Lenskart IPO Subscribed 1.13x, Orkla India Issue Ends Day 3, India Poised to See Strong End of 2025 Eyewear manufacturer Lenskart's INR 7,278 crore initial public offering (IPO), has been booked 1.13x so far, with retail investors dominating on Day 1. The issue will close on November 4. Orkla India, the entity behind food brands such as MTR and Eastern, has ended its day 3 with its issue subscribed 48.47x so far.
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Eyewear manufacturer Lenskart's INR 7,278 crore initial public offering (IPO), has been booked 1.13x so far, with retail investors domination on Day 1. The issue will close on November 4.
The fresh issue of shares worth INR 2,150 crore is open for subscription at a fixed price band of INR 382-402 per share. The issue is accompanied by an offer-for-sale (OFS) component of over 12.75 million shares by promoters and existing investors.
The retail investors (RIIs) portion was booked 1.23 times, with non-institutional investors (NIIs) subscribing 0.34 times. The qualified institutional buyer portion was subscribed 1.42 times, followed by the employee reserve portion, which was subscribed 1.03 times.
Lenskart's grey market premium (GMP) showed a 17 per cent gain at the time of this update.
The IPO's day 1 action came after Jayasankar Venkataraman, Managing Director and Member of the Board at Kotak Mahindra Capital, one of the representatives from the book running lead managers (BRLMs) for the issue, said that there is good "depth" in the anchor investors participating, who have "enthusiastically" come in at the current price band.
Anchor investors took yesterday, on Thursday, with the company receiving INR 3,268.36 crore from 147 anchor investors ahead of its upcoming initial public offering (IPO). Participants in the anchor book included SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential, Kotak, Axis, and Aditya Birla Sun Life, along with insurers such as SBI Life, HDFC Life, and ICICI Prudential Life.
The round also saw global investment firms such as GIC, Monetary Authority of Singapore, Government Pension Fund Global, Fidelity, Goldman Sachs, Nomura, Amundi, JP Morgan, and Wellington also join the anchor book.
Orkla India
Orkla India, the entity behind food brands such as MTR and Eastern, has ended its day 3 with its issue subscribed 48.47x so far.
The company's GMP also saw a spike to reach INR 86, with the IPO shares showing the possibility of getting listed at INR 816 on the National Stock Exchange (NSE), which is a premium of 11.78 per cent.
Orkla India's INR 1,667 crore IPO has a price band of INR 695- 730 per equity share, which takes the company valuation to INR 10,000 crore at the upper end. More importantly, the issue only consists of an offer for sale (OFS) component worth 2.28 crore equity shares being sold by the promoter and other existing shareholders. All proceeds from the issue will go to the shareholders selling shares.
Promoter Orkla Asia Pacific Pte Ltd, and shareholders Navas Meeran and Feroz Meeran are selling part of their holdings, according to the DRHP. At present, promoters Orkla Asia Pacific Pte Ltd and Orkla ASA together own a 90 per cent stake of the company, while shareholders Navas and Feroz each hold about 5 per cent.
Current Market Outlook
Overall Indian equity market, however, opened on a weak note on 30th October, according to Bajaj Broking, with the firm noting that the Nifty 50 slipped below the 26,000 mark and experienced selling pressure.
Experts, however, believe that the Indian equity market shows enough positive signs in its macros to be able to achieve a strong finish for the year 2025.
Jibi Jacob, Head of Equity Capital Markets, Jefferies, noted that the Indian equity capital markets have grown in both scale and sophistication, with average deal sizes climbing, and unlike many other regions, India offers unique flexibility for private equity firms seeking full exits.
"India's markets now have the depth to take 100 per cent PE-owned clients public and deliver full exits over time. No other market really has the capacity to do that. From a growth perspective, India is always a bright spot in emerging markets. "Diwali lifts everyone's spirits. We expect to see a strong deal calendar, with IPOs every month if not more," said Jacob.
