Lenskart’s ₹7,278.02 crore IPO made a weak debut on the stock exchanges on Monday, listing at a 1.74 per cent discount to its issue price.
The company’s shares opened at ₹395 on the NSE, below the issue price of ₹402, while on the BSE, the stock began trading at ₹390 — down 2.98 per cent.
The IPO comprised a fresh issue of shares worth ₹2,150 crore and an Offer-for-Sale (OFS) of 12.75 crore equity shares by promoters and existing investors.
Addressing questions about the company’s valuation, CEO Peyush Bansal said, “Lenskart was not built to build a valuation.” The company’s market capitalisation stood at ₹69,091.21 crore on the NSE.
IPO details:
The Lenskart IPO was subscribed over 28 times on the final day of bidding, driven primarily by institutional investors.
Proceeds from the issue will be used for several strategic initiatives, including capital expenditure to open new company-owned, company-operated (CoCo) stores across India, payments related to leases and licences for these stores, investments in technology and cloud infrastructure, brand marketing and promotions, potential inorganic acquisitions, and general corporate purposes.
