Lenskart IPO fully subscribed on Day 1—will investors still see value at 260x earnings?
Summary
At a near- ₹70,000 crore valuation and 260x forward earnings, Lenskart’s IPO has drawn strong demand on the first day—but can the eyewear retailer justify its premium pricing?
MUMBAI: Lenskart’s IPO, which opened for subscription today, is drawing intense scrutiny for its steep valuation of nearly ₹70,000 crore. At 260x its FY26 estimated earnings and 10x FY25 revenue, the eyewear retailer seems to have priced in much of its future growth, analysts said.
A Mint analysis of seven listed consumer-tech peers shows that, in terms of price-to-sales ratio, Lenskart sits squarely in the middle of the pack. Its entry valuation tops FSN E-Commerce Ventures’ (Nykaa) 9x multiple but trails PB Fintech (Policybazaar) and Eternal (formerly Zomato) at around 15x.
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