New Delhi, Nov. 17 -- Lenskart's highly anticipated IPO may have dominated headlines at listing, but the story shifted in the first week after the market debut. Initial selling pressure, analyst re-ratings, and a renewed focus on adjusted earnings have turned last week's narrative - oversubscription and hype - into this week's reality check for India's consumer-tech IPO pipeline. Reports documented a subdued listing followed by volatile trading that has left institutional and retail investors asking harder questions.

Lenskart priced its IPO at Rs.402 (price band Rs.382-Rs.402), implying a valuation near Rs.69,700-Rs.70,000 crore at the upper end. The issue was heavily subscribed - overall subscription ran roughly 28x, led by strong QIB i...