Welcome to A Bright Time! So how are you guys? We’ve got you covered today with the most comprehensive coverage of the ongoing IPO action in the Indian stock market. As investors continue to show strong interest in the primary market, two major initial public offerings are commanding attention this week. The Lenskart IPO is witnessing its second day of bidding on Monday, November 3, 2025, while the Studds Accessories IPO is seeing its final day of subscription. Both issues have generated significant buzz among retail and institutional investors alike, with grey market premiums indicating potential listing gains.moneycontrol+2​

The Indian IPO market remains robust in November 2025, with eyewear giant Lenskart Solutions and helmet manufacturer Studds Accessories attracting substantial investor interest across all categories. Market participants are closely tracking subscription numbers, grey market premium trends, and expert recommendations to make informed investment decisions. Let’s dive deep into the latest updates, subscription status, and what these numbers mean for potential investors.financialexpress+1​

Lenskart IPO Day 2: Strong Subscription Numbers Continue

Lenskart Solutions’ Rs 7,278 crore initial public offering entered its second day of bidding on Monday, November 3, 2025, with impressive momentum. The price band for this book-building issue has been fixed between Rs 382 and Rs 402 per share, with a minimum application size of 37 shares. By 10:03 am on the second day, the IPO had already received an overall subscription of 1.19 times, garnering bids for 11.85 crore shares against the 9.97 crore shares on offer.groww+2​

The retail individual investors (RIIs) category showed particularly strong enthusiasm with a subscription rate of 1.46 times, while the qualified institutional buyers (QIBs) category maintained its day one subscription of 1.42 times. The non-institutional investor (NII) quota received a 0.54 times subscription on day two morning. This comprised a fresh issue of Rs 2,150 crore and an offer-for-sale of Rs 5,128.02 crore, marking one of the larger retail-tech offerings this year.bajajbroking+2​

The IPO subscription window will remain open until November 4, 2025, with the basis of allotment expected to be finalized on November 6, and tentative listing scheduled for November 10, 2025, on both BSE and NSE. The issue is being managed by leading financial institutions including Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Avendus Capital Private Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, and Intensive Fiscal Services Private Limited, with Bigshare Services Private Limited serving as the registrar.groww+1​

Studds Accessories IPO Final Day: Impressive 11.80x Subscription

The Studds Accessories IPO, which opened for subscription on October 30, 2025, witnessed its final day of bidding on November 3, 2025, with remarkable oversubscription figures. According to NSE data as of 11:36 am on November 3, the Rs 455.49 crore IPO had been subscribed an impressive 11.80 times overall. The retail individual investors led the charge with an 11.16 times subscription, while non-institutional investors showed exceptional interest at 26.39 times subscription.groww+1​

The qualified institutional buyers category also picked up momentum on the final day, achieving a 1.97 times subscription after remaining subdued during the initial days. The company, which is India’s largest two-wheeler helmet manufacturer by revenue and the world’s largest by volume, has set the price band at Rs 557 to Rs 585 per share, with a minimum lot size of 25 shares.moneycontrol+2​

This is a 100% offer-for-sale issue, meaning the company will not receive any proceeds from the IPO; instead, all funds will be allocated directly to the selling shareholders. The basis of allotment is scheduled to be finalized on November 4, 2025, with shares expected to be credited to demat accounts by November 6, 2025, and listing on BSE and NSE tentatively scheduled for November 7, 2025.economictimes+2​

What is the GMP of Studds IPO?

The Grey Market Premium (GMP) for Studds Accessories IPO has shown consistent strength throughout the bidding period. As of November 3, 2025, the GMP stood at Rs 65-67, representing approximately an 11.11% to 11.45% premium over the upper price band of Rs 585. Based on this grey market premium, the estimated listing price is expected to be around Rs 650-652 per share, indicating potential listing gains for allotted investors.ipocentral+1​

The GMP trend over the past week shows that it has remained relatively stable, starting at Rs 53-55 on October 28-29, rising to Rs 67 on October 31 and November 1, and settling at Rs 65-67 on November 3, 2025. The subject-to-sauda rates, which indicate the cost of trading in the grey market, stand at approximately Rs 1,200 for retail investors, reflecting strong demand for the issue.ipowatch+1​

Market observers note that the consistent positive GMP indicates investor confidence in Studds Accessories’ business fundamentals and growth prospects. The company sold around 7.40 million helmets in FY 2025 and operates under the brand names ‘Studds’ and ‘SMK’, manufacturing not just helmets but also two-wheeler luggage, gloves, helmet locking devices, rain suits, riding jackets, and eyewear.groww​

What is the GMP Price of IPO?

