By Admin 
Lenskart IPO: The IPO of eyewear retailer Lenskart opened for subscription yesterday on 31st October and saw tremendous demand on the very first day. This IPO of Rs 7278 crore was fully subscribed on the very first day.
IPO got strong response
According to NSE data, bids were received for more than 11.23 crore shares in the IPO, while the offer size was 9.98 crore shares. Retail investors and qualified institutional buyers (QIBs) fully booked their respective shares (131 per cent and 142 per cent respectively). Non-institutional investors subscribed 41 percent of the portion reserved for themselves. Overall the IPO received 1.13 times subscription on the first day.
GMP of Lenskart IPO
Talking about gray market premium, according to InvestorGain data, the unlisted shares of the company are trading at gray market premium (GMP) 20.15 percent more than the IPO price. This is more than the premium of 11.94 percent the day before yesterday.
Now the question comes whether it would be right for you to bet on it? According to Moneycontrol report, Shravan Shetty, Managing Director of Primus Partners, says that investors are showing interest in Lenskart’s IPO. Its brand value is strong. The high valuation of GMP is a good indication that the market is seeing it as a technology company which has the potential for rapid growth.
It will rain money on investors!
The company is planning to raise Rs 7,278 crore through fresh issue of 53.5 million equity shares and selling 127.6 million equity shares under OFS.
Company promoters like Piyush Bansal, Neha Bansal, Amit Chaudhary and Sumeet Kapahi will sell their shares through offer-for-sale in the IPO. Apart from these, other investors who sold shares also include SVF II Lightbulb (Cayman), Schroders Capital Pvt., Equity Asia Mauritius, PI Opportunities Fund-II, MacRitchie Investments, Kedra Capital Fund II and Alpha Wave Ventures.
Considering the tremendous response the IPO has received so far, its investors are expected to become rich. Company founder Basal will sell 2.05 crore shares at the upper price band of the IPO at Rs 402. From this they can make a profit of about Rs 785.54 crore. After the IPO, his stake in Lenskart will reduce from the current 10.28 percent to 8.78 percent.
Disclaimer: (The information provided here is being given for information only. It is important to mention here that investment in the market is subject to market risks. Always take expert advice before investing money as an investor. ABPLive.com never advises anyone to invest money here.)
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