Lenskart Seesaws in Mumbai Debut After $821 Million IPO (2)

SoftBank Group Corp.-backed Lenskart Solutions Ltd. swung between gains and losses on its Mumbai trading debut after the company’s initial public offering raised 72.8 billion rupees ($821 million) and fueled a debate over soaring Indian startup valuations.

Shares of the eyewear retailer founded by “Shark Tank India” judge Peyush Bansal tumbled as much as 12% early Monday, before rebounding to as high as 413.80 rupees, up 2.9% from the IPO price. The stock ended up closing up 0.3%.

The IPO attracted subscriptions that were 28 times the amount of shares on offer, led by institutional investors, but the stock ...