Lenskart IPO: Modest 2.6% Listing Gain Expected as GMP Cools
Lenskart’s highly anticipated IPO is scheduled to list on Monday, November 10, with investors watching closely for listing gains after significant volatility in its grey market premium (GMP).
Key IPO Details
- IPO Dates: Opened October 31, closed November 4
- Subscription: 28.27 times oversubscribed
- Allotment: Finalized on November 6
- Status Check: Available on BSE website or MUFG Intime India Private Limited portal
Grey Market Premium Decline
The initial optimism following heavy subscription has faded in the grey market. The GMP, indicating investor willingness to pay for unlisted shares, has dropped substantially:
- October 31: Rs 95 (23.63% potential gain)
- November 1: Rs 85
- November 3: Rs 59
- November 7: Rs 10.5
Based on the current GMP, the estimated listing price is around Rs 412.5, suggesting a modest 2.61% gain over the issue price of Rs 402.
Analyst Outlook
Despite the muted short-term outlook, analysts maintain cautious optimism about Lenskart’s long-term potential.
“The eyewear market in India is growing fast, offering a strong opportunity for expansion. While the IPO has been heavily oversubscribed, the grey market premium has cooled from very high levels to a modest 2-3%. Given the steep valuation, much of the value will depend on post-listing execution not just a strong ‘listing pop’,” said Shivani Nyati, Head of Wealth at Swastika Investmart.
Nyati emphasized that Lenskart is India’s largest organized eyewear retailer with a strong omni-channel business model. She noted that given the steep valuation, the real test will be post-listing performance, with long-term gains depending on execution, profitability, and global scaling speed.
