The most awaited listing – Lenskart. After all the controversy, it was most watched and it disappointed. As against the IPO price of Rs.402, the stock got listed on the BSE at Rs.390 and even slipped down to Rs.355.70, and is now trading at Rs.397, which is below the IPO price.

Response to the IPO – HNIs at  18.23x, QIBs at 40.35x, Retail at 7.54x ad overall it was subscribed at 28.26x.

Lenskart is a 17 year old eyewear retailer, with 2,800 stores in India and Asia (Japan, South East, Middle East), selling 27 million eyewear to over 12 million customers.

We were very clear in our IPO Analysis that it was a clear no-no and our conclusion was - Do not be lured by marque names investing in company’s pre-IPO or founder’s aura. Viewed from shareholder’s lens, Lenskart IPO is aggressively priced for poor profitability and is best avoided.

Market participants attributed the weak debut to aggressive pricing and limited visibility on profitability, despite the company’s strong brand recognition and pan-Asian presence. The tepid listing also reflects investor caution toward new-age retail and consumer-tech platforms, where premium valuations are not yet supported by consistent cash flows or margin visibility.

The weak listing despite robust subscription underscores a growing disconnect between IPO valuations and investor appetite, suggesting that the market is recalibrating toward fundamentals rather than marquee investor backing.