This week marks one of the most significant events in Lenskart's journey as a publicly listed company. Shares worth approximately Rs 30,000 crore are being unlocked as the post-IPO lock-in period expires, allowing early investors, promoters, and institutional stakeholders to sell their holdings on the open market for the first time. For current shareholders and potential investors, this event demands close attention.
Lock-in expiry events are among the most closely watched catalysts in equity markets. They can trigger sharp sell-offs if large shareholders rush to exit, or they can prove to be non-events if holders remain confident in the company's long-term trajectory. For Lenskart — India's largest omnichannel eyewear retailer — the answer will depend on a combination of valuation fundamentals, market sentiment, and the intentions of the nine entities involved in the unlock, including NSDL and eight other institutional and pre-IPO investors.
Here is everything investors need to know.
The Lock-In Expiry: What Is Happening
Understanding IPO Lock-In Periods
When a company goes public through an initial public offering, SEBI (Securities and Exchange Board of India) regulations require that certain categories of shareholders — typically promoters, anchor investors, and pre-IPO institutional investors — hold their shares for a mandatory lock-in period before they are permitted to sell.
For promoters, the lock-in is typically 18 months for a portion of their holdings and 6 months for the remainder. For anchor investors, it is 90 days. For other pre-IPO investors, it varies based on the type of holding and the terms of the IPO.
The rationale is straightforward: lock-in periods prevent insiders from cashing out immediately after listing, which could crash the stock price and harm retail investors who bought shares at the IPO price or in the secondary market.
What Is Being Unlocked
In Lenskart's case, shares worth approximately Rs 30,000 crore are exiting the lock-in this week. NSDL (National Securities Depository Limited) and eight other entities are the key stakeholders whose holdings are being freed up. These include early-stage venture capital and private equity investors who backed Lenskart during its pre-IPO growth phase, as well as certain promoter holdings that were subject to the shorter lock-in duration.
The critical question is: will these shareholders sell? And if they do, how much selling pressure will the stock face?
Current Share Price and Trading Data
As of February 11, 2026, Lenskart (LENS) shares are trading at Rs 464.6. Here is a snapshot of the current trading data:
| Metric | Value |
|---|---|
| Current Price | Rs 464.6 |
| Day Open | Rs 479.4 |
| Previous Close | Rs 475.4 |
| Day Low | Rs 461.00 |
| Day High | Rs 479.45 |
| Average Price | Rs 470.23 |
| 52-Week Low | Rs 356.10 |
| 52-Week High | Rs 495.00 |
| 6-Month Return | +15.6% |
| 1-Year Return | +15.10% |
The stock has already dipped below its previous close, suggesting that the market is pricing in some degree of selling pressure from the unlock. The intraday range of Rs 461.00–Rs 479.45 indicates heightened volatility, which is typical during lock-in expiry events.
Analyst Coverage and Price Targets
Two major brokerages have recently initiated coverage on Lenskart, providing price targets that suggest meaningful upside from current levels:
JM Financial: Buy, Target Rs 535
JM Financial initiated coverage with a "Buy" rating and a target price of Rs 535, implying approximately 15% upside from the current price. Their thesis centers on Lenskart's dominant market position in India's organized eyewear market, which remains highly underpenetrated. They highlight the company's omnichannel model — combining over 2,500 physical stores with a strong online presence — as a structural advantage that is difficult for competitors to replicate. JM Financial also points to improving unit economics and a clear path to sustained profitability.
Citi: Target Rs 500
Citi initiated coverage with a target price of Rs 500, representing approximately 7.6% upside. Their analysis emphasizes Lenskart's technology-driven approach to eyewear retail, including its proprietary 3D try-on technology, AI-powered lens recommendation engine, and vertically integrated supply chain that gives the company cost advantages over traditional optical retailers.
Both brokerages acknowledge the near-term risk from the lock-in expiry but view any price weakness as a buying opportunity for long-term investors.
What Lock-In Expiry Means for the Share Price
Historical Precedent
Lock-in expiry events in Indian markets have historically produced mixed results. In many cases, the fear of selling pressure proves worse than the actual selling. This is because institutional investors and promoters often have strategic reasons to hold, selling large blocks on the open market can depress the price they receive, and many pre-IPO investors negotiate block deals at a slight discount rather than selling on the exchange.
