Lenskart IPO: Issue fully subscribed on Day 1 on strong demand from retail, QIBs

The ₹7,278-crore initial public offering (IPO) of Lenskart Solutions received a good response from investors on the first day of bidding, driven by strong participation from qualified institutional buyers (QIBs) and retail investors. The offer received bids for 10.38 crore shares against 9.98 crore shares on offer, translating to a 1.04 times overall subscription.

According to data available till 3:00 PM on the BSE, the QIB category emerged as the strongest segment, with the quota reserved for them receiving 1.39 times bids. Within this, foreign institutional investors (FIIs) led the charge with bids for 4.59 crore shares, while domestic financial institutions, insurance firms, and mutual funds together accounted for around 44 lakh shares.

The retail investor segment (RIIs) also saw healthy participation, subscribing 1.11 times to their portion, with over 2 crore shares bid for against an offer size of 1.81 crore shares. The employee quota saw a subscription of 0.95 times, the exchange data showed.

Meanwhile, the quota for non-institutional investors (NIIs), which includes high-net-worth individuals and corporates, was subscribed 0.30 times by the time of recording. The sub-category of investors bidding over ₹10 lakh was subscribed only 0.20 times, while bids between ₹2 lakh and ₹10 lakh were subscribed 0.49 times.

Lenskart’s IPO, one of the most closely watched offerings of the year, is being offered at a price band of ₹382–₹402 per share, comprising a fresh issue of ₹2,150 crore and an offer for sale (OFS) of 12.76 crore shares worth ₹5,128.02 crore, according to the company’s draft filing.

At the upper end of the price band, the market valuation is pegged at around ₹69,726 crore, positioning Lenskart among the country’s most valuable consumer-tech listings in recent years.

The lot size for retail investors is 37 shares, requiring a minimum investment of ₹14,874 at the upper end of the price band. The company has reserved up to 75% of the shares for qualified institutional buyers (QIBs), not more than 15% for non-institutional investors (NIIs), and the remaining 10% for retail investors, including employees. A discount of ₹19 per share will be offered to eligible employees.

Of the ₹2,150 crore raised through the fresh issue, ₹272.6 crore will be used to establish around 620 new company-owned, company-operated (CoCo) stores across India by FY29, while ₹591.4 crore has been allocated towards lease deposits for its existing outlets.

The company also plans to deploy ₹213.4 crore to strengthen its technology and cloud infrastructure, with a focus on expanding AI-driven fulfillment systems and robotic lens manufacturing facilities. Additionally, ₹320 crore has been earmarked for brand marketing and business promotion activities.

The IPO will close on November 4, while shares are expected to make their debut on the BSE and NSE on November 10.