Shockingly, startlingly, beautifully. At least you should wear a jacket. So, thank you for that. And sir, how does it feel to be on the stage with me?
He will increase the volume from behind. He went with Kapil Sharma. I am going with him.
Very nice. But I want to ask you all some questions quickly. Sameer runs an investment house. I run Paytm. So you can understand that I am his disciple. When he blesses like this, my stock goes up. [Laughter]
He got listed. I used to really crib on Twitter. You can see my feed in the past. Abusing is their birthright. And here, many of our old friends are also sitting. Meaning, doing an IPO means receiving abuse in public. Initial Public Offering means Initial Abuse Offering. Now you are going to get trolling and everything.
But ever since I bought the shares and made money, I became a good boy. Since then, we are firm friends. So I want to ask quickly. A founder whose IPO is going on right now, a big one. You will like hearing this. How should a founder price an IPO?
So the first thing is that he has to be able to explain that when a company is private, he can do what he wants. I don't understand why the company can't tell everyone that when I am private, I can give, I can take dividends, I can take salary, I can sell shares to my... but he is not able to explain even that. So I think, like you have learned, he will also have to be taught by the market.
Okay, learn by the market. But pricing is a big maze, right? From TV to the public market, everyone thinks you are taking our money. Why are you taking it at this price when it was like this before and like this after? So you tell me, from a fund manager's perspective, what is the correct pricing of an IPO?
People say, is there such a thing as luck in the market? Is there a God of price? Price is God. So if the IPO is subscribed, then price is God, right? We got whatever luck we had.
In my opinion, he will get as much abuse as you did. [Laughter]
I am talking about so many IPOs. Okay, tell me one more thing. These companies, young entrepreneurs, and you people used to be big business families, fourth generation after three generations, 'Sir, what is my name?' category. Don't you feel that these kids should be spared? The new players who come, as soon as they fall 60-70%, we spare them.
Okay, they give 60-70% returns.
No, when their share falls 50-60% from the IPO, we spare them. So what is your favorite stock at this time?
Both our new ones are favorites. One is Paytm and one is Zomato. There should be no conflicted related party transaction. We bought both 60-70% down from IPO. We are very happy with both.
Tell me, all this money you take from investors, people say whether retail investors should invest or not, but the investor who gave money to the mutual fund will definitely increase the IPO. So your role has become like 'Market, we are God'. Do you ever feel like, 'Sir, do I feel like I am God'? Do you feel that?
I don't feel that. The main thing is that the lesson is that you are not doing well by choosing wisely, you are doing well by rejecting wisely.
Oh my God! So you are saying rejecting wisely is the game. And the game is like this. Did you ever invest at the time of an IPO? Let's say from so long ago. What kind of stocks were they? Right now, people won't talk until they fall 50-60%.
Actually, I think that when the private equity guys came in, they screwed the story for the public. When the private equity guys came in, they have spoiled the market for the public shareholders, I mean public investors. Otherwise, in the old days, HDFC Bank and Kotak Bank and all these...
So you want to say the private equity guys actually...
Yeah, yeah, they are spoiling it I think a little bit without themselves making too much money. Because they make in the successful IPOs but lose in all the others. We don't would get to the IPO stage in the end. They are just spoiling our party.
