ChrysCapital Backs Lenskart as IPO Draws Heavy Demand

Post by : Bianca Suleiman

India's eyewear leader Lenskart will list publicly on November 10, with private equity firm ChrysCapital reaffirming its support. The PE investor, which invested $100 million in Lenskart in 2023, says the public offering could be a defining moment for India’s consumer-tech companies.

Investor interest has been intense: the Rs 7,278-crore issue attracted bids for more than 281 crore shares on the final subscription day, registering an oversubscription of over 28 times, according to NSE figures. Demand was strongest from institutional buyers — the QIB segment was subscribed 40.35 times, non-institutional investors 18.23 times and retail investors 7.53 times.

The company is targeting a valuation near Rs 70,000 crore (around $7.97 billion), a number that has generated debate on social platforms but has not dampened investor appetite. Market watchers point to robust growth, strong brand recognition and Lenskart’s dominant position in eyewear as the underpinning factors.

Founded by Peyush Bansal, Lenskart has expanded through a blended online and offline approach that has reshaped how Indians purchase eyewear. Its roster of backers includes global names such as SoftBank, Temasek, Abu Dhabi Investment Authority and ChrysCapital.

For ChrysCapital the listing offers strategic validation as well as an exit mechanism. The firm recently closed ChrysCapital X at $2.2 billion — its largest India-focused fund to date — and holds other potential IPO candidates in its portfolio, notably Intas Pharma.

The timing coincides with a buoyant domestic primary market. October alone saw 14 mainboard listings raise in excess of Rs 46,000 crore, reflecting strong investor interest in quality consumer plays.

With the debut a few days away, attention will focus on price discovery and aftermarket performance. How Lenskart fares on the bourse could influence sentiment for future consumer retail listings in India.