Lenskart’s muted stock market debut despite 20x oversubscription reflects overvaluation concerns, says Dharmesh Kant, Head of Equity Research at Cholamandalam Securities. Calling the eyewear brand’s IPO “overpriced,” he warned that a 50% correction is possible amid competition from Reliance’s Jio Frames. While the business remains strong, Kant believes unsustainable pricing leaves little upside for retail investors.