- Blockbuster Demand: Lenskart’s ₹7,278 crore IPO drew heavy interest, with overall subscriptions around 7 times the offer by the final day [1]. Non-institutional investors led at ~10.2×, retail at ~5.6×, and QIBs ~6.6× bids as of mid-day on closing day [2]. The eyewear retailer’s shares are set to list on November 10, and grey market premiums (GMP) indicate an estimated listing price ~₹460 (about 14–15% above the ₹402 issue price) [3].
- Grey Market Cooling: Lenskart’s GMP slipped from ~21% to ~14% in the run-up to closing. After peaking last week, the premium cooled to ~₹59 (≈14.5%) by the final bidding day [4], down from ~15% a day earlier and ~21% a few days prior [5]. This hints at tempered listing gains, though a solid double-digit pop is still expected if current trends hold.
- Sky-High Valuation Debate: At the ₹402 issue price, Lenskart commands a valuation near ₹70,000 crore, which is ~235× FY25 earnings (or an even steeper ~535× if one adjusts for a one-time gain) [6] [7]. The company posted ₹6,652 crore revenue in FY25 with net profit of ₹297 crore, but analysts note normalized profit is closer to ₹130 crore (net margin ~1.9%) once a ₹167 crore one-off gain is excluded [8]. Such rich pricing – effectively ~10× FY25 sales – has stirred debate on whether the stock can justify this multiple.
- Divided Opinions:Brokerages are broadly optimistic despite the valuation. SBI Securities and Ventura Securities both advised “Subscribe” with a long-term view, citing Lenskart’s strong market position, integrated supply chain and brand strength [9]. Nirmal Bang, while calling the IPO “priced on the higher side,” still deemed the valuation reasonable versus modern retail peers (e.g. Trent, Metro Brands) and likewise recommended subscribing for the long haul [10]. On the other hand, some experts urge caution: “At the proposed ₹69,726 Cr valuation, Lenskart trades at around 535× FY25 earnings, which looks difficult to justify,” warned Abhinav Tiwari of Bonanza, predicting a possible post-listing correction given slowing growth and stretched multiples [11].
- Shankar Sharma’s Take: Not everyone sees Lenskart as overvalued. Veteran investor Shankar Sharma defended the IPO, arguing that ~10× sales is a “steal” compared to earlier tech IPOs that came at 25–50× revenues [12]. He suggested criticism of Lenskart’s pricing is overblown – even an “organised campaign” against the company – noting that many 2021-era tech listings (Paytm, Nykaa, Zomato, etc.) went public at far higher multiples [13] [14]. Nevertheless, skeptics point out Lenskart’s rapid valuation jump: CEO Peyush Bansal reportedly bought shares at ₹52 in July (via a loan), whereas the IPO is ₹402 – an 8x increase in a few months with no major business change, fueling skepticism about froth [15].
- Groww IPO – A Contrast: Online broker Groww’s IPO (Billionbrains Garage Ventures) opened on Nov 4, aiming to raise ~₹6,600 crore at a ~₹60,000 crore valuation [16] [17]. Priced at ₹95–100 per share, Groww offers a profitable fintech play – it logged ₹3,902 crore revenue and ₹1,824 crore net profit in FY25 [18]. Its IPO runs through Nov 7 and saw strong Day-1 interest (the retail quota was fully subscribed on launch day) [19]. Groww’s GMP of ~₹17 hints at ~17% listing upside (indicative price ~₹117) [20]. Valuation-wise, Groww is ~34–44× FY25 earnings [21] – rich, but far lower than Lenskart’s multiple – reflecting its already profitable, asset-light model. Analysts like Simranjeet S. Bhatia note Groww’s scalable digital platform and diversification (only ~79% of revenue from broking in Q1FY26, down from 85% a year prior) as long-term strengths [22] [23], even as its heavy reliance on stock brokerage (~84% of revenue) poses regulatory risk [24].
