Lenskart IPO: Grey Market Premium Plummets Over 70% Ahead of Debut

Ahead of its much-anticipated stock market debut, the Grey Market Premium (GMP) for Lenskart's Initial Public Offering (IPO) has seen a dramatic plunge of over 70%. The premium has fallen from a high of₹108 to as low as₹11, signaling a significant cooling of investor expectations for listing gains.This steep decline in the unofficial market premium comes despite the IPO receiving a robust subscription.The₹7,278 crore issue was oversubscribed 28.3 times, drawing bids worth more than₹1 lakh crore. The portion for Qualified Institutional Buyers (QIBs) was subscribed 45 times, non-institutional investors 18 times, and the retail segment saw a subscription of 7.5 times.Market observers attribute the sharp drop in GMP to concerns over the company's high valuation and the generally subdued conditions in the secondary market.Analysts have pointed out that at the upper price band of₹402 per share, the valuation leaves limited room for immediate price appreciation upon listing. This has led to increased caution among traders in the grey market.Despite the fall in GMP, the strong subscription numbers indicate a fundamental belief in Lenskart's business model and its dominant position in the organized eyewear market. However, the muted grey market activity suggests that the listing performance may be more modest than initially anticipated.The Lenskart IPO opened for subscription from October 31 to November 4, 2025The final allotment of shares was completed, and the company is expected to list on the BSE and NSE on November 10, 2025.