Lenskart IPO today, a test of appetite for ₹70,000 cr valuation

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.

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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.

“The stock seems fully priced, yet consistent profitability and expansion could still support 20-30% listing gains (in the near-term),” said Nipun Lodha, head of investment banking at PL Capital.

The IPO seeks to raise ₹7,278 crore, including ₹2,150 crore via a fresh issue.

What partly explains the optimism surrounding India’s biggest eyewear retailer is the efficiency built into its operating model—and a market still brimming with opportunity.