Lenskart IPO GMP Climbs on Day 2, QIB & Retail Buying Drives 1.60x Subscription

The initial public offering of Lenskart Solutions Ltd received a positive response on its first day of public subscription on Friday, driven by the interest of institutional buyers and retail investors. The subscription status of Lenskart IPO was 1.13 times on day 1.

The eyewear firm has fixed a price band of ₹ 382 to ₹ 402 per share for the IPO, targeting a valuation of over ₹ 69,700 crore at the upper end.

Lenskart's public offering has a fresh issue of shares worth ₹ 2,150 crore and an offer for sale (OFS) of 12.75 crore equity shares by promoters and investors.

As a part of the OFS, promoters -- Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi, and investors -- SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund-II, Macritchie Investments Pte Ltd, Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP -- would offload shares.

Lenskart proposes to use the proceeds from the IPO for such strategic initiatives as capital expenditure for setting up new company-operated, company-owned (CoCo) stores in India, and payments related to lease, rent, and licence agreements for these CoCo stores.

Lenskart IPO GMP

The latest GMP of Lenskart Solutions IPO stood at ₹61 as of noon on November 3, according to data from investorgain.com. With the price band of ₹402, Lenskart IPO’s estimated listing price is ₹463, which includes cap price and today’s GMP. The expected percentage gain or loss per share is 15.17%.

The grey market trends over the last week suggest firm sentiment, with today’s GMP signaling a strong listing possibility. The premium has fluctuated between ₹48 and ₹108 during this period. The grey market premium indicates investors’ readiness to pay more than the issue price.

Lenskart IPO Subscription

On day 2, the Lenskart IPO was subscribed 1.60 times. Retail investors led the charge with 2.61x subscription, followed by employees at 2.11x, and the NII segment was subscribed 1.24x, while the QIBs submitted bids amounting to 1.45x. As of 12.30 pm, the offer had received bids for 15.98 crore shares against 9.98 crore shares available on the BSE.

The IPO of eyewear giant sailed through on the first day of bidding on Friday, driven by institutional buyers' and retail investors' demand. The ₹ 7,278-crore IPO received bids for 11,22,94,482 shares against 9,97,61,257 shares on offer, translating into 1.13 times subscription, as per NSE data.

Among investors' categories, Qualified Institutional Buyers (QIBs) part attracted 1.42 times subscription, while the quota for Retail Individual Investors (RIIs) got subscribed 1.31 times. The category for non-institutional investors received 41 % subscription.

The company's IPO will conclude on November 4.