- Which to Bet On? The consensus is that Groww offers more comfort on valuations, while Lenskart offers a pure-play consumer brand with higher growth bets. “Lenskart IPO offers a high-growth consumption story… while Groww provides exposure to India’s digital-finance boom with a tested, profitable model,” observes Harshal Dasani of INVasset PMS [25]. For stability amid IPO frenzy, Groww’s earnings visibility “appears more reassuring,” whereas Lenskart may appeal to those willing to bet on a beloved brand despite rich pricing [26]. In fact, some analysts firmly favor Groww for the long run. “Groww’s platform is scalable, asset-light… Lenskart’s growth depends on physical expansion,” says Bhatia, who argues Groww is better positioned for long-term investors in terms of risk-reward [27] [28]. Lenskart, though a household name in eyewear, faces a “wait and watch” period post-listing to prove it can grow into its valuation [29].
Lenskart IPO: Red-Hot Subscription Despite Grey Market Dip
Lenskart’s IPO, open from Oct 31 to Nov 4, has seen enthusiastic participation from all investor categories. By the end of Day 2, the issue was 2.02× subscribed (with retail investors 3.33× and QIBs 1.64× their respective portions) [30]. This momentum accelerated on the final day: bids for ~73.8 crore shares were received against 9.97 crore on offer by early afternoon Nov 4 – about 7.4 times oversubscription overall [31]. Notably, high-net-worth/non-institutional investors led the charge at 10.21× subscription, outpacing institutional (QIB) demand at 6.6× and retail at 5.65× by mid-day [32]. Such figures signal robust appetite for a piece of India’s largest eyewear retailer.
However, even as the order book swelled, Lenskart’s grey market premium cooled off heading into the listing. In late October, grey market trades implied as much as a 20–21% listing gain, but by the final bidding day the GMP had slid to roughly ₹59 (per share) – about 14–15% above the ₹402 IPO price [33]. Tracking platforms on Nov 4 quoted a 12–15% premium (down from ~21% a week earlier) as opportunistic traders tempered their bets [34]. In practical terms, if these grey-market signals hold, Lenskart could debut around ₹450–₹460 levels versus its issue price. A mid-teens pop is nothing to scoff at, but the cooling GMP suggests expectations have moderated from the initial frenzy.
Several factors may be tempering grey-market enthusiasm. For one, a significant chunk of the IPO (~₹5,128 crore) is an offer-for-sale (OFS) by existing shareholders including SoftBank, Temasek and others [35]. Heavy OFS means more supply hitting the market and raises questions about why early investors are paring down stakes. Additionally, valuation anxiety (explored below) likely made some short-term traders cautious. That said, the IPO still appears on track for a healthy listing gain barring any sentiment shift before the debut on November 10. The basis of allotment will be finalized by Nov 6, and Lenskart will officially list on the NSE and BSE on Nov 10, 2025 [36] [37].
Use of Proceeds: Lenskart is raising ₹2,150 crore in fresh equity (the rest OFS) to fund expansion and innovation. According to its prospectus, the fresh capital will go towards opening new company-owned stores (CoCo) across India (and related lease/licensing costs) [38]. Investments in technology, AI-driven customer experiences, and cloud infrastructure are also planned to bolster its omnichannel model [39]. Lenskart, which started as an e-commerce player in 2010 and now runs 2,000+ stores (including recent global acquisitions like Owndays in Japan/Singapore), is positioning this IPO as a springboard for international expansion and product innovation (the company even teased AI-powered “smart glasses” coming soon after listing) [40]. Management insists the listing is “not a promoter exit but a strategic move to drive global growth,” especially with rising competition from Titan’s eyewear division and others [41].
It’s worth noting that anchor investors have shown confidence: Lenskart allotted ~8.13 crore shares to anchor funds at ₹402, raising ₹3,268 crore ahead of the issue [42]. Among notable anchors, SBI Mutual Fund put in ₹100 crore and veteran investor Radhakishan Damani (founder of DMart) invested ~₹90 crore in the pre-IPO round [43]. Such big-name interest – alongside full subscription on Day 1 itself – underscores that many institutions believe in Lenskart’s long-term story, even if the price is rich.
