Fund Manager Defends Lenskart India IPO Investment in Rare Move

In an unusual move for an Indian asset manager, DSP Asset Managers Pvt. defended its purchase of shares in Lenskart Solutions Ltd.’s initial public offering, following a social media furor over its valuations.

The asset management firm said in a post on X that it found Lenskart’s founders trustworthy and its business “strong and scalable” even as it called the valuation “expensive”. DSP invested 900 million rupees ($10.1 million) through its mid-cap equity fund as an anchor investor in the company’s $821 million offering, according to stock exchange data.

Lenskart’s IPO, which opened for public subscription on Friday, was ...