New Delhi, Dec. 12 -- The debate over mutual funds subscribing to Lenskart Solutions' IPO at steep valuations may be missing key context, according to executives at fund houses, who said the focus shouldn't be only on headline valuations but on whether the investment creates value for unitholders.

DP Singh, deputy managing director and deputy CEO of SBI Mutual Fund, said fund managers invest only after rigorous due diligence. "They know the value. They know the story. They have seen the financials and they have met the management," he said at the Mint BFSI Conclave on Friday, adding that research teams spend a lot of time evaluating a company. Singh added that mutual funds check if their investments create value for the unitholders or no...