A Weak Start on Dalal Street
Lenskart made its stock market debut on November 10, but the listing failed to impress. The stock opened at ₹395 on the NSE only to drop nearly 10% to ₹355 within hours. It eventually recovered to close the day almost flat.
From Hot IPO to Cool Reception
The tepid debut came as a surprise, considering the company’s IPO was subscribed over 28 times. Investor enthusiasm for Peyush Bansal’s Lenskart didn’t translate into listing-day gains, as the stock failed to hold on to the pre-listing hype. Even the grey market premium (GMP) which had soared to ₹120 before the debut crashed to just ₹6 by the time the stock listed. That’s a 95% plunge in investor sentiment.
What Went Wrong?
Analysts point to steep valuations and recent losses as reasons behind the muted debut. Despite being a dominant player in India’s eyewear market, Lenskart’s financials and pricing left limited room for immediate upside.
Mixed Calls From Analysts
Market experts are divided on what retail investors should do next.
- Shivani Nyati of Swastika Investmart suggests holding the stock for the medium to long term, citing its growth potential and expansion plans. She recommends setting a stop-loss near ₹350.
- On the other hand, Ambit Capital has issued a ‘Sell’ rating, with a target price of ₹337, signaling caution.
The Road Ahead
Lenskart may not deliver instant gains, but analysts agree it’s one to watch. The company’s brand recall and aggressive expansion could pay off but for now, the market’s verdict remains undecided.
