After all the hype and buzz around its blockbuster IPO, Lenskart — the eyewear brand built by Shark Tank India’s Peyush Bansal — had a rather muted start on the stock market this Monday. The listing was supposed to be the next big celebration for India’s new-age consumer brands, but the mood on Dalal Street was… well, a little sober.
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Listing Day Snapshot
Lenskart’s IPO was priced at ₹402 per share, right at the upper end of its price band. But when trading began, the excitement fizzled out rather quickly. On the NSE, shares opened at ₹395, and on the BSE, they slipped a little further to ₹390 — both below the issue price.
That’s roughly a 2–3% dip right out of the gate, which isn’t a disaster, but certainly not the “bang” many investors were expecting after such a heavily subscribed IPO.
What Happened to the Hype?
Honestly, this one’s a bit puzzling. The IPO saw massive investor participation — oversubscribed more than 28 times — which usually hints at a solid debut. But in the days leading up to the listing, the grey market premium (GMP) started fading, dropping to near zero. That’s often the market’s way of whispering, “Don’t get too excited.”
A few analysts had also raised eyebrows over Lenskart’s lofty valuation. While the company’s brand is rock solid — and Bansal’s credibility isn’t in question — the concern was that the price was already factoring in too much future growth. One brokerage had even pegged a fair value closer to ₹337 per share, calling the IPO “a bit on the richer side.”
The Bigger Picture: Story of a Market Darling
For those who’ve been following Lenskart’s journey, this listing is more than just a price chart moment. The brand has spent the last decade turning eyeglasses into a lifestyle product — something cool, something young. From quirky ad campaigns to omnichannel stores and a fast-growing online base, Lenskart has rewritten how India buys eyewear.
But there’s a flip side. The business is capital-heavy, margins are still relatively thin, and profits — while improving — aren’t exactly at luxury brand levels yet. The company’s been investing aggressively in tech, logistics, and new stores (both in India and overseas). All great for long-term growth, but investors, especially the short-term ones, sometimes get restless waiting for those bets to pay off.
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A Bit of Reality Check
In a way, Lenskart’s market debut is a nice little reality check — not just for its investors, but for every startup founder eyeing the public markets. A strong brand story and glossy marketing don’t always guarantee a roaring listing. The market, as always, looks beyond the headlines and asks the boring but essential question: “Are the numbers there yet?”
Why It Still Matters
Despite the lukewarm start, Lenskart’s listing is a landmark moment. This is one of India’s few homegrown D2C giants that managed to go all the way — from startup garage days to a billion-dollar IPO. The listing may not have been flashy, but it proves that Indian retail brands can scale, professionalise, and eventually go public.
For investors, though, the lesson is simple — don’t chase hype blindly. A strong subscription number doesn’t guarantee listing gains. IPO investing needs both conviction and patience, especially when valuations stretch ahead of performance.
What’s Next for Lenskart
The real story begins now. The focus will shift to whether Lenskart can keep growing without letting costs spiral. Watch for its next few quarterly results — especially margins, store expansion pace, and international performance.
If Peyush Bansal’s track record is anything to go by, the man’s unlikely to be rattled by a quiet listing. He’s always played the long game. Lenskart may not have dazzled on Day 1, but it’s got the resilience and brand love that few Indian consumer startups can claim.
As one market watcher quipped, “The listing was dull, but the vision’s still clear.”
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