Lenskart Debuts with Muted Listing Despite IPO Subscription Buzz

The eyewear-retail firm Lenskart Solutions made its much-anticipated debut on India’s stock exchanges today after what was a blockbuster IPO in terms of subscriptions. The offer, worth approximately ₹7,278 crore, was oversubscribed 28 times, signalling strong retail and institutional investor interest. 

Yet, despite the fanfare, the actual listing was somewhat muted. Shares opened at ₹395 on the National Stock Exchange of India (NSE) and listed at ₹390 on the Bombay Stock Exchange (BSE), registering a roughly 2.8–3 % fall compared to the IPO price. 

Analysts point to a few reasons for this tempered showing. On the one hand, Lenskart’s business model is strong: a blend of technology, omnichannel retail, centralised manufacturing and rapid growth in the organised eyewear market. On the other hand, concerns remain around high capital expenditure, relatively thin free cash flows and returns on capital (RoCE) that remain modest. One brokerage assigned a “Sell” rating, citing a target price lower than the issue price. 

In terms of numbers, Lenskart operates over 2,700 stores globally of which around 2,000 are in India and revenue in FY25 grew at a compound annual growth rate (CAGR) of around 32 % to ₹6,653 crore. EBITDA improved three-and-a-half times to reach about ₹971 crore, while the company turned a profit of ₹297 crore in FY25, after being in loss two years ago. 

For investors, the key takeaway is that Lenskart presents a long-term play on the growing eyewear market and lifestyle transitions in India but the initial listing suggests that the market expects more than growth: stronger profitability and capital efficiency. For Lenskart, the road ahead will involve scaling sustainably, balancing expansion with margins and proving that the retail-tech hybrid model can translate into consistent returns.

As the shares begin trading, the next chapters will show whether Lenskart can live up to its potential and quiet the valuation skeptics while delivering tangible value for its early investors.