From IPO pricing to storytelling: Samir Arora, Vijay Shekhar Sharma & other market veterans star at IP Feast 4.0 Legends

IPFEAST 4.0 LEGENDS

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.”

ALSO READ: Madhu Kela, Sanjeev Bikhchandani on why India's growth story is powered by its entrepreneurs

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. It featured leaders from across business and culture — including Manish Malhotra, Nikhil Nanda, Sanjeev Bikhchandani, and Puneet Chhatwal — celebrating how ideas evolve into lasting legacies. The evening closed on a cultural note with performances by Hargun Kaur and Indian Ocean, encapsulating the event’s spirit of creativity meeting commerce.

Beyond investing and enterprise, the celebration extended to culture and performance, with singer Hargun Kaur and iconic rock band Indian Ocean delivering standout acts that capped the evening on a high note.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.