Mumbai– Eyewear retailer Lenskart Solutions Ltd made a subdued debut on the stock exchanges on Monday, despite strong investor interest in its Rs 7,278 crore initial public offering (IPO). The stock listed at Rs 390 per share on the BSE, about 3 percent below its issue price of Rs 402, and opened at Rs 395 on the NSE.
Shortly after listing, the stock declined to an intra-day low of Rs 355.70, down more than 9 percent from the issue price. However, it later rebounded sharply in afternoon trade, gaining more than 15 percent from the day’s low to touch an intra-day high of Rs 413.80.
By around 2 p.m., the shares were trading close to the issue price at Rs 404.55, up 0.6 percent from the listing level. The broader market was also trading in positive territory, with the Sensex at 83,630.53, up 414 points or 0.5 percent, and the Nifty at 25,615.85, up 122 points or 0.48 percent.
Lenskart’s IPO had been closely followed in the market and drew strong subscription interest, being subscribed 28 times overall. Investors bid for 281.88 crore shares against the 9.97 crore shares on offer.
Qualified institutional buyers led the demand, subscribing 40.35 times their allotted portion. Non-institutional investors subscribed 18.23 times, and retail investors also showed strong participation, despite the relatively high price band of Rs 382–Rs 402 per share.
The offering included a fresh issue of Rs 2,150.74 crore and an offer for sale (OFS) worth Rs 5,128.02 crore.
The muted listing tracked cooling sentiment in the grey market, where the premium had eased to about 2 percent before the debut. Still, the stock’s sharp recovery later in the session suggested continued investor confidence in Lenskart’s expansion plans and growing presence in India’s eyewear market. (Source: IANS)
