Get ready, stock lovers! Eyewear giant Lenskart Solutions is making its grand stock market debut on Monday. This 2025 consumer IPO was one of the most awaited, drawing huge attention. But guess what? The investor buzz has cooled down sharply. Why? Because the grey market premium (GMP) – which tells us how much extra traders expect the stock to fetch – has tumbled a massive 94%, sliding from Rs 108 to just around Rs 6.5 per share. That means instead of a huge jump, Lenskart shares might debut only about 1.6% above their issue price of Rs 402. Ouch! Traders in the unofficial grey market seem a bit nervous ahead of the big day. However, don’t write off Lenskart just yet! The IPO itself was a blockbuster. The company raised Rs 7,278 crore, making it one of the biggest consumer market debuts this year. Bidders flooded in with bids worth over Rs 1 lakh crore – a staggering 28.3 times the shares on offer! Institutional investors led the charge, with Qualified Institutional Buyers (QIBs) subscribing 45 times. That shows strong faith from big foreign and domestic funds. Retail investors weren’t left behind too, with 7.5 times subscription despite the expensive tickets and valuation worries. But why the grey market chill? Experts point out that Lenskart’s valuation is quite high. The company is priced at 10.1 times EV/Sales and 68.7 times EV/EBITDA for FY25. That leaves little room for quick cash gains after listing. SBI Securities warns, "Valuation of Lenskart seems stretched and hence listing gain is likely to be muted. However, looking at the robust business model, the company is well placed to encash on the fast-growing domestic organized eyeglasses market." Still, the long-term story shines bright. Lenskart isn’t just selling glasses; it’s creating a fashionable eyewear revolution. With over 2,000 stores in India and 700-plus worldwide, from Singapore to the US, the company enjoys a strong omnichannel presence. In FY25, its revenue soared by 32% CAGR in two years to Rs 6,653 crore, while EBITDA zoomed 3.7 times to Rs 971 crore. Even better, it flipped from a Rs 64 crore loss two years ago to a profit of Rs 297 crore last year! Nirmal Bang calls it a “resilient business model” thanks to centralized manufacturing and smart tech use. The brokerage adds, "Lenskart enjoys strong competitiveness in the Indian eyewear market by leveraging innovation, technology, and an omnichannel strategy that keeps it cost-efficient in a fragmented industry." So, what’s the final story? Lenskart’s IPO debut might not spark fireworks on Day One, but it’s definitely a sparkling long-term bet on India’s booming eyewear world. Investors will watch closely if Lenskart can keep shining on Dalal Street, defending its premium valuation and growing strong. Exciting times ahead!