Lenskart IPO Allotment Finalized: Shares Set to List on November 10 After 28x Subscription

The Lenskart Solutions Ltd IPO, one of India’s most anticipated retail offerings this year, finalized its basis of allotment on November 6, 2025, clearing the path for its market debut. Led by CEO Peyush Bansal, the ₹7,278.02 crore public offering drew overwhelming demand—28.26 times oversubscribed—with institutional investors showing particularly fierce appetite. Investors can now check their allotment status via the registrar MUFG Intime India Private Limited, the National Stock Exchange (NSE), or the Bombay Stock Exchange (BSE). Shares are slated to list on both exchanges on November 10, 2025, marking a pivotal moment for India’s eyewear retail sector.

Record Demand Across All Investor Categories

The IPO’s subscription numbers tell a story of market confidence. Qualified Institutional Buyers (QIBs) subscribed a staggering 40.35 times, far exceeding the 30% reservation allocated to them. Non-institutional investors followed closely at 18.23 times, while retail investors—individuals like you and me—came in at 7.54 times, well above the 10% retail quota. Even employees, who often get priority, subscribed 4.96 times. The bidding window, open from October 31 to November 4, saw momentum build each day: QIB interest jumped from 1.42x on Day 1 to over 40x by the close. Retail demand rose from 1.32x to nearly 7.6x. By the end, the total subscription hit 28.27 times—nearly three times the oversubscription of the average Indian IPO last year.

How the Shares Were Split

The IPO offered 1,81,06,3669 shares total. Anchor investors, who locked in their positions before the public offering, were allocated 44.9%—₹3,268.36 crores worth—of the total issue. That’s the largest anchor portion seen in a retail-focused IPO this year. QIBs received 74.84% of the fresh issue portion, while non-institutional investors got 14.97%, and retail investors were allotted 9.98%. The allocation followed SEBI’s strict norms, ensuring no category was shortchanged. Notably, the anchor investor lock-in period runs for 30 days post-listing, meaning half of their shares can’t be sold until December 5, 2025.

Where to Check Your Allotment Status

If you applied, here’s how to find out if you got shares:

1. Visit the MUFG Intime India Private Limited website.
2. Select Lenskart Solutions Ltd from the dropdown menu.
3. Enter your PAN number, application number, or demat account number.
4. Click ‘Search’.

You’ll see your status instantly—whether you’re fully allotted, partially allotted, or rejected. No login required. If you didn’t get shares, refunds will begin rolling out on November 7, 2025, directly to the bank account or UPI ID you used to pay. The cutoff for UPI mandate confirmation was 5:00 PM on November 4, so any late approvals were automatically canceled.

Where the Money’s Going

The ₹2,150 crore fresh issue proceeds won’t go into the pockets of existing shareholders—they’ll fund the company’s next chapter. Lenskart plans to expand its company-owned retail stores (the CoCo model), pay rent and leases for new outlets, upgrade its cloud-based tech infrastructure, boost digital marketing, and potentially acquire smaller optical chains. This isn’t just about opening more stores; it’s about turning Lenskart into a vertically integrated, tech-driven eyewear powerhouse. Analysts say this could challenge giants like Safilo and EssilorLuxottica in India’s $10 billion eyewear market.

Why This Matters Beyond the Numbers

Lenskart isn’t just another IPO. It’s a symbol of India’s consumer tech evolution. Founded in 2010, it went from a garage startup to a brand every urban Indian knows—think of it as the Warby Parker of India, but with a much bigger footprint. The IPO’s success signals that investors still believe in physical retail when it’s backed by digital smarts. Even amid inflation and rate hikes, people are betting on brands that blend convenience, affordability, and tech. The fact that QIBs bid so aggressively suggests they see Lenskart not as a retailer, but as a data-rich health-tech platform in disguise.

What Happens Next

On November 7, demat accounts will be credited with shares. On November 10, trading begins. The opening price will depend on how retail investors react—many who missed out will rush to buy on the listing day. Experts predict a 10-15% premium at open, given the subscription frenzy. But here’s the twist: the offer-for-sale portion (₹5,128 crore) means existing investors—mostly private equity firms and early backers—are cashing out. So while the company gets new capital, the original owners are walking away with billions. That’s normal, but it’s worth watching: if they sell quickly after the lock-in ends, it could pressure the stock.

Background: Lenskart’s Journey to the Stock Market

Before this IPO, Lenskart had raised over $400 million from global investors like Tiger Global, KKR, and Temasek. It operated in 1,200+ cities, with 1,800+ physical stores and 15 million+ customers. Its app handles over 2 million prescriptions monthly. The company’s valuation before the IPO was estimated at ₹45,000 crore. Now, with the IPO priced at ₹382–₹402 per share, its market cap could hit ₹65,000–70,000 crore on listing day. That’s more than some established pharmaceutical firms. The question isn’t whether it’s overvalued—it’s whether it can keep growing fast enough to justify it.