The IPO market in India is buzzing again with three notable mainboard issues — Lenskart IPO, Studds Accessories IPO, and Orkla India IPO — all opening around the same time. Each brings something unique to the table, but the one question on every investor’s mind is: what does the grey market premium (GMP) say about their potential listing gains?
In this analysis, we’ll compare Lenskart, Studds Accessories, and Orkla India based on GMP trends, valuations, investor sentiment, and analyst opinions, helping you decide which IPO might offer the best short-term and long-term opportunity.
The IPO Buzz: What’s Driving Investor Interest
The primary market is witnessing heightened activity as all three IPOs—Lenskart, Studds, and Orkla—are competing for investor attention.
Lenskart IPO is one of the most awaited listings in recent years, given the company’s strong brand visibility and omnichannel model. Studds Accessories IPO, known for its iconic helmet and two-wheeler accessories, has attracted both institutional and retail investors with its reasonable pricing and niche dominance. Meanwhile, Orkla India IPO, part of the FMCG segment focusing on spices and ready-to-eat foods, is drawing strong participation from non-institutional investors (NIIs).
Grey Market Premium (GMP) Trends
The GMP, or Grey Market Premium, serves as an early indicator of listing performance. While it doesn’t guarantee returns, it reflects real-time demand among unlisted investors.
Currently, Orkla India IPO GMP is around ₹75, hinting at an estimated 10% listing premium. Studds Accessories IPO GMP stands close to ₹63, suggesting nearly 11% gains over the issue price. The Lenskart IPO GMP of ₹70 signals the highest potential upside, nearly 17% over its upper price band.
These figures show that Lenskart IPO could deliver stronger listing gains if sentiment sustains, while Studds Accessories IPO remains the most stable and consistent performer among the three.
Orkla India IPO: Stable FMCG Play but Pricey
The Orkla India IPO, valued between ₹695 and ₹730 per share, has received solid interest, especially from non-institutional investors. The ₹1,600 crore issue is entirely an Offer For Sale (OFS) by promoters, meaning no fresh capital will enter the company.
The company operates in the spices and ready-to-eat food sector, which is competitive with moderate growth potential. The IPO valuation, however, appears slightly expensive, with limited market share dominance.
While Orkla’s strong brand presence and FMCG positioning are positives, analysts caution that its growth potential might already be priced in. The moderate GMP indicates cautious optimism ahead of listing.
Studds Accessories IPO: Safe Bet with Realistic Valuation
The Studds Accessories IPO has been fully subscribed, reflecting strong retail and institutional confidence. As one of India’s largest helmet manufacturers, Studds enjoys a well-established market position with steady export demand.
Market analyst Arun Kejriwal considers Studds the “safest investment” among the three, citing limited competition, strong domestic brand presence, and benefits from rising road safety awareness and low helmet penetration in India.
The IPO is competitively valued, making it less risky than others. Although it’s an OFS issue, the manageable size and clear business model add to its appeal. The GMP trend indicates steady investor confidence and a likely 10–11% listing gain, making it a preferred choice for conservative investors.
Lenskart IPO: High Valuation, High Expectations
The Lenskart IPO, priced between ₹380 and ₹402, is the largest among the three, drawing massive attention due to the brand’s strong digital presence and retail innovation.
However, experts have raised concerns about valuation and profitability metrics. At the upper price band, Lenskart’s valuation touches around ₹70,000 crore, translating to a revenue multiple of over 10x, which is high even for a fast-growing tech-enabled retailer.
Analysts point out that Lenskart operates as a tech-driven eyewear retailer, logistics company, and direct-to-consumer brand, giving it an edge in scale and innovation. Still, its market share is in single digits, and the competition remains intense.
The GMP of ₹70 shows short-term enthusiasm, but long-term valuation comfort is questionable. While the listing may offer decent upside, investors must assess sustainability beyond the first trading day.
Which IPO Looks the Strongest
Comparing the three on valuation, subscription, and growth potential reveals key differences. Lenskart IPO may deliver higher listing gains due to brand hype, but carries valuation risk. Orkla India IPO offers FMCG exposure but looks slightly overvalued. Studds Accessories IPO, on the other hand, balances valuation, business strength, and investor trust, making it a steady and safer pick.
From an AEO (Answer Engine Optimization) perspective, investors searching for “Which IPO is best to apply today?” or “Lenskart vs Studds vs Orkla GMP comparison” will find that Studds Accessories IPO currently offers the most grounded opportunity among the three.
Final Takeaway
The GMP trends clearly signal optimism across all three IPOs. However, each has a different risk-reward profile:
- Lenskart IPO → For aggressive investors chasing high-growth opportunities
- Studds Accessories IPO → For balanced investors seeking steady returns
- Orkla India IPO → For conservative investors preferring FMCG stability
While Lenskart’s GMP suggests strong listing momentum, Studds remains the more reliable and value-driven choice. Investors should assess fundamentals, risk tolerance, and market sentiment before making their move.
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