Helios Capital founder Samir Arora and Paytm’s Vijay Shekhar Sharma sparked a lively debate on IPO pricing and investor behaviour at IPFEAST 4.0 LEGENDS in New Delhi — an event curated by Safir Anand and supported by Anand & Anand. The two market voices discussed how richly valued listings are testing investor appetite and how storytelling, sentiment, and fundamentals intersect in today’s markets.
When Sharma asked what the “right pricing” for an IPO should be, Arora quipped, “When the stock falls 50–60 percent, then it becomes a favourable buy,” drawing laughter from the audience.
The debate comes amid heightened scrutiny of new-age listings, with the Lenskart IPO, priced between Rs 382 and Rs 402 a share, reigniting discussion over fundamentals and valuations. Seeking a valuation of nearly $8 billion, the eyewear retailer’s issue has analysts cautioning that while investor interest remains strong, stretched pricing could limit listing gains and long-term returns.
Adding another perspective, market veteran Sanjoy Bhattacharya described “storytelling” as the “biggest bullshit that goes around in stock markets.” He said investing must remain evidence-based, not driven by narratives. “We’re not in the business of winning Pulitzer Prizes or getting Nobel Prizes for literature,” he remarked. “A great imagination is useful, but it doesn’t cut it. You need to be rational, look at the data, and make decisions. You’ll still be lucky if you get 25 percent of them right.”
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Meanwhile, Madhusudan Kela highlighted India’s entrepreneurial spirit as its biggest strength during a panel discussion. “India is being built in spite of difficulties — because of the sheer entrepreneurship, hunger and greed of our entrepreneurs,” he said, adding that successful investing depends on identifying both the opportunity and the entrepreneur capable of seizing it.
The event, rebranded as IPFEAST 4.0 LEGENDS, blended conversations on markets, innovation and intellectual property. The evening was a star-studded celebration of excellence, as around 45 icons from the worlds of film, fashion, fine dining, and business were felicitated for their outstanding contributions.
The lineup featured couturier Manish Malhotra, veteran actor Shabana Azmi, and industrialist Nikhil Nanda, who paid tribute to the legendary Raj Kapoor, marking 100 years of the greatest showman of Indian cinema. Also in attendance were Sanjeev Bikhchandani, founder of Info Edge, Puneet Chhatwal, MD & CEO of Indian Hotels, and celebrated restaurateurs Zorawar Kalra and Riyaaz Amlani, among several other luminaries who have shaped India’s cultural and creative landscape.
The evening also paid a heartfelt homage to Shashi Kapoor, honouring his extraordinary legacy in cinema and his enduring contribution to theatre through Prithvi, making IPFEAST 4.0 LEGENDS a true tribute to timeless artistry and vision.
It all culminated on a high note with soulful performances by Hargun Kaur and the iconic rock band Indian Ocean, perfectly capturing the event’s spirit of creativity meeting commerce.
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