The Indian IPO market continues to see strong momentum, and this week’s spotlight belongs to Lenskart, one of India’s leading eyewear brands. The Lenskart IPO, along with the upcoming Groww and Studds Accessories listings, has set the tone for how India’s startup ecosystem is maturing, where brand power meets profitability, and investor expectations are shifting toward long-term sustainability.
Lenskart IPO: The headline act of the season
Lenskart Solutions Ltd. launched its ₹7,278 crore IPO on October 31, 2025, with a price band of ₹382–₹402 per share. The issue comprises a fresh issue of ₹2,150 crore and an offer for sale (OFS) of 12.75 crore shares worth ₹5,128 crore.
On Day 1, the IPO was fully subscribed, receiving bids for 10.86 crore shares against 9.97 crore on offer, a total subscription of 1.09x.
| Category | Subscription Status |
|---|---|
| QIBs | 1.42x |
| Non-Institutional Investors | 0.34x |
| Retail Investors | 1.22x |
| Total | 1.09x |
Before opening, Lenskart raised ₹3,268 crore from marquee anchor investors, including BlackRock, Fidelity, Goldman Sachs, Nomura, T Rowe Price, SBI MF, HDFC MF, and the Government of Singapore.
The IPO closes on November 4, with allotment expected on November 6 and listing on November 10. A single lot consists of 37 shares, requiring a minimum investment of ₹14,874 for retail investors.
Peyush Bansal’s bold bet and the valuation debate
Lenskart’s IPO story became even more fascinating after reports surfaced that Peyush Bansal, cofounder and CEO, had taken a ₹200 crore loan just three months before the IPO to buy back Lenskart shares at a ₹8,500 crore valuation. Fast forward to November, and the company is now valued at nearly ₹70,000 crore, almost nine times higher.
Bansal’s 17.32 crore shares, acquired at an average cost of ₹18.6 per share, are now worth ₹6,964 crore at the upper price band, giving him a 20x gain. He is offloading 2.05 crore shares worth ₹823.6 crore, marking a 2,061% return on his capital investment.
However, the market isn’t without concern. At a P/E of 237x, Lenskart’s valuation leaves little room for upside unless growth continues to accelerate beyond FY25’s ₹297 crore profit.
While this pricing may limit near-term listing gains, many believe it also shows confidence in Lenskart’s fundamentals and long-term market dominance.
Studds Accessories IPO: Steady business, strong subscription
Alongside Lenskart, Studds Accessories Ltd., India’s leading helmet manufacturer, is drawing strong attention. The ₹455.49 crore IPO, open from October 30 to November 3, has a price band of ₹557–₹585 per share, entirely through an offer for sale of 0.78 crore shares.
By the end of Day 2 (October 31, 2025), the IPO was subscribed 5.08 times, with particularly strong retail and HNI participation.
| Category | Subscription (x) |
|---|---|
| QIB (Ex-Anchor) | 0.04 |
| Non-Institutional Investors | 9.62 |
| Retail Investors | 6.03 |
| Total | 5.08 |
The IPO received 5.52 lakh applications overall. The anchor investors were allotted 23.35 lakh shares at ₹585 per share, raising ₹136.65 crore on October 29.
Studds, founded in 1975, is a market leader in helmets and motorcycle accessories under the “Studds” and “SMK” brands, exporting to over 70 countries. With a 75-member R&D team, 19,000 SKUs, and 7.4 million helmets sold in FY25, the company continues to dominate both premium and mid-range categories.
Financially, it’s sound:
- FY25 revenue: ₹595.9 crore (up 11% YoY)
- FY25 PAT: ₹69.6 crore (up 22% YoY)
- FY25 EBITDA: ₹104.8 crore
- Market Cap: ₹2,302 crore
- Post-IPO P/E: 28.4x
For a company with consistent profits and 16%+ ROE, the valuation looks reasonable, especially compared to many overvalued consumer listings.
Groww IPO: Fintech’s next big moment
The Groww IPO, operated by Billionbrains Garage Ventures Ltd., is another major listing lined up for November 4–7, 2025. The ₹6,632 crore issue includes a fresh issue of ₹1,060 crore and an offer for sale of ₹5,572 crore, with a price band of ₹95–₹100 per share.
Each lot consists of 150 shares, requiring a ₹15,000 investment for retail applicants.
| Financial Metric | FY25 | YoY Growth |
|---|---|---|
| Revenue | ₹4,061 crore | +45% |
| Profit After Tax | ₹1,824 crore | +327% |
| EBITDA Margin | 59.1% | – |
| PAT Margin | 44.9% | – |
At the upper price, Groww’s market capitalization will be about ₹61,736 crore, with a P/E of 40.8x and RoNW of 37.6%.
Founded in 2017, Groww now serves over 1.4 crore users, offering investments across mutual funds, stocks, ETFs, F&O, U.S. stocks, and IPOs. It is positioned as one of India’s most trusted fintech platforms, combining strong brand recognition with profitable scalability.
Why the real winner might be NSE
While these IPOs capture headlines and social media buzz, the consistent winner behind every listing is the National Stock Exchange (NSE). Every time a company lists, NSE earns from listing, book building, and processing fees, benefiting from the growing market activity.
In FY25, NSE’s income from listing fees rose 27% to ₹151.9 crore, as the number of listed companies increased from 2,439 to 2,720, with a combined market capitalization of ₹410.87 lakh crore.
Book building fees jumped 92% to ₹104.8 crore, driven by large public issues, while processing fees grew 17% to ₹56.7 crore.
With over 90% market share in equity trading and derivatives, NSE’s dominance remains unmatched. Over the last four years, its revenue has been 10x that of BSE, and its FY24 EPS of ₹167 is three times BSE’s.
At a Pre-IPO P/E of 39x, NSE looks attractively valued when compared with BSE’s 64x, despite its significantly higher profitability and scale. With more IPOs like Lenskart, Studds, and Groww entering the market, NSE stands to benefit the most from India’s vibrant listing ecosystem.
The bigger picture
The Lenskart IPO marks a turning point in how Indian startups are viewed. Gone are the days when loss-making, high-burn models could demand sky-high valuations. Today, investors want profitability, transparency, and scalability.
But beyond each IPO’s listing-day performance, the consistent gainer is India’s capital market infrastructure, led by NSE and BSE. As more companies go public and the retail investor base expands, the exchanges themselves become the ultimate wealth compounders.
With landmark IPOs like Lenskart, Studds, and Groww, India’s listing wave continues to strengthen. But the exchange that powers them, the NSE, continues to quietly benefit from every single one. If you’re exploring opportunities in the NSE Pre-IPO, reach out to us to learn how investors are gaining exposure to India’s most dominant market engine. Click here DM us to get a detailed research report on NSE.
With IPOs like Lenskart, Studds, and Groww shaping India’s market momentum, staying ahead of such updates matters.
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