November 10, 2025 : The grey market premium for shares of Lenskart Solutions Ltd. has crashed ahead of a listing today, even as co-founder and ‘Shark Tank India’ judge Peyush Bansal said he didn’t build the company to reach a valuation.
At 5:55 am on Monday (10 November 2025), the Lenskart GMP stood at ₹10 over and above the IPO price of ₹402, implying a listing-day gain of 2.49% It had fallen for three straight days following the allotment of shares on 6 November. That’s a dramatic reversal from the 25% listing gain implied before the IPO.
To be sure, GMP is a signal, not a guarantee. It reflects what traders are willing to pay for an IPO-bound stock in the unofficial market—it doesn’t guarantee listing day gains. GMP can swing dramatically as it’s detached from fundamentals of a stock.
Lenskart IPO Review
By 4 November 2025, the three-day Lenskart IPO was subscribed 28.27 times, despite a price-to-earnings ratio of 238:1—meaning, the company wants its investors to pay ₹238 for every rupee earned. The QIB portion received 40.36 times demand, reflecting confidence in the company’s business model. The retail-investor portion was subscribed 7.56 times.
Still, the GMP has fallen to ₹10/share.
Stock market observers attribute the crash to valuation concerns and general weakness in the secondary market. Adding pressure to the pre-debut narrative is the adverse stance taken by some institutional analysts.
Lenskart Valuation
Ambit Capital was among the first major brokerages to issue a “sell” rating on Lenskart just days before the listing, setting the target price at ₹337—a downside of nearly 16% from the IPO price of ₹402.
The commentary hinges on what Ambit calls “stretched valuations”. While acknowledging Lenskart’s strong brand and projected CAGR of 20% through FY28, the brokerage pointed out that the company’s current market-implied valuation is significantly higher than those of established and capital-efficient peers like Nykaa, Trent and Titan’s eyewear business.
DSP Asset Managers Pvt. Ltd., however, defended its investment in Lenskart, saying that the company’s business is “strong and scalable”, but conceded the deal was expensive.
Following the IPO, Lenskart commands a valuation of about ₹7,000 crore—higher than those of established consumer companies.
Lenskart Business Model
Lenskart’s made-to-order manufacturing is costly—as is its rapid expansion strategy—which means capex will weigh on free cash flow through FY28. For value-focused investors, the sub-par return ratios relative to peers make the risk-reward ratio unattractive at the current IPO price.
Still, Lenskart’s market leadership bodes well for long-term growth. That capital-intensive expansion plan can open up a largely untapped market in India and push high-margin growth globally.
“Fifteen years ago, I didn’t dream of ringing a bell. I just wanted to solve one simple, human problem—that millions of people in India couldn’t see clearly,” Lenskart CEO Peyush Bansal wrote on Linkedin on Sunday.
“Tomorrow, Lenskart will ring the bell. To me, it doesn’t feel like an ending—it feels like day zero. We didn’t build Lenskart to reach a valuation. We built it to reach people.”
Summary:
Lenskart’s market listing is expected to be subdued as investors debate its high valuation, questioning growth prospects and profitability ahead of the company’s much-anticipated debut.