Lenskart makes muted debut: Shares list at 3% discount; miss GMP estimates

Lenskart IPO listing, Lenskart share price: The much-awaited listing of omnichannel eyewear retailer Lenskart Solutions made a negative debut on Dalal Street in an otherwise upbeat market. The company’s shares listed at ₹395 per share on the NSE, opening with a 1.75 per cent discount over the issue price of ₹402. Soon after listing, the stock touched a low of ₹362, down 8 per cent from listing price.

 

On the BSE, the Lenskart shares opened at ₹390, a discount of 3 per cent. Post-listing, the stock fell nearly 9 per cent from the issue price to a low of ₹355.7.

 

The listing price of Lenskart was below with the grey market estimates. Ahead of the listing, unlisted shares of Lenskart were trading at ₹412, commanding a grey market premium (GMP) of ₹10 or 2.5 per cent against the issue price, according to sources tracking unofficial markets.  CATCH LENSKART SHARE PRICE UPDATES LIVE

Lenskart IPO subscription rate

According to National Stock Exchange (NSE) data, the Lenskart IPO received a solid response from investors, with overall subscription reaching 28.26 times. Investors placed bids for 2.81 billion equity shares against the 99.76 million shares available. Qualified Institutional Buyers (QIBs) led the demand, oversubscribing their allotted quota by 40.35 times. The Non-Institutional Investors (NIIs) segment was subscribed 18.23 times, while the retail investors’ portion received 7.54 times more bids than the shares on offer. 

Lenskart IPO details

Lenskart successfully raised ₹7,278.76 crore through its initial public offering, which comprised a fresh issue of 53.5 million equity shares and an offer for sale (OFS) of 127.6 million equity shares. The IPO was offered in the price band of ₹382 to ₹402 per share, with a minimum application lot of 37 shares. The issue was open for subscription from October 31 to November 4.  The allotment of shares was finalised on Thursday, November 6.

 

According to the company’s Red Herring Prospectus (RHP), Lenskart plans to allocate ₹272.6 crore from the fresh issue towards establishing new company-owned stores across India. Around ₹591.4 crore will be directed towards lease and rental costs for these outlets. In addition, ₹213.4 crore has been set aside for strengthening its technology and cloud infrastructure, while ₹320.1 crore will be invested in brand-building, marketing, and promotional initiatives. The remaining funds are proposed to be used for potential acquisitions and general corporate purposes.