LENSKART

** Antique Stockbroking initiates coverage of Indian eyewear co Lenskart LENS.NS with "hold" (PT 455 rupees)

** Broker notes co is scaling fast and profitably in a favourable industry landscape - only 24% of Indian eyewear sector is organized, while other markets also have room for growth

** Co's technology-forward approach and centralized supply chain allow for higher operational efficiency and more consistent quality - brokerage

** Enough headroom for 25% CAGR revenue growth in medium term - brokerage

** Current valuations, however, largely factor in growth outlook - brokerage

** Stock, on avg, rated "buy" by 6 analysts; median PT 505 rupees - LSEG data

** LENS currently down 2.04% at 442.1 rupees

** Stock up 117% from listing in November 2025

(Reporting by Abhirami G in Bengaluru)

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** Shares of Lenskart Solution LENS.NS rise 4.4% to 428. 50 rupees after first earnings since listing

** Eyewear retailer posts ~20% increase in Q2 net profit y/y, consol rev from ops up 21%

** LEN's same stores sales stood at ~15% in Q2 and H1, in line with FY25 trends, and ~20% growth in same-pincode sales indicating market share gains in micro-markets

** Says, customers deferred purchases in September due to GST rate cuts but trend will strengthen in 3Q FY26, store adds should be 450+ in India

** Jefferies retains "Buy" and its estimates, with PT of 500 rupees

** Notes massive store potential in India and calibrated global expansion reinforces that it is still day zero for LENS

** LENS up 6.3% since Nov. 10 listing

(Reporting by Urvi Dugar in Bengaluru)

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** Shares of Indian eyewear retailer Lenskart Solutions LENS.NS rise 1.5% to 413 rupees

** Brokerage Jefferies initiates coverage of stock with "buy" rating; sets PT at 500 rupees

** Says co India’s largest organized eyewear retailer and among Asia’s top two players

** Says its vertically integrated omni-channel model ensures cost efficiency, rapid delivery, and superior customer experience

** Over FY25-28, sees adjusted EBITDA to grow at more than 50% Compounded Annual Growth Rate (CAGR) with margin expansion of 600 bps, led by operational leverage and international gross margins improvement

** Co's current market share is just about 5% of the overall market, indicating substantial growth headroom- Jefferies

** LENS up 2.3% since listing on Nov 10

(Reporting by Komal Salecha)

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Adds context in paragraph 5, minor changes throughout

By Vivek Kumar M

Nov 12 (Reuters) - Shares of Billionbrains Garage Ventures BILO.NS, parent of online brokerage Groww, jumped 24% in their market debut on Wednesday, valuing the firm at 761 billion rupees ($8.6 billion) as investors bet on India's retail investing boom after a run of weak listings.

The stock opened at 112 rupees on the National Stock Exchange (NSE) and climbed to 124 rupees, well above its 100-rupee issue price in a $754 million IPO.

The debut valued Groww above listed peers Motilal Oswal Financial Services MOFS.NS and Angel One ANGO.NS, and offered relief to IPO investors after subdued market entries from Lenskart Solutions LENS.NS, Orkla India ORKL.NS, and Studds Accessories STUS.NS earlier this month.

"Groww represents a strong long-term structural story and can act as a proxy for India's expanding capital market participation," said Prashanth Tapse, senior vice-president of research at Mehta Equities.

India's NSE has been adding about 10 million registered investors every six to seven months since March 2021, taking its total investor base to 120 million as of September, the country's largest bourse said.

Groww's listing comes amid a flurry of IPOs in India, where over 300 companies have raised $16.55 billion so far in 2025, according to LSEG data. The country’s primary market is on track to surpass last year's record $20.5 billion, led by big-ticket listings from Tata Capital TATC.NS, LG Electronics India LGEL.NS, and HDB Financial Services HDBF.NS.

Founded in 2016, Groww is among the country's largest online investment platforms, offering trading in equities, mutual funds, and fixed-income products.

Still, some analysts warned that much of the near-term optimism may already be priced in. "The current valuations seem to fully capture the short-term growth prospects, and investors should watch out for a couple of quarterly earnings before making further investment decisions," said Kranthi Bathini, director of equity strategy at WealthMills Securities.

($1 = 87.8950 Indian rupees)

(Reporting by Vivek Kumar M in Bengaluru; Editing by Rashmi Aich and Nivedita Bhattacharjee)

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Updates share price, adds details throughout

By Vivek Kumar M

Nov 10 (Reuters) - Lenskart Solutions LENS.NS made a muted trading debut on Monday as stretched valuations clouded the outlook for shares of India's largest eyewear retailer.

The stock was at 392.3 rupees as of 10:07 a.m. IST, valuing the eyewear retailer at 676.25 billion rupees ($7.69 billion). Rival Titan TITN.NS commands a valuation of $37.7 billion.

Lenskart's $828 million IPO, one of the largest in India this year, was lapped up by investors on the first day of bidding, with total bids - including the so-called anchor book - surpassing $13 billion.

Its trading debut comes in a busy primary market, with other technology-driven companies like stock broker Groww BILO.NS, edtech company PhysicsWallah PHYS.NS and fintech firm Pine Labs PINL.NS in the process of listing their shares.

Lenskart's shares, which were issued at 402 rupees, fell as much as 11% to 356.1 rupees.

"Lenskart looks good from a business model perspective, but at the right valuation which is much lower than the current levels," said Ambareesh Baliga, an independent market analyst.

Lenskart turned profitable in financial year 2025 and reported a 23% rise in revenue to 66.53 billion rupees.

"The (weak) listing shows the importance of looking at the valuation and not to go blindly by grey market premium or oversubscription to apply for an IPO," Baliga said.

The premium for company's shares in the grey market was as high as 108 rupees ahead of the IPO.

Baliga added that this sort of listing, especially after strong subscription, could affect retail investor participation in upcoming IPOs.

Lenskart's IPO comprised of a fresh issue of 21.5 billion rupees and an offer for sale of 51.3 billion rupees.

($1 = 87.8950 Indian rupees)

(Reporting by Manvi Pant and Vivek Kumar M in Bengaluru; Editing by Mrigank Dhaniwala)

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