Lofty Valuations Spark Debate
The central talking point around Lenskart’s IPO has been its valuation. At the upper band (₹402), the company would be valued around ₹69,700 crore market cap [44] – making it one of India’s most valuable retail players from day one. This equates to roughly 10.5× Lenskart’s FY25 revenue (~₹6,652 Cr) and an eye-popping 235× price-to-earnings (P/E) based on FY25 net profit [45]. Even adjusting for the one-off accounting gain that boosted FY25 profit (a ₹167 Cr gain from its Owndays acquisition), the normalized P/E shoots up to ~535× on an underlying profit of ~₹130 Cr [46] [47]. In plain terms, investors are being asked to pay over ₹500 for every ₹1 of Lenskart’s annual earnings – a multiple more akin to high-growth tech startups than a retail chain.
Is Lenskart worth such a steep price? Opinions diverge sharply:
- The Bearish View: Some analysts argue Lenskart’s fundamentals don’t justify the valuation. “Revenue growth has already slowed to 17% in FY25 from 46% a year ago, while operating expenses remain high,” notes Abhinav Tiwari, Research Analyst at Bonanza [48]. Lenskart enjoys healthy gross margins (~70% on eyewear) but its aggressive store expansion and marketing spend eat away at profitability [49] [50]. The company only just turned profitable in FY25 and that too largely due to an accounting gain; true operating margins are razor-thin (~2%). Tiwari also flags that a large portion of the IPO is OFS (existing investors cashing out), which “may signal limited short-term confidence” from insiders [51]. Given these factors, he warns “we may witness a post-IPO correction in Lenskart’s share price as valuations appear stretched relative to its earnings profile” [52]. In short, the skeptics fear Lenskart is priced for perfection in an industry (eyewear retail) that, while growing, is far from a high-margin software business. Critics also point to the sharp run-up in private market valuation earlier this year: Lenskart’s founder Peyush Bansal reportedly bought shares from employees at just ₹52 in July 2025 (funding it via a ₹200 Cr loan), implying a company valuation near ₹9,000 crore at that time [53]. Just a few months later, the IPO values Lenskart at ₹70,000 crore – almost 8x higher with “no major business changes” in between [54]. Such a drastic jump (partly due to a June funding round by Abu Dhabi Investment Authority that valued Lenskart around $4.3B) has drawn skepticism and backlash on social media, with some suggesting the IPO is overpriced on hype. This backdrop of caution has made many investors mindful of the infamous fates of other Indian unicorn IPOs (Paytm, Policybazaar, etc.) that sank after exuberant listings in 2021.
- The Bullish View: On the flip side, a number of market participants argue that Lenskart’s premium valuation is par for the course for a consumer-tech leader and that comparisons to tech IPO busts are unfair. In an online post that grabbed headlines, Shankar Sharma – a well-known contrarian investor – defended Lenskart’s pricing vehemently. Sharma pointed out that at ~10× FY25 sales, “it’s a steal compared to P/S ratios of Paytm, Nykaa, Zomato, Policybazaar, CarTrade etc., who IPO’d at 25–50× their revenues” [55]. He believes Lenskart is being singled out by an “organized campaign” of detractors despite being “priced lower than past tech listings” when you consider those lofty revenue multiples [56] [57]. Indeed, Lenskart’s last reported annual growth (17% in FY25) might seem modest, but bulls say the eyewear market has huge runway in India’s under-penetrated optics market (still dominated by unorganized players). They also note Lenskart’s technological edge – from AI-driven try-on tools to a centralized, automated supply chain – as a moat that traditional optical retailers lack [58] [59]. Furthermore, optimists argue that valuing Lenskart on current earnings misses the bigger picture. The company invested heavily in expanding to 2,800+ stores (including 600 abroad) [60], building an integrated omni-channel model that can now be leveraged for higher margins. Brokerage Nirmal Bang acknowledges the high multiples but calls them “reasonable when compared with other modern retail players” given Lenskart’s growth plans [61]. Notably, organized retail peers like Trent (Westside) trade at ~200× P/E, and eyewear peer Titan Eye+ (part of Titan Company) has also commanded rich valuations for its growth. Nirmal Bang and others think Lenskart’s post-IPO expansion – adding stores rapidly and boosting same-store sales with new categories (contact lenses, AR/AI glasses) – can deliver profit growth to eventually “grow into” the valuation. The IPO’s hefty price-to-EBITDA of ~68× [62] might compress as operating leverage kicks in.