For the Lenskart Solutions IPO, the grey market premium has shown even more impressive numbers. As of November 3, 2025, unlisted shares of Lenskart Solutions are trading at Rs 487 apiece in the grey market, which translates to a 21.14% GMP over the upper IPO price of Rs 402. This suggests an estimated listing price of approximately Rs 487, indicating potential gains of around Rs 85 per share or about 21% for successful applicants.news18+1​

The GMP for Lenskart has improved from the opening day, signaling growing investor confidence despite some concerns about high valuations expressed by certain market analysts. The eyewear retailer’s strong brand presence, extensive retail network of 2,723 stores globally (2,067 in India and 656 overseas as of March 2025), and direct-to-consumer business model have contributed to positive market sentiment.financialexpress+2​

Grey market premium represents the price at which IPO shares are traded unofficially before they get listed on stock exchanges. It operates outside the regulatory framework but serves as an important sentiment indicator for retail investors. The premium amount shows the difference between the IPO price and the price people are ready to pay for it unofficially before official listing.venturasecurities+1​

Is GMP Good or Bad for IPO?

Grey Market Premium serves as both a sentiment indicator and a predictive tool, though it’s important to understand that it’s not a 100% accurate predictor of actual listing prices. A positive GMP generally indicates strong demand and high expectations for the IPO, suggesting that shares may list at a premium on the stock exchange. Conversely, a low or negative GMP may indicate cautious investor sentiment and the possibility of listing at a discount.investorgain+1​

For investors evaluating whether to apply for an IPO, GMP provides valuable insights but should not be the sole decision-making factor. A high GMP typically reflects strong demand where the number of IPO subscribers exceeds the number of shares offered, potentially leading to higher oversubscription and better listing gains. However, market conditions, overall sentiment, company fundamentals, and macroeconomic factors can cause actual listing prices to deviate from grey market expectations.venturasecurities+1​

In the case of both Lenskart and Studds Accessories IPOs, the positive and stable GMP trends suggest favorable market reception. For Studds Accessories, the 11% premium and 11.80x oversubscription indicate robust retail and institutional interest. Similarly, Lenskart’s 21% GMP despite being a larger Rs 7,278 crore issue demonstrates strong investor appetite for quality consumer brands.ipowatch+3​

Market experts typically view GMP as an early sentiment indicator that helps gauge whether an IPO might deliver listing gains. However, investors should also consider the company’s business model, financial performance, growth prospects, competitive positioning, and valuation metrics before making investment decisions. The grey market operates outside SEBI regulations, so while it provides useful insights, it should be considered alongside expert reviews, fundamental analysis, and personal investment goals.investorgain+1​

Expert Recommendations and What’s Next

Both IPOs have received mixed to positive reviews from market analysts. The book-running lead managers for the Studds Accessories IPO are IIFL Capital Services Limited and ICICI Securities Limited, with MUFG Intime India Private Limited serving as the registrar. Investors who have applied can check their allotment status on the registrar’s website, NSE, or BSE portals starting November 4, 2025, for Studds Accessories.univest+2​

For Lenskart Solutions, the company plans to utilize the net proceeds from the fresh issue component toward funding its wholly-owned subsidiary and general corporate purposes. As the largest seller of prescription eyeglasses by volume in India in FY 2025, according to the Redseer Report, Lenskart has established a strong market position in the direct-to-consumer eyewear segment.groww​

Investors should monitor the final subscription numbers when both IPOs close, with Studds closing today (November 3) and Lenskart closing on November 4, 2025. The coming days will reveal allotment status and ultimately the listing performance, which will determine whether the grey market premiums translated into actual gains.groww+2​

Stay tuned to A Bright Time for more updates on IPO allotments, listing dates, and comprehensive market coverage to help you make informed investment decisions in the dynamic Indian stock