Lenskart’s stock market debut fell short of expectations, disappointing investors who had anticipated listing-day gains after a highly subscribed IPO. The eyewear retailer’s shares opened below their issue price of ₹402, listing at ₹395 on the NSE and ₹390 on the BSE, reflecting a decline of nearly 3% from the IPO price.
Market analysts attributed the weak opening to valuation concerns and cautious investor sentiment despite the company’s strong brand presence and growth potential. Lenskart’s IPO, priced at the upper end of its ₹382–₹402 range, valued the company at around ₹70,000 crore, leaving limited room for upside on debut.
According to Kranthi Bathini, Equity Market Strategist at WealthMills Securities, Lenskart’s valuation “appears stretched” at current levels. He advised investors to closely monitor upcoming quarterly results to assess the company’s ability to sustain profitability and improve revenue metrics.
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said the debut was “tepid,” describing the -1.74% listing discount as a sign of muted market response despite Lenskart’s strong brand visibility and leadership in India’s organised eyewear space. She highlighted that the company’s vertically integrated business model, in-house manufacturing, and aggressive domestic and international expansion remain key strengths. Lenskart operates over 2,500 stores globally, supported by its Lenskart Gold membership and growing reach in Tier-II and Tier-III cities.
Still, investors appear cautious. Analysts flagged high valuations, recent losses, and intense competition—both online and offline—as short-term headwinds. Lenskart reported a net profit of ₹297 crore in FY25, rebounding from a ₹10 crore loss in FY24, but market watchers want to see if this profitability trend can be sustained.
Experts suggest investors remain patient. Nyati advised that those allotted shares in the IPO could hold for the medium to long term, citing Lenskart’s strong fundamentals and growth potential, while short-term traders might consider exiting. Bathini echoed this view, saying that “the next few quarters will be key to determining whether Lenskart can justify its valuation.”
While the debut has disappointed IPO investors, analysts note that Lenskart’s long-term growth story remains intact. Its scale, technology-driven supply chain, and strong brand equity provide a solid base for future expansion. However, sustaining margins amid rising competition will be crucial for the company to reward patient investors over time.
