Lenskart IPO: GMP falls to ₹48 ahead of issue launch on Friday

Lenskart IPO Premium Declines as Investor Sentiment Softens Ahead of Listing.

Expert Analysis:

• Grey Market Performance: Lenskart Solutions Ltd.’s shares are trading at a 12% premium in the grey market, indicating possible listing gains. However, the IPO premium has declined to ₹48 from ₹108 in recent days against the issue price of ₹402 per share, showing weakened investor sentiment ahead of listing.

• IPO Size and Valuation: The company aims to raise up to ₹7,278.02 crore through its IPO, valuing it at approximately ₹69,741 crore on a post-issue basis.

• Pricing and Allotment Details: Shares are priced between ₹382-₹402 apiece, with 10% reserved for retail investors. A lot includes 37 shares, requiring a minimum investment of ₹14,874.

• Fundraising Structure: Lenskart will raise ₹2,150 crore via a fresh issue, while existing shareholders will sell 12.76 crore shares through an offer for sale (OFS).

• Key Investors Involved: The OFS participants include founder and CEO Peyush Bansal, SoftBank’s SVF II Lightbulb (Cayman), Kedaara Capital, ChrysCapital’s PI Opportunities Fund II, KKR’s MacRitchie Investments, and Alpha Wave Ventures.

• Subscription Timeline: Anchor bidding opens today, and the IPO subscription window will remain open from tomorrow until November 4.

• Advisors to the Offering: Kotak Mahindra Capital, Axis Bank, Avendus Capital, Intensive Fiscal Services, and the local units of Citigroup and Morgan Stanley are serving as advisors for the offering.