Veteran investor Vijay Kedia slammed India's IPO market, saying there's 100% madness and even "muchchad paan wala (betel vendor with moustache)" will launch an IPO very soon. "Even he'll say, 'I want to open four shops, I'll make paan using AI and I supply paan to data centres'," Kedia joked. Shares are declining 30-50% despite oversubscribed IPOs, he noted.