Eyewear retailer Lenskart Solutions Ltd made a subdued debut on the stock exchanges on Monday, listing at discount over its issue price of ₹402 per share.
The stock opened at ₹390 on the , reflecting nearly 3 per cent discount, while on the , it debuted slightly higher at ₹395 (1.7 per cent discount).
The stock then fell nearly 10 per cent to ₹356.10 in early trade, signalling a weak investor sentiment post listing.
The comprised a fresh issue of shares worth ₹2,150 crore and an offer for sale (OFS) of 12.75 crore shares by promoters and investors. The price band for the issue was set at ₹382–₹402 per share.
The had received a strong response across all categories of investors, being subscribed 28.26 times overall. Ahead of the IPO, Lenskart raised ₹3,268.36 crore from anchor investors, which included prominent names such as SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential, Kotak Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life, Government Pension Fund Global, Steadview Capital, Goldman Sachs, JPMorgan, and HSBC.
Market analysts attributed the weak listing to valuation concerns and profit-booking by short-term investors, despite Lenskart’s strong brand recall and growth prospects in India’s organised eyewear market.
Ahead of listing, flagging a sharp disconnect between the company’s growth prospects and its return ratios.