Lenskart IPO Overvalued? The Shocking Truth Behind the ₹70,000 Crore Valuation!

If you’ve been keeping an eye on the stock market this festive season, you’ve probably heard the buzz around the Lenskart IPO. Everyone—from Twitter (now X) users to financial experts—is asking the same question: Is the Lenskart IPO overvalued?

You might be scratching your head thinking, “It’s just an eyewear brand—why is everyone making such a fuss?”

Well, as the saying goes, “Not all that glitters is gold.” Let’s take a closer look at why this IPO has caught so many eyeballs!

The Lenskart IPO in a Nutshell

On October 31, 2025, Lenskart launched its much-awaited IPO to raise about ₹7,278 crore. The price band was fixed between ₹382 and ₹402 per share, valuing the company at a whopping ₹70,000 crore (around $8 billion).

Here’s a quick look at the key details:-

At first glance, everything seems great—booming demand, massive brand recall, global expansion. But when investors looked under the hood, they saw numbers that made their jaws drop.

Why Are People Calling the Lenskart IPO Overvalued?

The heart of the debate lies in valuation. Lenskart’s price-to-earnings (P/E) ratio of around 230x left many scratching their heads. To put it simply, investors are paying 230 times what the company earns in a year.

That’s sky-high compared to peers like Titan Eye+, which trades at 3–5x revenue multiples, or even tech-driven firms like Zomato and Swiggy, which hover around 10–14x.

Here’s a snapshot comparison:- 

So, when netizens and analysts saw Lenskart’s numbers, many said it looked like déjà vu — another Paytm 2021 in the making. Remember how Paytm’s stock crashed right after listing? That memory still haunts retail investors.

The “Shark Tank” Irony

Now, here’s where things get juicy. Peyush Bansal, Lenskart’s CEO, is one of the judges on “Shark Tank India”— a show where he often challenges entrepreneurs on overvaluation.

So when Lenskart’s IPO came with a 230x P/E, the internet couldn’t help but poke fun.

One X user wrote:

“If Peyush Bansal pitched Lenskart’s valuation to Shark Tank’s Peyush Bansal, he’d have been rejected!”

Another joked:

“Bhai, yeh chashme bech rahe hain ya diamond lenses?”

Funny comments aside, investors were genuinely concerned. Some said the “middle-class retail investors” who put their hard-earned SIP money into such IPOs might end up on the losing side again.

As one user bluntly put it:

“It’s less about public offering and more about public looting.”

What the Experts Are Saying?

Even market experts are divided. Some believe Lenskart deserves a premium for its brand power and growth potential, while others think it’s priced for perfection.

Here’s what a few experts and analysts had to say:

Note: We have also covered the following topics on Lenskart. Go through them for more details-

• Lenskart vs Titan Eye Plus: Which offers better products & service in 2025?
• Lenskart vs Specsmakers: Which Company is doing better?
• Is Lenskart Profitable? Uncovering YOY Business Results
• Lenskart Shareholders Breakdown & Funding Valuation?
• Lenskart Business Model Case Study- How Does Lenskart Work?

Behind the Numbers: What’s Driving the Valuation?

To be fair, Lenskart has built a powerful business model over the years. Here’s what’s working in its favor:-

Not bad for a company that started selling glasses online back in 2010!

Plus, 80% of India’s eyewear market is still unorganized — meaning there’s plenty of growth potential.

But as you know, “Every coin has two sides.” Despite its scale, Lenskart’s growth slowed from 43% to 17% year-on-year — a red flag for those expecting lightning-fast expansion.

Should SEBI Step In?

This debate over Lenskart IPO overvalued has even sparked a wider discussion — should India’s market regulator, SEBI, intervene when IPOs seem inflated?

Experts are torn. On one hand, SEBI’s job is to ensure transparency, not to decide prices. On the other hand, when too many IPOs list below issue price, small investors lose confidence.

