As Lenskart’s ₹7,278 crore IPO opened for subscription on October 31, 2025, investor sentiment remains divided over whether the eyewear giant can replicate the surprise rally seen in Honasa Consumer’s (Mamaearth) listing. While Honasa defied expectations with a sharp post-IPO surge, Deepak Shenoy, founder and CEO of Capitalmind Asset Management, cautioned that Lenskart’s debut could be unpredictable, stating, “It could go anywhere.”
Shenoy’s remarks, shared via social media and later echoed in interviews, reflect the growing uncertainty around consumer-tech IPOs in India. With Lenskart’s valuation pegged at ₹70,000 crore and a price-to-earnings ratio exceeding 230x, market watchers are split between optimism and caution.
📊 Lenskart IPO Snapshot
| IPO Component | Details |
|---|---|
| Total Issue Size | ₹7,278 crore |
| Fresh Issue | ₹2,150 crore |
| Offer for Sale (OFS) | ₹5,128 crore |
| Price Band | ₹382–₹402 per share |
| Anchor Investment Raised | ₹3,268.36 crore from 147 investors |
| Target Valuation | ₹70,000 crore |
| P/E Ratio | ~230x |
| Listing Date | November 10, 2025 |
The IPO has attracted significant anchor interest but faces scrutiny over its steep valuation.
🧠 Deepak Shenoy’s Commentary and Market Sentiment
| Statement Summary | Interpretation |
|---|---|
| “So much drama about an IPO…” | Reflects market’s emotional volatility |
| “Honasa went seriously up after the IPO…” | Acknowledges unpredictable nature of listings |
| “This time the new stock might go, well…” | Signals caution and possibility of downside |
Shenoy’s remarks emphasize that past performance is not a reliable predictor for new listings.
📈 Honasa Consumer vs Lenskart: IPO Performance Comparison
| Company | IPO Year | Listing Day Performance | Valuation (₹ Cr) | Market Reaction |
|---|---|---|---|---|
| Honasa Consumer | 2023 | +20% | ₹10,500 | Surprise rally |
| Lenskart | 2025 | TBD | ₹70,000 | Mixed sentiment |
Honasa’s rally was driven by retail enthusiasm and brand recognition, while Lenskart’s valuation has raised eyebrows.
🧭 Investor Perspectives on Lenskart IPO
| Investor Type | Sentiment Summary |
|---|---|
| Retail Investors | Cautiously optimistic, wary of high multiples |
| Institutional Funds | Selective participation, valuation concerns |
| Market Analysts | Divided; some expect muted listing |
| Social Media Users | Comparing to Paytm and Nykaa IPOs |
The IPO has become a litmus test for consumer-tech valuations in India.
🏢 Lenskart’s Business Fundamentals
| Metric | Value/Description |
|---|---|
| Store Network | 2,600+ stores across India |
| Global Presence | UAE, Singapore, US |
| Subscription Model | Lenskart Gold, Vision Plans |
| Tech Integration | AI-powered lens fitting, supply chain |
| FY25 Revenue | ₹1,200 crore (estimated) |
| Profitability | Margins under pressure, high CAC |
While the brand is strong, profitability remains a concern for long-term investors.
🗣️ Market Reactions to Shenoy’s Statement
| Stakeholder | Reaction Summary |
|---|---|
| Financial Influencers | Applauded Shenoy’s realism |
| Retail Traders | Mixed views; some see opportunity, others risk |
| Fund Managers | Echoed unpredictability of IPO outcomes |
The statement has added nuance to the ongoing debate around Lenskart’s valuation.
📊 Grey Market Premium Trends
| Date | GMP (%) | Sentiment Shift |
|---|---|---|
| Oct 28 | 27% | Initial optimism |
| Oct 30 | 16.5% | Valuation concerns emerge |
| Nov 1 | 14% | Retail caution increases |
The falling GMP reflects growing scepticism despite anchor investor interest.
📌 Conclusion
Deepak Shenoy’s candid observation that Lenskart’s IPO “could go anywhere” serves as a timely reminder of the unpredictability inherent in India’s consumer-tech listings. While Honasa’s rally offers hope, Lenskart’s steep valuation and mixed market sentiment suggest a more cautious approach. As the IPO heads toward listing, investors must weigh brand strength against financial fundamentals and market dynamics.
Disclaimer: This article is based on publicly available financial disclosures, investor statements, and media reports. It is intended for informational purposes only and does not constitute investment advice.
