Overview
- The eyewear retailer is slated to list on the BSE and NSE on November 10 at an issue price of Rs 402 per share for a Rs 7,278.76 crore offering.
- The unofficial grey market premium has dropped from a recent peak of about Rs 108 to roughly Rs 8–10, pointing to a small or flat listing move.
- Investor demand was reported as strong but inconsistently tallied, with some trackers citing 28.27x overall subscription and others reporting 6.86x based on bid values.
- Broker research highlights stretched valuation metrics—about 230x P/E, 10.1x FY25 EV/Sales and 68.7x EV/EBITDA—which could restrain early price performance.
- Market veterans flag near-term volatility, while SBI Securities and SIMFS recommend a long-term stance tied to sustained profitability, noting EBITDA margin expansion to 14.7% in FY25 from 7% in FY23.