Eye-wear retailer Lenskart's initial public offering (IPO) continued to see strong investor interest on its second day of public bidding on November 3, after getting fully subscribed on the day of opening. The Rs 7,278-crore public issue has been booked more than 2 times its offer size (201 percent) on Day 2.

The maiden public issue of the company received bids for more than 20.09 crore shares, as against the offer size of 9.98 crore shares, according to data on NSE. Retail investors led the subscription numbers, booking their reserved portion over 3 times (333 percent).

Qualified Institutional Buyers (QIB) have subscribed the portion kept for them 1.6 times (164 percent), while Non Institutional Investors (NII) have booked their reserved quota nearly 1.9 times (188 percent).

Lenskart Solutions launched its IPO to raise Rs 7,278 crore through a fresh issue of shares worth Rs 2,150 crore, and an offer for sale of 12.75 crore shares. The IPO will remain open for public bidding between October 31 and November 2. At a price band of Rs 382-402 per share, the company seeks a valuation of around Rs 70,000 crore.

Investors can bid for a minimum of 37 shares, requiring an investment of Rs 14,874, and in multiples thereafter. The allotments are likely to be declared on November 5, and the shares are scheduled to be listed on stock exchanges on November 10.

Ahead of listing, the unlisted shares of the company were trading with 15.92 percent grey market premium (GMP) over the IPO price, according to data on Investorgain. This is significantly lower than the 23.63 percent GMP quoted by the site on the day the IPO opened for public bidding.

According to IPO Watch, the unlisted shares of the company were trading with 17.41 percent GMP over the IPO price.

The Lenskart IPO, with backing from marquee investors and a strong brand, has seen high market interest, said Shravan Shetty, Managing Director at Primus Partners. The analyst noted that the decent GMP despite elevated valuations indicates that the market is looking at it more as a technology company which can scale rapidly.