{"id":84913,"date":"2025-11-12T00:00:00","date_gmt":"2025-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/"},"modified":"2025-11-12T00:00:00","modified_gmt":"2025-11-12T00:00:00","slug":"adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/","title":{"rendered":"Adia-backed Lenskart IPO opens weak despite blockbuster demand"},"content":{"rendered":"

All eyes<\/strong> on Lenskart\u2019s muted listing:<\/strong> Adia-backed Indian eyewear retailer Lenskart Solutions<\/a> made a muted debut on the BSE and NSE this past Monday, ending the day up 0.3% from its issue price of INR 402 after a day of choppy trading before going on to gain 2.6% by yesterday\u2019s close. The INR 72.8 bn (USD 821 mn) listing is one of the nation\u2019s largest so far this year. <\/p>\n

What gives? <\/strong>Pundits like the company\u2019s business model and fundamentals, but think investment bankers priced the offering too high. The offering was sharply oversubscribed, with investors placing bids for USD 13 bn worth of shares. <\/p>\n

Lukewarm start: <\/strong>The listing valued Lenskart at USD 7.69 bn. The IPO included a fresh issue of USD 240 mn (30% of the offering) while 70% of the issuance was a secondary sale. Shareholders heading into the offering included Abu Dhabi Investment Authority (which acquired<\/a> a 10% stake in 2023 for USD 500 mn), SoftBank<\/a>, KKR<\/a>, and Premji Invest<\/a>, among others.<\/p>\n

Blurry market vision: <\/strong>Despite clocking USD 33 mn in income and a 23% y-o-y revenue jump to USD 760 mn in FY 2025, the company\u2019s valuation remains stretched, analysts told Reuters<\/a>. Ambit Capital last week issued a sell rating for Lenskart, flagging valuation concerns, as it is at roughly 55x two-year forward operating income, which is about 20-30% higher than its peers Trent<\/a> and Nykaa<\/a>, per the Hindu Businessline<\/a>.<\/p>\n

Directing the narrative away from questions about valuation at the ringing of the bell<\/strong>, CEO Peyush Bansal said Lenskart was built to give India eyesight and \u201cnot to build a valuation,\u201d The Economic Times<\/a> reports. Amid a social media backlash over the pricing of the offering, he said the firm has been profitable for years.<\/p>\n

USE OF PROCEEDS- <\/strong>Lenskart will use the fresh capital to expand its retail network, upgrade technology, and pursue acquisitions, among other purposes. <\/p>\n

Advisors: <\/strong>The book running and lead managers for the listing were Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital, and Intensive Fiscal Services. Cyril Amarchand Mangaldas and Trilegal provided counsel on matters of domestic law while Sidley Austin provided international counsel. <\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: The sovereign wealth also fund snapped up a 5.75% stake for INR 750 mn (USD 31.1 mn) in Emmvee\u2019s IPO<\/p>\n","protected":false},"author":1,"featured_media":84914,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2420],"tags":[2402,2419,2520],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-enterpriseam-india","tag-ipo-watch","tag-lenskart","wpautop","entry"],"acf":{"mongo_id":"80306c27-351e-42ec-b266-3e6cdb64e03b","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/11\/691.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adia-backed Lenskart lists below issue price as IPO euphoria fades","related_issue":[84909],"teaser":"Plus: The sovereign wealth also fund snapped up a 5.75% stake for INR 750 mn (USD 31.1 mn) in Emmvee\u2019s IPO","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/11\/.de32e8aa-7e9d-49bc-8668-479281316595.mp3"},"yoast_head":"\nAdia-backed Lenskart IPO opens weak despite blockbuster demand - MENA India Corridors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adia-backed Lenskart IPO opens weak despite blockbuster demand\" \/>\n<meta property=\"og:description\" content=\"Plus: The sovereign wealth also fund snapped up a 5.75% stake for INR 750 mn (USD 31.1 mn) in Emmvee\u2019s IPO\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/\" \/>\n<meta property=\"og:site_name\" content=\"MENA India Corridors\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-12T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Adia-backed Lenskart IPO opens weak despite blockbuster demand\",\"datePublished\":\"2025-11-12T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/\"},\"wordCount\":356,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM India\",\"IPO WATCH\",\"Lenskart\"],\"articleSection\":[\"IPO WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/\",\"url\":\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/\",\"name\":\"Adia-backed Lenskart IPO opens weak despite blockbuster demand - MENA India Corridors\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2025-11-12T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/mena-india\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Adia-backed Lenskart IPO opens weak despite blockbuster demand\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/#website\",\"url\":\"https:\/\/enterpriseam.com\/mena-india\/\",\"name\":\"EnterpriseAM-MENA-India-Corridor\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/mena-india\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/#organization\",\"name\":\"EnterpriseAM-MENA-India-Corridor\",\"url\":\"https:\/\/enterpriseam.com\/mena-india\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/84573.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/84573.svg\",\"caption\":\"EnterpriseAM-MENA-India-Corridor\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/mena-india\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/mena-india\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Adia-backed Lenskart IPO opens weak despite blockbuster demand - MENA India Corridors","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/","og_locale":"en_US","og_type":"article","og_title":"Adia-backed Lenskart IPO opens weak despite blockbuster demand","og_description":"Plus: The sovereign wealth also fund snapped up a 5.75% stake for INR 750 mn (USD 31.1 mn) in Emmvee\u2019s IPO","og_url":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/","og_site_name":"MENA India Corridors","article_published_time":"2025-11-12T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/mena-india\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Adia-backed Lenskart IPO opens weak despite blockbuster demand","datePublished":"2025-11-12T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/"},"wordCount":356,"publisher":{"@id":"https:\/\/enterpriseam.com\/mena-india\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?fit=%2C&ssl=1","keywords":["EnterpriseAM India","IPO WATCH","Lenskart"],"articleSection":["IPO WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/","url":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/","name":"Adia-backed Lenskart IPO opens weak despite blockbuster demand - MENA India Corridors","isPartOf":{"@id":"https:\/\/enterpriseam.com\/mena-india\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?fit=%2C&ssl=1","datePublished":"2025-11-12T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-backed-lenskart-ipo-opens-weak-despite-blockbuster-demand\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/mena-india\/"},{"@type":"ListItem","position":2,"name":"Adia-backed Lenskart IPO opens weak despite blockbuster demand"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/mena-india\/#website","url":"https:\/\/enterpriseam.com\/mena-india\/","name":"EnterpriseAM-MENA-India-Corridor","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/mena-india\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/mena-india\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/mena-india\/#organization","name":"EnterpriseAM-MENA-India-Corridor","url":"https:\/\/enterpriseam.com\/mena-india\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/mena-india\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/84573.svg","contentUrl":"https:\/\/ent.news\/internal\/84573.svg","caption":"EnterpriseAM-MENA-India-Corridor"},"image":{"@id":"https:\/\/enterpriseam.com\/mena-india\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/mena-india\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/mena-india\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/mena-india\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/691.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/posts\/84913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/comments?post=84913"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/posts\/84913\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/issue\/84909"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/media\/84914"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/media?parent=84913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/categories?post=84913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/tags?post=84913"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/brand?post=84913"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/mena-india\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=84913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}