The startup, Zero Innovations, launched an IPO at a valuation of ₹12,000 cr. It had no products, no customers, no revenue and, owing to an administrative oversight, no registered office.

Its prospectus described this as an asset-light, frictionless business model. Analysts praised its exceptionally low operating costs. The IPO was oversubscribed 300x, and shares 2x on listing.

Three months later, the company announced a strategic pivot from doing nothing to enabling others to do nothing. Its valuation, 3x. The founder subsequently resigned, citing burnout. Investors applauded his commitment to maintaining the company's core philosophy.

IPO of IPOs

An entrepreneur took his loss- making food-delivery startup public at a valuation of ₹20,000 cr. His company had never delivered a meal on time, but its investor presentations were punctual. The IPO was a spectacular success.

The founder became a billionaire, early investors became multimillionaires, investment bankers collected handsome fees, and financial advisers purchased holiday homes. Even the company's accountant retired early.

Six months later, the share price had fallen 85%, and thousands of retail investors were nursing enormous losses. The founder expressed sympathy and announced another startup to democratise wealth creation. Its business model involved helping small investors recover their IPO losses through IPO investments.