Lenskart GMP crashes to zero, wiping out all pre-listing buzz ahead of Monday debut

The grey market premium (GMP) for eyewear retailer Lenskart Solutions has crashed to zero, wiping out all pre-listing excitement ahead of its market debut on Monday. The GMP, which had peaked at Rs 108, implying a listing pop of over 25% before the announcement of the IPO, has now collapsed, signalling that the counter may see a flat or muted listing despite its healthy subscription.

Lenskart’s Rs 7,278 crore IPO, comprising a Rs 600 crore fresh issue and a Rs 6,678 crore offer for sale, was subscribed a decent 28 times overall, drawing bids worth nearly Rs 1 lakh crore. The strong response was driven by institutional investors, with the QIB portion subscribed 45 times, while retail and HNI categories were also fully booked.