Peyush Bansal-led Lenskart lists below IPO price, opens at Rs 395 on NSE and Rs 390 on BSE

India’s largest eyewear retailer, Lenskart Solutions made a subdued market debut Monday, listing below its IPO price.

The stock opened at Rs 395 on the NSE, down from the IPO price of Rs 402, and at Rs 390 on the BSE, representing about a 2.98% discount.

The #NSEBell has rung in the celebration of the listing of Lenskart Solutions Limited at our exchange @NSEIndia. #NSEIndia#listing#IPO#StockMarket#ShareMarket#LenskartSolutionsLimited@ashishchauhan@peyushbansalpic.twitter.com/FTEj75i5vR

— NSE India (@NSEIndia) November 10, 2025

However, Lenskart’s share price recovered, and as of 12:20 p.m., it was trading at Rs 408, up about 1.5% from the IPO price and 3.3% above the NSE listing price.

It's worth noting that the IPO drew bids worth over Rs 1 lakh crore, registering a roughly 28-times subscription, but grey-market pricing suggested limited immediate upside.

According to exchange data, the qualified institutional buyers (QIB) category led the surge with bids at 40.36 times, while the non-institutional investors (NII) and retail investor portions were subscribed 18.23x and 7.56x, respectively. The portion reserved for employees was subscribed 4.96x.

The IPO, which opened on October 31 and closed on November 4, sought to raise a total of Rs 7,278 crore, including a fresh issue of Rs 2,150 crore and an offer for sale (OFS) of Rs 5,128 crore by existing investors. The price band was fixed between Rs 382-402 per share.

Founder and CEO Peyush Bansal offloaded shares worth Rs 824 crore, earning an estimated 21x return on his original investment. At the upper end of the price band, Bansal’s remaining stake post-listing will stand at approximately 8.78%. Existing shareholders, including SoftBank Vision Fund, Temasek Holdings, TR Capital, and Alpha Wave Global, also participated in the OFS component.

Lenskart operates a direct-to-consumer (D2C) model that bypasses intermediaries, enabling faster delivery and lower pricing. The company has established a strong omnichannel presence, combining an extensive online platform with over 2,700 physical stores across cities in India and select global markets, including Singapore, Dubai, and Riyadh.