SoftBank Group Corp.-backed Lenskart Solutions Ltd. is set to make its trading debut in Mumbai after a highly anticipated initial public offering that raised 72.8 billion rupees ($821 million), according to Bloomberg. The listing, one of India’s biggest this year, has ignited an intense debate across social media about whether the country’s startup valuations are reaching unsustainable levels.
Founded by “Shark Tank India” judge Peyush Bansal, Lenskart is expected to begin trading at an 8% to 10% premium based on gray-market signals. Shares were changing hands at around 447 rupees in the unofficial market, compared with the IPO price of 402 rupees. Despite its steep pricing — the offer valued the company at 238 times last fiscal year’s earnings — investor demand remained robust, with subscriptions hitting 28.3 times the amount on offer. Institutional buyers led the rush, reflecting confidence in the company’s growth story and India’s deepening equity culture.
The valuation frenzy has not gone unchallenged. In recent days, social media critics have questioned whether Lenskart’s premium pricing is justified, prompting DSP Asset Managers Pvt. to publicly defend its investment. The mutual fund argued that Lenskart’s business model is “strong and scalable,” while admitting that the deal came at a high cost. The controversy underscores the growing scrutiny facing India’s new-age companies as they transition from private funding rounds to public markets.
Lenskart’s listing reinforces India’s growing stature as a global fundraising powerhouse. With abundant domestic liquidity and a swelling base of retail investors, India has become the world’s fourth-busiest IPO market in 2025, attracting nearly $16 billion in listings so far this year. The eyewear firm now commands a market capitalization of roughly 700 billion rupees ($7.9 billion), surpassing long-established consumer giants such as Colgate-Palmolive India Ltd., United Breweries Ltd., Page Industries Ltd., and one of Procter & Gamble Co.’s Indian subsidiaries.
Among the notable backers of Lenskart’s IPO are funds managed by JPMorgan Chase & Co., Nomura Holdings Inc., Amundi SA, HSBC Holdings Plc, and the government of Singapore. As the stock prepares to debut, all eyes are on whether Lenskart can live up to the market’s lofty expectations—or whether its dazzling valuation proves a vision too blurry to sustain.