In essence, the debate boils down to growth vs. price: Lenskart bulls see it as a category-defining brand (often likened to an “Eyewear Titan”) that deserves a scarcity premium, while bears fear even a great company can be a bad stock if bought too expensive. This divide in perspectives has made Lenskart’s IPO one of the most discussed in recent times, with social media and TV panel discussions parsing every detail of its financials and comparing notes with past startup IPOs.
Brokerages and Experts: Subscribe or Avoid?
Amid the valuation chatter, prospective investors have been seeking guidance from analysts and brokerage houses – and many of those recommend betting on Lenskart, albeit with caveats. A number of brokerage research notes have surfaced with generally positive views on the company’s long-term prospects:
- SBI Securities reportedly gave Lenskart a “Subscribe for Long Term” rating [63]. The brokerage highlights Lenskart’s “strong market position, integrated supply chain, improving profit metrics, brand strength and solid business fundamentals” as reasons to hold the stock beyond any listing pop [64]. Essentially, SBI Sec believes Lenskart is the dominant player in India’s eyewear market (over 30% share in organized sector) with a tech-enabled model that can yield operating leverage over time. Its vertically integrated supply chain – from in-house lens manufacturing to omni-channel delivery – is seen as a competitive advantage that new entrants will struggle to replicate.
- Ventura Securities also advised “Subscribe,” lauding Lenskart as a “visionary, growth-focused company”. Ventura’s note cites the efficient unit economics of Lenskart’s stores – each new outlet reportedly pays back its investment in under 12 months on average [65] – and the retailer’s heavy use of technology (AI-based eye tests, data-driven inventory, virtual try-ons) to enhance customer engagement [66]. They expect profits to climb as the company scales, both in India’s tier-2/3 cities and overseas, turning today’s investments into tomorrow’s earnings. Ventura’s optimism is underpinned by Lenskart’s moves into high-margin segments (premium eyewear, eyewear subscriptions, etc.) and its expansion in fast-growing markets like the Middle East.
- Nirmal Bang Securities took a slightly guarded stance but still came out in support, assigning a “Subscribe with Long-Term View.” Nirmal Bang’s analysts concede that Lenskart is priced on the higher side, yet they argue the valuation is “not unreasonable compared to other lifestyle retail plays” [67]. They draw parallels to players like Metro Brands (shoe retailer) and Trent, which trade at steep multiples but have delivered growth. The firm is betting on Lenskart’s brand recall and premium positioning – Lenskart has strong mindshare, thanks in part to co-founder Peyush Bansal’s fame from “Shark Tank India” and aggressive marketing. Combined with its plans to expand globally (e.g. recent entry into the US via acquisitions), Nirmal Bang believes Lenskart could eventually justify its valuation, so long as investors are patient.
In summary, domestic brokerages are largely advising investors not to miss this IPO if they have a long investment horizon. The phrase “for long term” appears in many recommendations, implying that while near-term volatility is possible, the company’s structural story is attractive. This stance from brokerages aligns with the fact that Lenskart operates in a fundamentally growing industry. India’s eyewear market is expected to grow at ~13% CAGR through 2030, with a huge shift from unorganized local opticians to organized chains [68]. As the clear leader with omni-channel reach, Lenskart stands to benefit disproportionally from this trend – a point bulls enthusiastically make.
That said, it’s important to note that not all experts are on the bandwagon. Some independent analysts and PMS fund managers urge selectivity. “Between the two (Lenskart and Groww), Lenskart offers a pure-play consumer story… but Groww provides exposure to India’s digital finance boom with a tested model,” observes Harshal Dasani of INVasset PMS, noting that Groww’s steady profits and efficiency might be more reassuring in the current IPO rush [69]. His view encapsulates the idea that investors with lower risk appetite might prefer Groww’s comparatively saner valuation and proven profitability, whereas those chasing higher growth (and willing to stomach high P/E) might consider Lenskart for its brand and expansion potential [70].
