Mumbai: The stock market is buzzing today as three major initial public offerings (IPOs) hit the subscription window, not just one.
Leading the pack is Lenskart, the homegrown eyewear giant, whose Rs 7,278 crore issue marks the fourth largest of the year. Investors can bid until November 4, with shares priced between Rs 382 and Rs 402 each.
For those eyeing a slice, here’s a quick rundown before you dive in.
It’s a lively start to the week. Alongside Lenskart, Orkla India — the local arm of the Norwegian consumer goods firm — wrapped up its IPO today, while Studds Accessories, known for two-wheeler helmets, also opened bids. However, all eyes are focused on Lenskart, the online-first brand that has become a household name for its eyewear and sunglasses.
Early response? The response to the issue has been somewhat muted. NSE data shows the issue, offering nearly 10 crore shares, had been subscribed to at just 9% by 11 a.m. on day one. That means about 88.55 lakh shares snapped up so far. Retailers are leading the charge, grabbing 37% of their quota – not bad for individual punters. Non-institutional investors (NIIs) have contributed 8%, while qualified institutional buyers (QIBs), the largest investors, have yet to make a significant impact. The situation may intensify as the day progresses.
The real excitement, though, is brewing in the grey market. Unlisted shares are trading at a premium of Rs 74 over the upper price band – that’s a whopping 18.41% gain on listing day, according to InvestorGen. It’s up from 17.41% yesterday and 11.94% the day before. IPO Watch pegged it at around 11.45% earlier, but sentiment’s clearly shifting bullish.
Lenskart’s story is a classic Indian startup tale: bootstrapped from a dorm room to a billion-dollar valuation, challenging global giants like Luxottica on home turf. But remember, grey market premiums are just whispers – not guarantees. The real test comes with the listing.