Lenskart IPO: GMP plummets 90% before listing amid valuation concerns

Mumbai: Eyewear retailer Lenskart is moving towards its listing next week. Both enthusiasm and vigilance are visible among investors regarding this IPO. After a substantial subscription, the IPO GMP has fallen by almost 90 percent from its highest level of Rs 108 a few days ago. This drastic fall in GMP is a sign that market traders have become cautious before the listing. Analysts are citing the valuation as the reason for this cold excitement.

One of the biggest consumer listings of 2025, the Rs 7,278 crore IPO received bids worth over Rs 1 lakh crore and subscriptions totaled more than 28 times. Institutional investors took the lead and the QIB share was subscribed 40.36 times, indicating the strong trust of both foreign and domestic funds.

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Non-institutional investors subscribed 18 times, while the retail category saw nearly 7.5 times participation. According to exchange data, Lenskart received bids for 281 crore shares against the proposed 9.97 crore shares.

Lenskart's success is based on its strong retail network. The company operates more than 2,700 stores worldwide, including around 2,000 stores in India and has already established its presence in international markets like Singapore, UAE and the US.

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In FY 2025, its revenue increased by 32 percent CAGR in two years to Rs 6,653 crore, while EBITDA increased 3.7 times to Rs 971 crore. The company made a profit in the financial year 2025 with a PAT of Rs 297 million, whereas two years ago it had incurred a loss of Rs 64 million.

The GMP of Lenskart Solutions IPO declined on Friday. According to investorgain.com, its GMP is Rs 10, which was updated at the time of writing this article. According to the GMP, it could be listed at Rs 412 against its price tag of Rs 402. Investors are expected to get a listing gain of 2.49 percent. Retail investors are likely to make a profit of around Rs 370 on one lot.