Daijiworld Media Network – Mumbai

Mumbai, Nov 10: Shares of Lenskart Solutions Ltd, the eyewear retailer, made a weak debut on the stock exchanges on Monday, listing at a discount despite strong investor interest during its initial public offering (IPO).

The company’s shares opened at Rs 390 apiece on the BSE, down 2.98 per cent from the issue price of Rs 402, and at Rs 395 on the NSE, a discount of 1.74 per cent. Following the muted debut, the stock further slipped over 11 per cent in morning trade on both exchanges.

Lenskart’s Rs 7,278 crore IPO comprised a fresh issue of 5.35 crore shares worth Rs 2,150.74 crore and an offer for sale (OFS) of 12.76 crore shares aggregating to Rs 5,128.02 crore. The company had fixed the price band at Rs 382–402 per share.

Despite a tepid listing, the issue had received an overwhelming response from investors, with an overall subscription of 28.26 times. The qualified institutional buyers (QIB) category was subscribed 40.35 times, while retail investors bid for 13.61 crore shares against 1.8 crore shares on offer.

Market analysts said the weak listing was likely due to profit booking by institutional investors and broad market volatility, even as the company’s long-term prospects in the growing eyewear segment remain strong.