Lenskart IPO: Netizens Criticize ‘Shark’ Peyush Bansal Over 230x Valuation

The Lenskart IPO, which opened on Friday, October 31, has become one of the most talked-about financial events on social media, sparking intense debate over its high valuation and aggressive pricing strategy. The eyewear company, co-founded and led by Peyush Bansal, aims to raise ₹7,278.02 crore, a figure that has drawn both excitement and skepticism from investors and analysts alike.

The IPO has a price band of ₹382–₹402 per share, translating to a massive valuation of ₹70,000 crore. It comprises two parts — a fresh issue worth ₹2,150 crore and an offer for sale (OFS) of ₹5,128 crore by existing shareholders and promoters. The shares are scheduled to be listed on both the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) on November 10, 2025.

Despite the buzz, many investors and market watchers have criticized the IPO for being overvalued. On social media platforms like X (formerly Twitter), several users mocked the company’s valuation, questioning how an eyewear retailer could be worth ₹70,000 crore. One viral post humorously remarked, “Lenskart IPO values the company at ₹70,000 crore. With ~2,600 stores in India, that’s about ₹27 crore per store. Bhai, yeh chashme bech rahe hain ya diamond lenses?” — implying that the pricing was absurdly high for a company selling spectacles.

The primary concern among analysts and investors is the Price-to-Earnings (PE) ratio of 230, which indicates a steep valuation compared to industry norms. Such a high PE ratio suggests that the stock might be overpriced relative to its actual earnings, prompting fears of inflated expectations and potential investor losses if the company fails to deliver proportional returns.

Adding to the controversy is the involvement of Peyush Bansal, who is also a prominent investor on the popular TV show ‘Shark Tank India’. Many netizens pointed out the irony that Bansal and other “sharks” on the show often criticize startup founders for high valuations, demanding realistic pricing, yet his own company is now entering the market with a sky-high valuation. Several users accused him of hypocrisy, calling the situation a double standard.

Some commentators compared Lenskart’s IPO frenzy to the Paytm IPO fiasco of 2021, when the fintech giant’s overhyped listing resulted in massive losses for investors shortly after its debut. “In Shark Tank, they ask businesses for 9–10x PE, and now they’re coming with an IPO at 9x sales and over ₹5,000 crore OFS — sheer hypocrisy,” wrote one user. Another warned that mutual funds might subscribe to the issue, using retail investors’ money to fuel what they called “another Paytm in the making.”

Critics argue that middle-class investors, who typically invest in SIPs (Systematic Investment Plans) with the dream of long-term wealth creation, may end up losing money if the IPO underperforms. They fear that such inflated valuations primarily benefit large investors, promoters, and investment banks, leaving smaller investors at risk once the initial hype fades.

In summary, while Lenskart’s IPO has generated immense attention and excitement in India’s capital markets, it has also exposed deep concerns about valuation excess, investor fairness, and the widening gap between market optimism and financial reality. Whether the eyewear brand can justify its ₹70,000 crore valuation remains to be seen — but for now, it stands as a symbol of the growing tension between ambition and sustainability in India’s IPO landscape.