An eyewear IPO at 12x revenue. A profit boosted by one-off gains. And yet, 147 anchor investors, including half of India’s mutual fund industry, lined up without hesitation.

That’s the scene around Lenskart’s public offering, and it’s triggered sharp criticism from investors.

SoftBank Group, Abu Dhabi Investment Authority, Premji Invest, and Kedaara Capital-backed Lenskart Solutions raised ₹3,268.4 crore from 147 anchor investors on October 30, ahead of its public IPO launch. Advertisement

Among those onboard: 22 mutual fund AMCs, a level of institutional participation that stunned LKR Investors founder Lalit Rathi.

“Half of India’s fund industry queued up for an IPO at obscene valuations,” Rathi posted on X. “A company at 12x revenue — and every one of these so-called ‘valuation-con

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