initial investment—a testament to Lenskart’s extraordinary value creation journey over the past 15 years.ipowatch​

Market Outlook and Investment Perspective

The investment community remains divided on Lenskart’s IPO attractiveness, with bulls highlighting the company’s market leadership, profitability trajectory, omnichannel capabilities, and growth potential, while bears point to stretched valuation multiples and competitive pressures. Prominent market commentator Shankar Sharma and other analysts have raised concerns about the high valuation relative to traditional retail metrics, questioning whether the premium pricing is justified.news18+2​

Arguments in Favor of Lenskart IPO:kotaksecurities​

• First profitable fiscal year (FY25) demonstrates business model sustainability
• Market leadership position in India’s ₹40,000+ crore eyewear market with 15-20% market share
• Successful omnichannel model combining online and offline advantages
• Strong brand equity built through celebrity partnerships and 360-degree marketing
• Growing international presence across Southeast Asia and Middle East markets
• Membership program creating recurring revenue and customer stickiness
• Vertical integration in manufacturing providing cost advantages and quality control

Arguments Against Lenskart IPO:thearcweb​

• Valuation of 230x FY25 earnings significantly exceeds traditional retail multiples
• Thin EBITDA margins (low single digits) leave limited room for execution errors
• Increasing competition from D2C eyewear brands and traditional players going digital
• Dependence on continuous store expansion requiring sustained capital investments
• International operations still generating lower margins than domestic business
• Premium pricing may face pressure from value-focused competitors in price-sensitive Indian market

For long-term investors with high risk appetite who believe in India’s consumption story and Lenskart’s ability to maintain market leadership while expanding margins, the IPO presents an opportunity to participate in India’s largest eyewear retailer’s public journey. For conservative investors concerned about valuation, waiting for post-listing price discovery and observing a few quarters of performance as a listed entity may provide better entry opportunities.arihantplus+1​

Conclusion: A Watershed Moment for Indian Retail

The Lenskart IPO represents a watershed moment not just for the company but for India’s broader startup ecosystem and retail sector. As one of the largest consumer-tech IPOs in recent years, Lenskart’s public market debut will be closely watched by entrepreneurs, investors, and industry observers seeking signals about public market appetite for profitable, growth-stage consumer businesses. With final subscription numbers reaching 15.05 times and positive GMP persisting through the bidding period, investor confidence remains intact despite valuation debates.storyboard18+3​

The allotment process will be finalized on November 6, 2025, and successful applicants will receive their shares ahead of the November 10 listing on BSE and NSE. Whether Lenskart’s shares deliver on grey market expectations or face listing day volatility, the company’s journey from Peyush Bansal’s entrepreneurial vision to a ₹70,000 crore public market valuation stands as a testament to India’s evolving startup ecosystem and the extraordinary value creation possible through innovative business models, customer-centric execution, and patient capital.timesnownews+4​

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