Eyewear giant Lenskart, set for one of India’s most closely watched IPO debuts this year, has been hit with a "Sell" rating from Ambit Capital, a rare bearish call just days before its ₹7,278 crore listing on November 11.

Ambit’s sharp downgrade comes despite strong subscription numbers, with the IPO receiving bids worth over ₹1 lakh crore and being subscribed 28 times overall. Institutional investors alone subscribed 45 times. But the brokerage has set a target price of ₹337, implying a 16 percent downside from the IPO’s top-end price of ₹402 per share. Advertisement

Citing sky-high valuations, Ambit warned that Lenskart’s current pricing leaves “little room for upside” and implies overly optimistic expectations of long-term growth. The grey market premium has also collapsed — from ₹10

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