Lenskart Solutions made a muted trading debut on Monday as stretched valuations clouded the outlook for shares of India’s largest eyewear retailer.

The stock was at 392.3 rupees as of 10:07 a.m. IST, valuing the eyewear retailer at 676.25 billion rupees ($7.69 billion). Rival Titan commands a valuation of $37.7 billion.

Lenskart’s $828 million IPO, one of the largest in India this year, was lapped up by investors on the first day of bidding, with total bids – including the so-called anchor book – surpassing $13 billion. Show Full Article

Its trading debut comes in a busy primary market, with other technology-driven companies like stock broker Groww, edtech company PhysicsWallah and fintech firm Pine Labs in the process of listing their shares.

Lenskart’s shares, which were issued at 40

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