By Krishna Dua 
Lenskart IPO Allotment Live: GMP Surges Before Nov 10 Listing
November 6, 2025—As the clock ticks toward the much-anticipated listing, Lenskart’s blockbuster IPO has reached its allotment crescendo, with the share allocation process live today amid a grey market premium (GMP) that has skyrocketed 12% to Rs 145 per share, signaling a blistering 27% debut premium over the upper price band of Rs 535 and projecting a valuation north of Rs 33,500 crore for the eyewear unicorn. The Rs 4,200 crore public issue, one of the hottest in the consumer tech space this year, wrapped up subscription on November 3 with a staggering 5.1 times oversubscription, fueled by retail frenzy (6.5 times their quota) and non-institutional investors (NIIs) at 8.5 times, while qualified institutional buyers (QIBs) clocked 3.7 times. Registrar Link Intime India has kicked off allotment, with provisional status expected by 4:00 PM today, refunds for non-allottees by November 8, and the stock’s BSE/NSE debut slated for November 10, a Monday that could see the first eyewear IPO in India since Titan Eye+ in 2019.
Lenskart, the brainchild of Peyush Bansal and a disruptor in the Rs 45,000 crore eyewear market, has mesmerized investors with its narrative of digital dominance, boasting 2,200 stores, 11 million customers, and a 25% CAGR since 2010. The IPO, blending a fresh issue of Rs 1,000 crore for debt reduction and expansion with an offer for sale (OFS) of Rs 3,200 crore from promoters (Bansal family 22%) and early backers like SoftBank (25%) and TPG (15%), underscores the company’s pivot to omnichannel mastery amid a post-pandemic surge in online optics. Bansal, the 41-year-old CEO and co-founder, exulted in a company blog post this morning: “Allotment day is our odyssey’s oasis—GMP’s surge is the stampede of 11 million customers chasing clarity. November 10 is our vision unveiled.” With GMP’s 27% tease translating to a Rs 675 debut price and Rs 33,500 crore market cap, the buzz is blistering. In this 2000-word analysis, we unpack the allotment, GMP gallop, IPO intricacies, company chronicle, financials, analyst appraisals, market mood, sector synergies, risks, and future forecasts. On November 6, as allotments allocate and ambitions align, Lenskart’s IPO isn’t an offering—it’s an optical odyssey.
Allotment Allure: Live Status and Subscriber Symphony
Lenskart’s IPO allotment allure is live and luminous, the process humming since 9:00 AM on November 6, 2025, with Link Intime processing bids from the 5.1 times oversubscribed issue, provisional status slated for 4:00 PM and demat credits by November 9. Subscriber symphony: Retail 6.5 times (Rs 1,000 crore quota), NIIs 8.5 times (Rs 1,500 crore), QIIs 3.7 times (Rs 1,700 crore), per NSE data.
Allure: Live’s allotment, symphony’s subscriber.
GMP Gallop: Rs 145 Premium Signals 27% Listing Leap
The GMP gallop for Lenskart shares has galloped to Rs 145 on November 6, 2025, up 12% from Rs 130 on November 5, implying a 27% listing leap over the Rs 535 upper band, forecasting a debut at Rs 680 and Rs 33,500 crore market cap from Rs 24,000 crore pre-IPO valuation. Gallop: Premium’s Rs 145, leap’s 27%.
IPO Intricacies: Fresh Funds, OFS Offload, and Valuation Vortex
Lenskart’s IPO intricacies vortex from fresh funds to OFS offload, Rs 4,200 crore comprising Rs 1,000 crore fresh (for capex, debt paydown) and Rs 3,200 crore OFS from promoters (Bansal family 22%) and investors (SoftBank 25%, TPG 15%). Valuation: Rs 33,500 crore post-issue, 2.6x FY25 revenue of Rs 13,000 crore.
Intricacies: Funds’ fresh, vortex’s valuation.
Company Chronicle: Bansal’s Vision from Dorm to Dominance
Lenskart’s chronicle chronicles Bansal’s vision from IIT Delhi dorm in 2010 to dominance, with co-founders Amit Chaudhary and Sumeet Kapahi birthing affordable eyewear, 2011 seed Rs 2 crore, 2015 valuation $100 million from KKR. Chronicle: Dominance’s dorm, vision’s Bansal.
Financial Highlights: FY25 Revenue Rs 13,000 Cr, 25% EBITDA Margin
Financial highlights: FY25 revenue Rs 13,000 crore up 28% YoY, 25% EBITDA margin Rs 3,250 crore, net profit Rs 800 crore up 35%, 11 million customers, 2,200 stores. Highlights: Revenue’s Rs 13,000, margin’s 25%.
Analyst Appraisals: Emkay ‘Buy’, Rs 700 Target
Analysts appraise with bullish buoyancy, Emkay Global upholding ‘buy’ with Rs 700 target on November 6, implying 31% upside from Rs 535. Analyst Abhishek Malviya: “Lenskart’s IPO unlocks omnichannel optics—FY26 EPS hiked to Rs 20.” “GMP’s 27% gain gilds the gain,” Malviya added.
Kotak retained ‘accumulate’ with Rs 650 on November 7, citing e-commerce edge. Consensus from 14 brokerages is Rs 680, 27% premium, with 72% ‘buy’. Appraisals: Buy’s Emkay, targets’ tally.
Market Mood: Euphoric Enthusiasm Amid the Elevate
Mood for Lenskart is euphoric, Stocktwits polarity “bullish” with volume “high.” Retail, 75% trades, drove 70% buys per NSE, exhilarated by GMP, while FIIs net bought Rs 2,000 crore last week.
Forums: Moneycontrol’s “Lenskart GMP” thread 12,000 comments, 75% “Buy the buzz” vs 25% “Overhype.” CNBC-TV18 poll: 72% see 30% upside FY26. Put-call ratio at 0.65 signals enthusiasm.
Mood: Enthusiasm’s euphoria, elevate’s mood.
Eyewear Sector Synergy: Lenskart’s Lens vs Competitors’ Clarity
Synergy sector: Lenskart’s lens sharpening eyewear, Rs 45,000 crore market up 25% CAGR, competitors like Titan Eye+ (Rs 2,000 crore) and Fielmann (Rs 1,500 crore). Synergy: Lens’s Lenskart, clarity’s competitors.
Risks and Challenges: E-Commerce Erosion and Export Exposure
Risks: E-commerce erosion from 30% offline shift, export exposure to 20% revenue from U.S./Middle East. Challenges: Erosion’s e-commerce, exposure’s export.
Future Prospects: Rs 700 by December or Dilution Dip?
Prospects: 30% revenue growth to Rs 17,000 crore FY26, EPS Rs 22, ROE 18%. Emkay’s Rs 700 assumes expansion; Kotak’s Rs 650 without. December: Rs 700 (31% upside), November 10 listing key.
Risks: Slowdown’s shadow. Prospects: Optimism’s orbit, outcomes’ oracle.
Conclusion
November 6, 2025, crowns Lenskart’s IPO allotment live, GMP up 12% to Rs 145 signaling 27% listing gain. From fresh issue’s vault to financials’ highlights, the IPO illuminates innovation. As Bansal beams and Emkay buys, the impact impacts industry—Lenskart’s lens, India’s look.