Gaurav Garg from Lemonn Markets put it simply:

“Such heavy oversubscription often reflects short-term excitement rather than conviction in fundamentals.”

And he’s right. You’ve probably seen IPOs that skyrocket on hype but stumble post-listing. When you build castles in the air, they don’t always stand tall for long.

The Regulatory Dilemma

Trivesh, COO of Tradejini, explained that SEBI focuses on disclosure, not valuation. He said:

“Indian markets have moved from price control to disclosure-based systems. Investors must study the fundamentals carefully, especially in a sentiment-driven market.”

However, he also noted that most retail investors neither read nor understand detailed financial documents. So maybe some kind of valuation safeguard could help protect them.

Here’s a look at the IPO pricing and regulatory landscape:-

The Bigger Picture: Overvaluation Isn’t New

Lenskart isn’t the first Indian startup to face the “overvaluation” tag. Remember Zomato, Paytm, and Nykaa? Their IPOs started with massive hype but cooled off post-listing.

Data compiled by Bloomberg shows-

• IPO Year: 2021-2025
• Startups Listed: 32
• Now Trading Below Issue Price: 14 (Including Paytm, Nykaa, Fino Payments Bank)

In short, the pattern repeats: overhyped listings, weak debuts, disappointed investors. It’s a classic case of “fools rush in where angels fear to tread.”

What Makes Lenskart Different (and Similar)?

Now, before you jump to conclusions, it’s worth noting that Lenskart isn’t just another D2C (Direct-to-Consumer) startup. It’s an omnichannel giant combining online tech and offline presence, with smart use of robotic lens manufacturing and virtual try-ons.

Plus, nearly 40% of its revenue comes from outside India — Japan, Singapore, and the Middle East are strong markets. That global footprint gives it an edge over many Indian peers.

But here’s the catch — brand strength alone can’t justify any price tag. As one analyst said:

“Lenskart’s IPO offers scale, but not necessarily value.”

When global leaders like EssilorLuxottica trade at 45x earnings and Lenskart asks for over 200x, you have to wonder — are we paying for potential or just popularity?

The Mutual Fund Angle

Interestingly, even big mutual funds have joined the party. DSP Asset Managers, who invested as anchor investors, had to publicly defend their choice after being called out for backing an “expensive” deal.

They admitted the IPO was “strong and scalable but expensive.”

That’s like saying, “The dish tastes great, but it costs a fortune.”

Analysts also worry that since mutual fund inflows largely come from regular households, inflated IPO valuations could end up hurting everyday investors — you, me, and anyone investing through SIPs. 

What You Can Learn as an Investor?

If you’re thinking of investing or simply curious, here’s the golden takeaway:

Don’t let hype cloud your judgment.

Before you buy into an IPO — even one as famous as Lenskart — ask yourself a few simple questions:

1. Is the valuation justified by earnings and growth?
   
   A 230x P/E should raise eyebrows.
   
2. Are you investing for the short term or long term?
   
   Hype may fade faster than fundamentals.
   
3. How does it compare to global and domestic peers?
   
   Titan and Essilor are better benchmarks.
   
4. Are retail investors protected?
   
   Regulatory oversight still has gaps.
   

As the proverb goes, “Look before you leap.”

Lenskart may have a clear vision for the future, but clarity in valuation is what truly helps investors see the full picture.

Wrapping It Up: The Final Verdict

So, is the Lenskart IPO overvalued?

Looking at the numbers, sentiment, and comparisons — yes, it seems richly priced. But it’s also true that Lenskart has built a solid brand, profitable operations, and strong international momentum.

In other words, the fundamentals are good, but the price might be ahead of itself.

Like buying designer glasses — great style, but expensive for what you get.

Whether the IPO shines or slips post-listing will depend on how well Lenskart sustains profitability and justifies its ambitious valuation.

Until then, remember — “All that glitters may not be gold, but it’s still worth watching.”