Shares of eyewear retailer Lenskart Solutions made a weak market debut on Monday (November 10, 2025), listing with a discount of 3% against the issue price of ₹402.

The stock began trading at ₹390, down 2.98% from the issue price on the BSE. Later, it plunged 11.52% to ₹355.70, before rebounding to trade at ₹403.80 apiece, up 0.44%.

On the NSE, the shares listed at ₹395 apiece, a discount of 1.74%, and dropped 11.41% to ₹356.10 before recovering to trade at ₹404, up 0.5%.

The company’s market valuation stood at ₹69,091.21 crore on the NSE.

The initial public offer of eyewear retailer Lenskart Solutions Ltd received 28.26 times subscription on the final day of the share sale on Tuesday, led by institutional buyers.

The ₹7,278 crore Initial Public Offering (IPO) had a price band of ₹382-402 per share.

The IPO has a fresh issue of shares worth ₹2,150 crore and an Offer-for-Sale (OFS) of 12.75 crore equity shares by promoters and investors.

Lenskart proposes to use the proceeds from the IPO for strategic initiatives, including capital expenditure to set up new company-operated, company-owned (CoCo) stores in India, and payments under lease, rent, and licence agreements for these CoCo stores.

Investments in technology and cloud infrastructure, brand marketing and business promotion to enhance brand awareness, potential unidentified inorganic acquisitions, and general corporate purposes were some of the other goals stated by the firm.

In the pre-IPO funding round, SBI Mutual Fund invested ₹100 crore in Lenskart, while Radhakishan Damani, founder of Avenue Supermarts (DMart), invested around ₹90 crore.

The company, one of India’s largest omni-channel eyewear retailers, offers a wide range of prescription eyeglasses, sunglasses, and contact lenses through its online platform and retail network.

Founded in 2008, Lenskart started as an online eyewear platform in 2010 and opened its first physical store in New Delhi in 2013.

The company has a presence across metro, tier-1, and tier-2 cities, as well as international operations in Southeast Asia and the Middle East.

India’s largest eyewear retailer, Lenskart, has filed for an initial public offering, which includes the issue of fresh shares worth ₹2,150 crore, as per its draft prospectus released on Tuesday (July 29, 2025).

Large shareholders of the company, known as “promoters”, will also cumulatively sell 13.23 crore shares. These include Japan’s SoftBank, the Mumbai-based private equity firm Kedaara, and Singapore’s state investor Temasek.

Incorporated in 2010, Lenskart is valued at ₹52,533 crore as of June 13, according to data from Traxcn. It is the largest retailer of eyewear in the country, followed by Specsmakers and ClearDekho.

Morgan Stanley, Kotak Mahindra Capital, Axis Capital Holdings and Citi are among the lead bookrunning managers for the IPO.

Proceeds from the offering will be used to set up new company-owned, company-operated (CoCo) stores across the country, invest in technology and cloud infrastructure, and for general corporate purposes, the draft prospectus said.

The company’s total debt stands at 4.97 billion rupees, as of the fiscal year ended March 2024, according to Traxcn data.