Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Lenskart Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions</a> raised around US$825m in its India IPO, with a very strong anchor book.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Lenskart Solutions IPO Trading - Very Strong Anchor Facing Weak Markets

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions (0370405Z IN)</a> much-awaited IPO, comprising a fresh issue of INR 21.5 bn and offer for sale of 127.5 mn shares, is set to open for subscription this week.</li>
<li>We also find it surprising to note that the company purchased Dealskart, a profitable company with EBITDA of INR 2.33 bn for an insignificant sum of INR 20 mn.   </li>
<li>Company was able to report in FY25 is mainly on account of “Other Income” by accounting for gains from lower deferred consideration to boost its Profitability.</li>
</ul>



Lenskart Solutions (0370405Z IN) much-awaited IPO, comprising a fresh issue of INR 21.5 bn and offer for sale of 127.5 mn shares, is set to open for subscription this week.
We also find it surprising to note that the company purchased Dealskart, a profitable company with EBITDA of INR 2.33 bn for an insignificant sum of INR 20 mn.   
Company was able to report in FY25 is mainly on account of “Other Income” by accounting for gains from lower deferred consideration to boost its Profitability.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Lenskart’s upcoming IPO marks India’s first major consumer-tech listing, positioning the eyewear disruptor as a vertically integrated D2C brand with around 75% share in organized retail and strong international traction.</li>
<li>While Lenskart’s 75% revenue surge and 275% EBITDA jump over two years highlight its operational strength, but the proposed valuation (70x EV/EBITDA) far exceeds global peers raises serious concerns.</li>
<li>Lenskart’s vertically integrated model, data-led omnichannel scale, and strong international playbook offer structural advantages. But the IPO’s frothy valuation and pre-IPO promoter stake sales warrant a cautious stance for investors.</li>
</ul>


Lenskart’s upcoming IPO marks India’s first major consumer-tech listing, positioning the eyewear disruptor as a vertically integrated D2C brand with around 75% share in organized retail and strong international traction.
While Lenskart’s 75% revenue surge and 275% EBITDA jump over two years highlight its operational strength, but the proposed valuation (70x EV/EBITDA) far exceeds global peers raises serious concerns.
Lenskart’s vertically integrated model, data-led omnichannel scale, and strong international playbook offer structural advantages. But the IPO’s frothy valuation and pre-IPO promoter stake sales warrant a cautious stance for investors.


Lenskart IPO: Fashioning Vision or Pricing Perfection?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions</a> is looking to raise about US$825m in its upcoming India IPO.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Lenskart Solutions IPO - Is Pricey but Has a Strong Market Position

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Lenskart Solutions has filed RHP for IPO with a total offer size of up to INR 72.8B, offering 181M shares at a price band of INR 382-INR 402 per share.</li>
<li>This includes a fresh issue of INR 21.5B (~ 53.5M shares). The company intends to use the proceeds for new store capex, promotion, inorganic acquisition etc.</li>
<li>We recommend the investors to subscribe to the issue for expected listing gain. Lenskart has a long way ahead of itself in terms of attaining long term sustained growth trajectory.</li>
</ul>


Lenskart Solutions has filed RHP for IPO with a total offer size of up to INR 72.8B, offering 181M shares at a price band of INR 382-INR 402 per share.
This includes a fresh issue of INR 21.5B (~ 53.5M shares). The company intends to use the proceeds for new store capex, promotion, inorganic acquisition etc.
We recommend the investors to subscribe to the issue for expected listing gain. Lenskart has a long way ahead of itself in terms of attaining long term sustained growth trajectory.


Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready

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Lenskart Solutions (0370405Z IN)

Lenskart Solutions IPO Trading - Very Strong Anchor Facing Weak Markets

Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Lenskart Solutions IPO- Covered-Up Deal?

Lenskart’s FY25 profit hinges on accounting gains and other income; opaque Dealskart acquisition, questionable deferred consideration, and...

Nitin Mangal

Lenskart IPO: Fashioning Vision or Pricing Perfection?

Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...

Sudarshan Bhandari

Lenskart Solutions IPO - Is Pricey but Has a Strong Market Position

Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO. In this note, we talk about the RHP updates and valautions.

Sumeet Singh

Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready

Lenskart Solutions files for IPO with offer size of up to INR 72.8B, including fresh issue for expansion and growth. Investors advised to...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lenskart Solutions IPO Trading - Very Strong Anchor Facing Weak Markets

Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Lenskart Solutions IPO- Covered-Up Deal?

Lenskart’s FY25 profit hinges on accounting gains and other income; opaque Dealskart acquisition, questionable deferred consideration, and...

Nitin Mangal

Lenskart IPO: Fashioning Vision or Pricing Perfection?

​Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...

Sudarshan Bhandari

Lenskart Solutions IPO - Is Pricey but Has a Strong Market Position

Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO. In this note, we talk about the RHP updates and valautions.

Sumeet Singh

Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready

​Lenskart Solutions files for IPO with offer size of up to INR 72.8B, including fresh issue for expansion and growth. Investors advised to...

Tina Banerjee

Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...

Lenskart Solutions files for IPO with offer size of up to INR 72.8B, including fresh issue for expansion and growth. Investors advised to...