Peyush Bansal-Lenskart Solutions’ Shares Get Listed on BSE & NSE at a Discount; Complete Details Inside

Despite its highly anticipated Initial Public Offering (IPO) being oversubscribed 28 times, Lenskart Solutions Ltd. shares, led by co-founder Peyush Bansal, are listed at a discount on the BSE and NSE, largely due to a sharp drop in the unofficial grey market premium (GMP) just before the debut. Ahead of the listing, Bansal released an emotional note to shareholders, emphasising that the milestone felt like "Day Zero" and a new beginning, and stressing that the company was built to solve the simple, human problem of sight rather than to chase high valuations.

Lenskart Solutions Ltd. is India's largest eyewear retailer, leveraging an effective omnichannel business model that integrates a vast network of over 2,700 stores (domestic and international) with its robust online presence. The company, which is vertically integrated from design to retail, operates through its popular in-house brands and has expanded globally via the acquisition of Owndays. The Indian eyewear market is an attractive growth story, projected to nearly double by FY30, and Lenskart, with its strong brand equity and technology-driven operations, is well-positioned as the market leader to capture this expansion, driven by rising vision defects and a shift toward organised retail.

The Initial Public Offering (IPO) raised Rs 7,278.02 crore with an upper price band of Rs 402 per share. The proceeds from the fresh issue component will primarily be directed toward funding the company's aggressive expansion plans, including investment in new stores, lease and rent payments, technology upgrades, and brand marketing. Financially, Lenskart has demonstrated robust topline growth and expanding EBITDA margins, achieving a significant return to profitability in FY25 after modest losses in the prior two years, marking a positive shift in its performance metrics.

Despite its strong market position and favourable industry dynamics, the IPO's valuation appears stretched. The company's P/E ratio of approximately 234x on FY25 earnings implies a significant premium, especially considering that the reported profit was notably supported by an increase in non-core income.