Lenskart IPO subscription doubles on Day 2, driven by strong retail and NII demand

Investor interest in eyewear retailer Lenskart’s initial public offering (IPO) picked up pace on the second day, with overall subscription rising to 2.01 times, up from 1.13 times on Day 1.

Retail participation surged sharply, with the retail quota subscribed 3.33 times over 1.31 times on the first day. The non-institutional investor (NII) segment also saw a significant uptick, reaching 1.89 times subscription, with sub-categories showing strong participation from smaller investors (Rs 2–10 lakh) at 2.38 times and larger investors (above Rs 10 lakh) at 1.64 times.

Qualified institutional buyers (QIBs) maintained steady interest, with their portion subscribed 1.64 times, up from 1.42 times on Day 1.

The employee quota was subscribed 2.62 times, compared to 1.1 times on Friday.

Lenskart’s IPO, which opened on October 31 and closes on November 4, comprises a fresh issue of shares worth up to Rs 2,150 crore and an offer for sale of 127.5 million shares by existing shareholders. The price band is set at Rs 382–402 per share.

Ahead of the issue opening, Lenskart raised Rs 3,268 crore from 147 anchor investors at the upper end of its price band. Global investors, including the Government of Singapore, T Rowe Price, Goldman Sachs, Steadview Capital, and JPMorgan, participated in the anchor round. Domestic mutual funds, including SBI, HDFC, Kotak, Aditya Birla Sun Life, and Motilal Oswal, accounted for over a third of the total anchor allocation through 59 schemes.

Lenskart, backed by SoftBank and Temasek, operates 2,137 stores in India and 669 internationally. The company reported an operating revenue of Rs 6,652 crore in FY25 and was profitable during the period. Proceeds from the fresh issue will be used to expand company-operated stores, invest in technology and cloud infrastructure, brand marketing, potential acquisitions, and general corporate purposes.