Finally, while brokerages issuing IPO “Subscribe” calls is common (they tend to err on the positive side for high-profile issues), the true test will be post-listing performance. If Lenskart trades weakly or falls below its issue price in the weeks after listing, it would vindicate the valuation skeptics; if it holds or rises, it would affirm the faith of those projecting long-term growth. In similar recent IPOs, we have seen both scenarios – thus the street is genuinely divided here, making it a fascinating IPO to watch.
Groww IPO: Fintech Star With Profit and Prudence
As investors digest Lenskart’s story, another major IPO – Groww – is unfolding in parallel, offering a very different narrative. Groww (the brand name of Nextbillion Technology, which runs the popular investing app) is a leading online brokerage and mutual fund distribution platform in India. Its IPO opened on Nov 4 (the same day Lenskart’s closed) and will run until Nov 7 [71]. Here’s how Groww stacks up:
- Business Model: Unlike Lenskart’s brick-and-mortar retail operations, Groww is a digital-first, asset-light fintech. Based in Bengaluru, Groww enables users across India to invest in stocks, mutual funds, derivatives, and more through a sleek app interface. It has 1.29 crore active clients and ~26% market share in retail equity broking – making it the #2 or #3 player in the discount broking space [72]. Notably, Groww has already achieved scale without a physical presence, which means its incremental costs are low. This translated to a net profit of ₹1,824 crore in FY25 on revenues of ₹3,902 crore [73] – a remarkable profit margin for a five-year-old startup, driven by surging retail trading activity.
- IPO Details: Groww is looking to raise about ₹6,600 crore, with a price band of ₹95–100 per share [74]. At the upper end, it would be valued around ₹60,000 crore, slightly below Lenskart’s valuation. The issue comprises both a fresh issue (to fuel growth initiatives) and some OFS by early investors, though importantly Groww’s founders are not selling any stake, which “boosts investor confidence” according to analysts [75]. The promoters retaining full stake signals they are in for the long haul, which contrasts with Lenskart’s significant investor exit portion. Groww’s IPO had a strong start – by Day 1 the overall subscription was ~48% with the retail portion 100% filled within hours [76]. This indicates high interest from individual investors, likely influenced by Groww’s brand familiarity among the young investor community (many of whom use the app).
- Valuation & Financials: At ~₹60k Cr market cap, Groww’s valuation is roughly 34–44× its FY25 earnings (depending on final pricing) [77]. That is hefty, but nowhere near Lenskart’s triple-digit multiple. In fact, Groww is profitable and its P/E in the 30s range is closer to traditional financial firms. The company’s revenue grew over 4× in the last two fiscal years (from ~₹958 Cr in FY23 to ₹3,902 Cr in FY25, thanks in part to a one-time extraordinary gain of ₹2,282 Cr from mutual fund unit transfer) and it has maintained solid margins. Analysts generally find Groww’s valuation more palatable: “Groww is being valued at around 34–44× FY25 earnings, far lower than Lenskart’s multiple,” notes an Economic Times analysis [78]. This relative conservatism in pricing, despite Groww’s high growth and profitability, has led many to view Groww as the more reasonably priced IPO of the two.
- Growth Prospects and Risks: Groww’s appeal lies in its scalability and scope. With minimal physical infrastructure, the company can add new customers at low cost – a classic platform economy play. It is also diversifying: beyond stock brokerage (which still contributed 84% of revenue in FY25), Groww offers mutual funds, fixed deposits, U.S. stock investing, and recently acquired a startup (Fisdom) to expand into wealth management and advisory services [79] [80]. This strategy is aimed at reducing dependence on pure broking commissions, especially since India’s regulator SEBI has been mulling tighter rules on derivatives trading that could impact broker incomes. By Q1 FY26, Groww had already brought the broking share of its revenue down to ~79.7%, while increasing average revenue per user to ₹3,339 (from ₹2,520 a year earlier) – a positive sign of users engaging in multiple products [81]. In short, Groww is positioning itself as a full-stack fintech platform, not just a brokerage, which could justify a higher valuation over time. The biggest risk factor cited for Groww is regulatory/market risk. Because a large chunk of revenue comes from futures & options (F&O) trading fees, any crackdown on high-risk trading or a prolonged market downturn could hit its volumes hard [82]. Also, competition in online broking is intense (Zerodha, Angel One, Upstox, etc.), which could pressure margins if pricing wars escalate. Nonetheless, Groww’s supporters note that India’s investing population is still small relative to its size – only ~11% of Indians have demat accounts. As financial inclusion improves and millennials take to investing, Groww has a long runway of user growth. Being among the top platforms, it stands to capture a big slice of new investors. The company is also deploying ₹152 Cr from IPO proceeds into upgrading its cloud infrastructure and tech, to ensure it can scale reliably [83].
