Jordan Ayew’s stoppage-time equaliser denied Ipswich a first Premier League win of the season as Leicester snatched a 1-1 draw.
Town were on course for their first three points in the top flight since April 2002 when a superb volley from Leif Davis put them ahead.
But the Tractor Boys had Kalvin Phillips sent off with 15 minutes remaining, and the 10 men were unable to hold on.
Instead, Ayew’s last-gasp strike meant Kieran McKenna’s immensely watchable side have now squandered a lead five times in 10 matches this season.
Leicester, with manager Steve Cooper serving a touchline ban, should have gone ahead in the third minute when Jamie Vardy got in behind the Town back four.
But the 37-year-old opted to square the ball rather than shoot and Stephy Mavididi made a mess of his finish.
Moments later Leicester almost gifted the hosts a goal when Jannik Vestergaard miscontrolled a pass from goalkeeper Mads Hermansen.
Omari Hutchinson nicked the ball away from the defender and stood up an inviting cross for Sam Szmodics, who headed wastefully over.
Leicester’s Brighton loanee Facundo Buonanotte then embarked on a mazy run into the penalty area, beating four players before his deflected shot was pawed away by Arijanet Muric.
Ipswich passed up another good opportunity after half an hour when Dara O’Shea met a Davis corner unmarked at the back post, but he planted his header into the ground and wide.
But Town were playing some eye-catching stuff, and one slick move saw Liam Delap’s extravagant pass taken by Conor Chaplin and curled inches wide of the far post.
Hermansen had to come out bravely to deny the onrushing Delap and then hold Ben Johnson’s drive with Ipswich, like so many times this season, unable to convert some wonderful chances into goals.
That changed nine minutes into the second half, however, as Davis scored with a beautiful far-post volley. The left-back met a sweeping cross-field pass from Sam Morsy with a measured, cushioned effort back past Hermansen and inside the opposite post.
However, the mood inside Portman Road changed when a chaotic couple of minutes saw Conor Chaplin bundled over by Abdul Fatawu in the area, with referee Tim Robinson waving away Ipswich’s penalty appeals.
Robinson then further angered the locals when he showed Phillips a second yellow card for a foul on Abdul Fatawu.
Leicester sensed their chance but Buonanotte blazed over from 15 yards and Ayew’s goalbound shot was cleared by Cameron Burgess.
However, in the fourth minute of stoppage time, Morsy was robbed by Boubakary Soumare as he attempted to run the ball into the Ipswich half.
Soumare fed fellow substitute Ayew, who played a neat one-two with Vardy before slipping the ball under Muric to leave Cooper celebrating from the press seats and Ipswich utterly crestfallen.
