Lenskart, Groww’s parent Billionbrains Garage Ventures, PhysicsWallah and Pine Labs together paid ₹474 crore in merchant banking fees for their recently launched IPOs. The four IPOs, which together mobilised ₹21,290 crore, saw Groww emerge as the highest spender on banker fees at over ₹151 crore. Lenskart and Pine Labs followed with payments of around ₹128 crore and ₹104 crore, respectively.