- Grey Market and Listing Outlook: Groww hasn’t generated as much grey-market chatter as Lenskart (perhaps due to a longer IPO window and it being the second mega-IPO in a week). Still, the Groww GMP was around ₹17 on Day 1 [84], indicating a ~15–18% potential listing premium – roughly on par with Lenskart’s, if not a touch higher in percentage terms. This suggests that despite a more sober valuation, Groww could also see a healthy pop on listing (tentatively scheduled for Nov 12, 2025) [85] [86]. If both IPOs succeed, it would add two tech-driven unicorns to the Indian stock markets in the span of a week, marking a revival of big-ticket listings.
In comparing the two, Lenskart and Groww represent different sectors and investment theses – one a play on consumer retail and brand, the other on digital finance and India’s investing boom. Many seasoned investors are evaluating both, and some are choosing to invest in both IPOs to not miss out on either story. But for those who want to pick one, the decision often hinges on risk appetite and time horizon: Lenskart offers higher growth potential but at significantly higher valuation risk, whereas Groww offers an already-profitable business at a relatively moderate valuation, but faces different industry risks.
Stock Price Forecast: Listing Day and Beyond
With both IPOs generating buzz, what’s the outlook once these stocks hit the market?
Listing Day Predictions: Based on grey market premiums and subscription trends, Lenskart is expected to list at a price of ₹450–₹460 (about 12–15% above issue) [87]. Groww’s implied listing price is around ₹115–₹120 (15–20% upside) if GMP holds [88]. These figures are of course estimates – the actual listing could vary depending on market sentiment next week. It’s worth noting that GMPs have been sliding in recent days, so initial euphoria has cooled somewhat. Still, both companies should debut at a premium to their IPO prices, barring any negative surprise. For context, a ~15% listing gain on Lenskart would equate to a market cap of ~₹80,000 Cr on day one, while a ~17% pop for Groww would value it around ₹70,000+ Cr at debut.
Short-Term vs Long-Term: What happens after the listing spike is where opinions diverge widely. If one heeds the cautious voices like Tiwari of Bonanza, Lenskart’s stock could face selling pressure post-listing as reality sets in about its earnings multiples [89]. Already, the IPO’s huge oversubscription means many investors will not get allotment – some of them might rush to buy on market open, but others might be deterred by the reduced GMP. Any initial surge could invite profit-booking from those allocated shares, especially given the question marks on valuation. It won’t be surprising if Lenskart experiences high volatility in its first few sessions. A dip below the issue price is not impossible if the broader market turns weak or if initial results post-listing don’t impress. On the flip side, optimistic brokerages see any post-listing dip as a buying opportunity – they counsel to focus on the company’s long-term expansion story (50% revenue CAGR target over next few years, new product lines like smart glasses, etc.) rather than near-term P/E ratios.
For Groww, the consensus short-term outlook is slightly more upbeat. Because Groww’s pricing left some headroom (it wasn’t priced to absolute perfection), its stock may have a better chance of holding gains after listing. However, one peculiar risk for Groww in the immediate term is market sentiment around fintech regulations – any news on SEBI tightening F&O norms or higher taxes on trading could spook its stock given the revenue concentration. Absent that, Groww’s profitability might attract investors who prefer proven earnings, possibly providing support to its share price even if momentum chasers move on after listing.
