Devina Mehra, Founder, Chairperson & Managing Director of First Global, which manages funds worth ₹290 crore as of September 30, 2025, has urged retail investors to remain cautious in the current initial public offering (IPO) market.

Mehra warned that the presence of big-name investors in an IPO should not be seen as a stamp of approval. Drawing on her investment banking background, she explained that many IPOs tend to be overpriced. “If they're not overpriced and they're a good business, you're unlikely to get allocation. So both ways it doesn't work out,” she said.

She advised investors not to invest out of fear of missing out (FOMO). Mehra pointed out that venture capitalists often invest at much lower valuations compared to IPO prices. As an example, she noted that Lenskart’s IPO was

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