The shares of Lenskart, a company backed by SoftBank, fell in their debut after its initial public offering (IPO), which raised 72.8 billion rupees ($821 million), sparked widespread debate on social media about the valuations of Indian startups. Lenskart, which sells eyewear, opened at 390 rupees per share in pre-open trade Monday on the Bombay Stock Exchange, down 3% from its IPO price of 402 rupees. Lenskart had recently faced criticism on social media. During the IPO, the stock was priced at 238 times the previous fiscal year's earnings and attracted subscriptions 28 times the offer size, led by anchor investors.
