Mumbai (Maharashtra) [India], November 10 (ANI): Lenskart Solutions made a weak debut on Monday, listing at a discount of 1.74 percent to its issue price.
The stock opened at Rs 395 per share on the exchanges, against the IPO issue price of Rs 402, resulting in a loss of Rs 7 per share for IPO investors on listing. Soon after listing, the share dropped further to Rs 356, down approximately 10 percent.
The company’s public issue was subscribed 28.3 times, led by strong participation from institutional investors (18.2x), followed by Qualified Institutional Buyers (23.79x) and retail investors (7.5x).
Despite the robust subscription numbers, the IPO had faced criticism from market participants over high valuation concerns, which appears to have weighed on investor sentiment during its market debut.
In an earlier conversation with ANI, Lenskart Founder Peyush Bansal highlighted three major areas where funds from the public issue would be utilized: store expansion, technology advancement, and brand building across global markets.
“The current objects of offer are largely for penetrating. We have 2,600 stores; we want to open more stores,” Bansal said, noting that Lenskart aims to deepen its reach across cities and towns. He added that technology would continue to be a central focus for the company.
“In technology, we have invested heavily, whether it is supply chain or smart glasses. We will continuously invest in it,” Bansal stated.
The company, a household name in India’s eyewear market, now seeks to expand its global identity. “For our company, which is a well-known brand in India, we want to make it well known in the world as well, so we will invest in it,” he said.
Bansal also mentioned that Lenskart is ramping up its manufacturing capacity to meet future demand. “We are currently at 50–55 percent capacity utilization, but we are setting up another factory which will increase capacity. It will take some time to be built,” he added. (ANI)
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