MUMBAI, Oct. 31 -- Lenskart's Rs.70,000-crore initial public offering (IPO), which opened for subscription today, is drawing intense scrutiny for its steep valuation. At 260x its FY26 estimated earnings and 10x FY25 revenue, the eyewear retailer seems to have priced in much of its future growth, analysts said.

A Mint analysis of seven listed consumer-tech peers shows that, in terms of price-to-sales ratio, Lenskart sits squarely in the middle of the pack. Its entry valuation tops FSN E-Commerce Ventures' (Nykaa) 9x multiple but trails PB Fintech (Policybazaar) and Eternal (formerly Zomato) at around 15x.

Since many of these companies are still loss-making, market capitalization-to-revenue multiple is a useful gauge of what investors are...