Lenskart IPO today, in test of ₹70,000 cr valuation

As Lenskart opens its initial public offering (IPO) today, gunning for a near-₹70,000 crore valuation, it is set to test investor appetite for one of India's most celebrated new-age consumer-tech stories. The Street is divided-sceptics call the price stretched, but believers bet on 20-30% gains in short term.

- Abhinaba Saha

For founder Peyush Bansal, it's the culmination of a 17-year journey from startup to eye-wear powerhouse. For investors, it's a matter of how much of that vision is in the price.

In July, Bansal bought 17 million shares at ₹52 apiece, raising his stake from 9.3% to 10.3%, giving early investors a partial exit at a valuation of just ₹8,741 crore. Earlier in June, Fidelity had valued the company at $6.1 billion, although the two values are not exactly comparable, as Bansal's share purchase was in lieu of Esops that he couldn't take as he was tagged a promoter.

At the top of its ₹382-402 price band for the initial public offering (IPO), Lenskart seeks a 69,742 crore ($8 billion) valuation-roughly 31% higher than Fidelity's June estimate.

That jump is hard to ignore.

At 402 per share, the valuation implies a steep earnings multiple and is a rich ask for a company that only turned profitable in fiscal year 2025 (FY25), some of which stemmed from accounting changes, according to analysts.

SBI Securities warned the valuation appears stretched, suggesting muted listing gains. The brokerage pegged Lenskart's valuation at 260x annualized QIFY26 earnings, a 12-month forward estimate adjusted for one-off gains.

But if the grey market premium of 27% is any indication, investors are having none of that scepticism.