The BSE listed shares of omnichannel eyeglasses retailer LensKart at INR 390, which was 3% less than the offering price.

The stock was launched on the NSE at INR 395 per share, which is 1.74% less than the INR 402 issue price.

After listing, the stock plummeted even more, and at 10:02 IST, it was trading 8.84% below the issue price at INR 366.45 on the BSE.

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The INR 7,278 Cr IPO of Lenskart concluded with a 28.26X oversubscription.  Out of the 9.97 Cr shares that were available for subscription, 281.88 Cr shares were bid on in the public offering.

The IPO included an OFS component of 12.76 Cr shares and a new issue of up to INR 2,150 Cr.  Through the OFS, institutional investors such as SVF II Lightbulb (SoftBank), Schroders, PI Opportunities, Macritchie Investments, Kedaara Capital, and Alpha Wave Ventures sold their shares.

Through the share sale, SoftBank received a 5.4X return on its initial investment, while PI Opportunities Fund II received a 16.6X return. Peyush Bansal, a cofounder and promoter, made INR 823 Cr by selling 2 Cr shares.

The money obtained from the new issuance will be used by the company to develop its cloud infrastructure, invest in product and platform research, design, and development, buy computer systems, make acquisitions, and utilize for other business needs.

Lenskart was established in 2010 and uses both physical and online stores to sell a variety of goods, such as contact lenses, sunglasses, and eyeglasses.  Over the years, the corporation has used a variety of brands to expand into different customer niches.

John Jacobs and Owndays are among its high-end products; other brands in its portfolio include Lenskart Air, Vincent Chase, hustlr, and Hooper Kids.

In terms of finances, the Gurugram-based business reported a net profit of INR 61.2 Cr in the first quarter of FY26 compared to INR 11 Cr in the prior year.  Operating revenue increased by 25% from INR 1,520.4 Cr in Q1 FY25 to INR 1,894.5 Cr for the quarter.

Lenskart reported a net profit of INR 297.3 Cr in FY25, compared to INR 10.2 Cr in the prior fiscal year.  From INR 5,427.7 Cr in FY24 to INR 6,652.5 Cr, its operating revenue increased by 23%.

This week, Lenskart became the first modern IT business to go public with its market debut.  Later this week, shares of Groww and Pine Labs are anticipated to list.  PhysicsWallah, an edtech unicorn, is expected to go public next week.