₹18,300 crore IPO. ₹38,000 crore erased on day one.
The institutional roadshow was managed with precision. In the weeks before listing, a different environment was moving in a different direction entirely — on the forums and communities where retail investors actually process and decide.
The grey market premium collapsed from ₹135 to ₹60. The signals were visible, measurable, specific. Nobody in the institutional process was reading the environments where they lived.
What could have been seen
Retail sentiment hostile and accelerating on platforms the IR team was not monitoring. Communication reaching the wrong environment. Register, platform, and timing needed to shift. Window: ten days.