Expert Preferences: When pressed on which IPO is the better bet now, many experts are tilting toward Groww for long-term investors. Simranjeet Singh Bhatia (Almondz Global Securities) argues that “Groww’s platform is scalable, asset-light, and benefits from rising financial inclusion,” making it a more scalable play on India’s digitization with fewer profitability concerns [90] [91]. He contrasts this with Lenskart’s path which hinges on continual store expansion and execution, saying investors can “adopt a wait and watch approach” on Lenskart’s performance after listing [92]. In essence, if one’s goal is quick listing gains, both IPOs might deliver moderate pops. But for those “looking beyond short-term listing gains, Groww seems better positioned,” as Bhatia concludes, whereas “Lenskart, though a beloved brand, faces a tougher path justifying its rich valuation” [93].
That said, Lenskart is not without its champions. The company has a near-universal brand name in India (often analogized as the “Specsavers of India”), and some see it evolving into a Titan-like conglomerate in eyewear. If Lenskart can execute its expansion plan – adding hundreds of stores in India’s smaller cities, boosting online sales, and cracking overseas markets – its revenues and profits could grow multiple-fold in coming years. In that bullish scenario, today’s valuations may look more reasonable in hindsight. For believers in Lenskart’s vision (including anchor investors like SBI MF and Damani who put in big money pre-IPO [94]), the strategy is to hold the stock through any early turbulence, expecting that as the company’s earnings scale up, the stock will appreciate further. Some bulls even argue Lenskart could eventually be a ₹1 lakh crore ($12 billion) company if it maintains market leadership and expands globally.
Bottom Line: Investors are faced with a classic choice – a high-growth retail disruptor vs a high-growth fintech disruptor, each with its own set of pros and cons. Lenskart offers a play on India’s vast consumer market for eyewear, backed by a strong brand and omnichannel presence, but one has to be comfortable with paying a premium price and waiting for profits to catch up. Groww offers a slice of India’s digital financial revolution, backed by actual profits and a scalable model, but faces industry-specific regulatory risks and competition.
For now, both IPOs have seen strong subscriptions and optimistic listing forecasts. The stock prices on listing day are expected to be comfortably above the issue prices if grey market signals are any guide [95] [96]. The true test, however, will be in the months following the listings. Investors would do well to monitor each company’s performance: Is Lenskart able to sustain growth and improve margins as promised? Does Groww manage to diversify its revenue and navigate any regulatory changes? How these questions are answered will ultimately dictate whether the current valuations turn out to be bargains or bubbles.
In conclusion, as one expert succinctly put it, “For investors beyond short-term gains, Groww looks a better bet, whereas Lenskart might warrant caution until it proves itself post-listing” [97]. Both companies underscore India’s vibrant startup ecosystem making its way to the public markets. Whether you choose the omnichannel eyewear titan or the online investment platform – or both – the key is to align the investment with your risk appetite and timeframe. The IPO excitement is justified, but so are the calls for due diligence. After the listing day dust settles, real business performance will determine the long-term winners.
Sources:
- LiveMint – “Lenskart IPO vs Groww IPO: What GMP signals about listing premium” (Nov 4, 2025) [98] [99]
- Economic Times – “Lenskart vs Groww: Which IPO should investors bet on amid valuation chatter and divided opinions?” (Nov 4, 2025) [100] [101]
- Times of India – “Lenskart IPO: GMP of eyewear giant slips on last day; what should investors do?” (Nov 4, 2025) [102] [103]
- PTI/Rediff – “Lenskart IPO Subscribed 7.40 Times” (Nov 4, 2025) [104] [105]
- Moneycontrol – “Lenskart IPO subscribed 6x…; GMP declines marginally” (Nov 4, 2025) [106] [107]
- Economic Times – “‘Ghor Paap’: Shankar Sharma jumps into Lenskart IPO debate” (Oct 30, 2025) [108] [109]
- LiveMint – “Lenskart IPO Day 2: Issue booked 2.02x… Should you subscribe?” (Nov 3, 2025) [110] [111]
- Economic Times – “Lenskart News and Updates – SBI MF buys stake at $7.7B valuation” (Oct 2025) [112]
References
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