Lenskart IPO to list on Nov 10; here's what GMP hints for D-St debut

Lenskart IPO witnessed decent investor interest, achieving an overall oversubscription of 17.5 times, driven largely by strong participation from QIBs

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Lenskart IPO listing forecast: Eyewear retailer Lenskart is set to make its market debut on Monday, November 10, 2025, and early indicators from the grey market point to a flat to moderate listing. The company raised ₹7,278.76 crore through its initial public offering (IPO), which comprised a combination of fresh issue of 53.5 million equity shares and an offer for sale (OFS) of 127.6 million equity shares.

 

The Lenskart IPO witnessed decent investor interest, achieving an overall oversubscription of 28.26 times, driven largely by strong participation from qualified institutional buyers (QIBs), whose quota was booked 40.35 times. The retail investor segment and non-institutional investors (NIIs) also showed decent demand, oversubscribing their portions by 7.54 times and 18.23 times, respectively, according to NSE data.

 

The basis of allotment for the issue was finalised on Thursday, November 6, 2025, and investors are now keenly awaiting the stock’s listing. Ahead of its debut, Lenskart’s unlisted shares were seen changing hands at around ₹412.5 apiece in the grey market, indicating a premium of ₹10.5 or 2.6 per cent over the issue price of ₹402, as per sources tracking unofficial markets.

 

If the current grey market sentiment sustains, Lenskart shares are likely to debut around ₹412, implying potential listing gains of 2.6 per cent for IPO investors. However, market experts caution that the grey market operates outside regulatory oversight, and the GMP (Grey Market Premium) should not be viewed as a definitive indicator of the stock’s actual listing performance.

Lenskart IPO details

The IPO comprised a fresh issue of 53.5 million shares aggregating to ₹2,150.74 crore and an OFS of 127.6 million shares aggregating to ₹5,128.02 crore. The issue was offered at a price band of ₹382 to ₹402 per share, with a lot size of 37 shares. The public issue was open for subscription from October 31 to November 4, 2025.

 

Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services are the book-running lead managers. 

 

As per the RHP, Lenskart will use ₹272.6 crore from the fresh issue for setting up new company-owned stores in India and ₹591.4 crore towards lease and rental expenses for these outlets. Another ₹213.4 crore is earmarked for technology and cloud infrastructure, while ₹320.1 crore will go toward brand marketing and promotional activities. The remaining proceeds will be allocated for potential acquisitions and general corporate purposes.