Deepak Shenoy Warns Lenskart IPO Could Swing Either Way Despite Honasa’s Post-Listing Surge

Deepak Shenoy

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 ComponentDetails
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 DateNovember 10, 2025

The IPO has attracted significant anchor interest but faces scrutiny over its steep valuation.

🧠 Deepak Shenoy’s Commentary and Market Sentiment

Statement SummaryInterpretation
“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

CompanyIPO YearListing Day PerformanceValuation (₹ Cr)Market Reaction
Honasa Consumer2023+20%₹10,500Surprise rally
Lenskart2025TBD₹70,000Mixed 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 TypeSentiment Summary
Retail InvestorsCautiously optimistic, wary of high multiples
Institutional FundsSelective participation, valuation concerns
Market AnalystsDivided; some expect muted listing
Social Media UsersComparing to Paytm and Nykaa IPOs

The IPO has become a litmus test for consumer-tech valuations in India.

🏢 Lenskart’s Business Fundamentals

MetricValue/Description
Store Network2,600+ stores across India
Global PresenceUAE, Singapore, US
Subscription ModelLenskart Gold, Vision Plans
Tech IntegrationAI-powered lens fitting, supply chain
FY25 Revenue₹1,200 crore (estimated)
ProfitabilityMargins under pressure, high CAC

While the brand is strong, profitability remains a concern for long-term investors.

🗣️ Market Reactions to Shenoy’s Statement

StakeholderReaction Summary
Financial InfluencersApplauded Shenoy’s realism
Retail TradersMixed views; some see opportunity, others risk
Fund ManagersEchoed unpredictability of IPO outcomes

The statement has added nuance to the ongoing debate around Lenskart’s valuation.

📊 Grey Market Premium Trends

DateGMP (%)Sentiment Shift
Oct 2827%Initial optimism
Oct 3016.5%Valuation concerns emerge
Nov 114%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.

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