Lenskart IPO slides as gray market fears mount
Lenskart Solutions has seen its gray market premium drop as the eyewear retailer’s initial public offering continues, raising concerns about potential listing performance similar to the lackluster debut experienced by Tata Capital last month. The premium fell to 85 rupees per share by Friday evening, down 10 rupees from October 31 and well below the peak of 108 rupees recorded on October 28. Despite this decline, retail investors showed strong early interest, with that category reaching full subscription when the offering launched on Friday, October 31.
The IPO achieved 1.13 times subscription after its first day, with retail investors subscribing 1.32 times their allotted portion and qualified institutional buyers reaching 1.42 times. Non-institutional investors lagged at 0.41 times subscription. The offering remains open through Monday, November 4, with shares priced between 382 and 402 rupees each. Investors must purchase at least 37 shares, requiring a minimum investment of 14,874 rupees.
The company raised approximately 3,268 crore rupees from anchor investors before the public launch. The total IPO size reaches 7,278 crore rupees through 53.5 million newly issued shares combined with 127.6 million shares offered for sale by existing shareholders.
