People are wrong to call Ambit Capital’s sell call even before Lenskart lists as unprecedented.

It is completely, 100% WRONG. This is not the first time.

We are watching a re-run of a very painful movie.

Does the name Paytm ring a bell?

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Let’s go back in time.

- Right before the Paytm was to list, Macquarie came out with a brutal, hard-hitting 'sell' call with target price of Rs 1.2k, vs IPO price of ~Rs 2.2k

A total CARNAGE. A complete and utter wipeout for retail investors who bought into the hype. It was brutal.

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Now, let's be VERY clear.

I am not saying Lenskart will see the same carnage. Nobody knows. Nothing of this sort is predictable.

The point is the pattern. The similarities are almost spooky.

It’s about the same time of year.

- Paytm listed in that same Oct-Nov window

- And look at the calendar right now. It's the same. We are seeing the same massive flood of IPOs. Mega IPOs

All coming out at the same time. All asking for huge sums of money. All demanding very, very high valuations. All compressed into a tiny span of just a few weeks. This is exactly what that 2021 frenzy felt like.

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And, right after the Paytm IPO tanked - The entire IPO market DIED. The sentiment was destroyed.

Several companies had to pull their IPO plans off. This includes OYO and boAt which are now again trying to list.

That’s the kind of damage we are talking about.

So, the question is NOT about Lenskart. Stop focusing on the single stock.

The real question is about the market. Is this massive, frothy exuberance around IPOs about to hit the same wall? Is history going to repeat, AGAIN?

Will this single event nuke the sentiment for all the other companies waiting in line? Does it mark the turning of the tide, like Paytm listing marked in 2021?

That is what matters. That is what must be tracked. No?