Lenskart shares make muted debut on bourses
New Delhi: Shares of eyewear retailer Lenskart Solutions ended almost flat in its debut trade on Monday, after listing with a discount of about 3 per cent against the issue price.
The stock was listed at Rs 390 on BSE, down by 2.98 per cent from the issue price. In the early trade, it tanked 11.52 per cent to touch an intraday low of Rs 355.70.
However, the scrip soon recovered all losses and climbed 2.93 per cent to Rs 413.80. Shares of the firm finally ended at Rs 403.30 apiece, marginally up by 0.32 per cent.
On the NSE, shares of the firm started trading at Rs 395 apiece, a discount of 1.74 per cent. The stock finally ended 0.63 per cent up at Rs 404.55.
At the end of the trading session, the company’s market capitalisation stood at Rs 70,184.17 crore on the NSE.
In volume terms, 13.15 crore equity shares were traded on the NSE and 93.57 lakh shares changed hands on the BSE.
In the broader market, equities closed in the green territory. The 30-share BSE Sensex benchmark climbed 319.07 points, or 0.38 per cent, to close at 83,535.35. The NSE Nifty advanced 82.05 points, or 0.32 per cent, to settle at 25,574.35.
The initial public offer of eyewear retailer Lenskart Solutions Ltd received 28.26 times subscription on the final day of the share sale on Tuesday, led by institutional buyers.
The Rs 7,278 crore Initial Public Offering (IPO) had a price band of Rs 382-402 per share.
The IPO comprised a fresh issue of shares worth Rs 2,150 crore and an Offer-for-Sale (OFS) of 12.75 crore equity shares by promoters and investors.
Lenskart proposes to use the proceeds from the IPO for strategic initiatives, including capital expenditure to set up new company-operated, company-owned (CoCo) stores in India, and payments under lease, rent, and licence agreements for these CoCo stores.
Investments in technology and cloud infrastructure, brand marketing and business promotion to enhance brand awareness, potential unidentified inorganic acquisitions, and general corporate purposes were some of the other goals stated by the firm.
The company, one of India’s largest omni-channel eyewear retailers, offers a wide range of prescription eyeglasses, sunglasses, and contact lenses through its online platform and retail network.
Founded in 2008, Lenskart started as an online eyewear platform in 2010 and opened its first physical store in New Delhi in 2013.
The company has a presence across metro, tier-1, and tier-2 cities, as well as international operations in Southeast Asia and the Middle East.