However, there are notable exceptions. When Paytm's lock-in period expired in 2022, the stock faced significant selling pressure as early investors rushed to limit their losses on a stock that had fallen well below its IPO price. The key differentiator is whether the company's fundamentals support the current valuation.
Lenskart's Situation
Lenskart's position is fundamentally different from distressed IPOs. The stock is trading well above its 52-week low of Rs 356.10, up 15.6% over six months, and has strong analyst support. The company has demonstrated revenue growth, improving margins, and a clear competitive moat. This suggests that while some selling pressure is inevitable — not all pre-IPO investors will want to remain invested indefinitely — the selling is likely to be measured rather than panicked.
That said, with Rs 30,000 crore worth of shares becoming available, even a small percentage of holders deciding to sell could create meaningful short-term pressure. Investors should expect elevated volatility in the coming days and weeks.
Should You Buy, Hold, or Sell?
The Case for Buying
If you believe in Lenskart's long-term growth story — India's eyewear market is projected to grow at a CAGR of 8–10% through 2030, and Lenskart is the clear market leader in the organized segment — then any dip caused by lock-in-related selling could represent an attractive entry point. Both JM Financial and Citi see the stock going higher, and the company's fundamentals support continued growth.
India has one of the highest rates of vision impairment in the world, with over 600 million people requiring corrective eyewear, according to the World Health Organization. Lenskart's affordable, technology-driven approach to eyewear makes it well-positioned to capture this massive and growing addressable market.
The Case for Holding
If you already own Lenskart shares, the lock-in expiry is not inherently a reason to sell. Short-term volatility driven by a technical event (shares becoming available) does not change the underlying business fundamentals. Historical data shows that stocks of fundamentally strong companies tend to recover from lock-in-related dips within weeks to a few months.
The Case for Caution
The risk that investors should not ignore is the sheer volume of shares being unlocked. Rs 30,000 crore represents a significant addition to the tradeable float. If multiple large shareholders decide to exit simultaneously — perhaps to rebalance their portfolios, return capital to LPs, or take profits — the selling pressure could push the stock meaningfully lower in the short term.
Investors with a short-term horizon or low risk tolerance may want to wait for the dust to settle before adding to their positions. Monitoring the daily trading volumes over the next two to three weeks will provide real-time insight into how much selling is actually occurring.
Risks to Watch
Beyond the lock-in expiry itself, investors should keep the following risks on their radar:
Valuation premium: Lenskart trades at a premium to traditional optical retail companies, justified by its tech-first approach and growth rate, but vulnerable to de-rating if growth slows.
Competition: Titan Eyeplus, Reliance-backed eyewear ventures, and international players continue to expand in India's eyewear market. Lenskart's market share, while dominant in organized retail, is not guaranteed.
Execution risk: The company's aggressive store expansion plan — targeting over 3,000 stores — requires significant capital expenditure and operational excellence to maintain unit economics.
Macro environment: Rising interest rates, weakening consumer sentiment, or a broader market correction could amplify any selling pressure from the lock-in expiry.
The Bottom Line
Lenskart's Rs 30,000 crore share unlock is a significant market event, but it is not a reason to panic. The company's fundamentals are solid, analyst coverage is bullish with targets of Rs 500–535, and the stock's 15%+ gains over the past year demonstrate sustained investor confidence.
Short-term volatility is virtually guaranteed. The stock has already shown signs of pressure today, trading below its previous close. But for investors with a 12–24 month horizon, the consensus view is that Lenskart remains a compelling growth story in one of India's most underpenetrated consumer markets.
Watch the volumes. Watch the block deals. And if you see a dip that takes the stock toward its support levels near Rs 450 or below, that could be the opportunity that long-term investors have been waiting for.
Suggested Internal Links:
- Link to articles on IPO lock-in periods and what they mean for investors
- Link to coverage of India's consumer retail sector and D2C brands
- Link to stock market analysis and investment strategy guides
- Link to Union Budget 2026 coverage and its impact on consumer stocks
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