It looked like City were heading for a back-to-back defeats in the Premier League after Leif Davis' sumptuous volley gave Kieran McKenna's men the lead. However, substitute Ayew six minutes after his introduction to claim a precious point for the visitors.
Following the midweek defeat by Manchester United in the Carabao Cup, an entirely new XI took the field, while there were two changes from City's last Premier League outing. Central defender Jannik Vestergaard made his return from injury, as did left-back and fellow Denmark international, Victor Kristiansen. Ahead of kick-off, Portman Road paid tribute to those who have served their country, past and present, to mark their Remembrance Fixture in Suffolk. Manager Steve Cooper served his one-game touchline ban.
In their all-white Ice Kings-inspired away kit, the Foxes began with real intent as Jamie Vardy, opting not to shoot, squared to Stephy Mavididi. The No.10 couldn't make clean contact with the ball, though, and Ipswich's Dara O'Shea was able to clear. Opposite winger Abdul Fatawu tested Arijanet Muric for the first time in the game inside 10 minutes, his trademark cut inside and left-footed curler asking questions of the Ipswich No.1.
McKenna's men, promoted alongside the Foxes as Sky Bet Championship runners-up, have showed so far this season they are able to find the net, and when Vestergaard was loose in possession deep in the City half, Omari Hutchinson pounced before delivering into Sammie Szmodics, who nodded over. More pressure followed from the Tractor Boys, Conor Chaplin the man to drill wide with Mads Hermansen diving to cover his near post. A tussle between Wout Faes and Liam Delap, in front of the Sir Alf Ramsey Stand, ignited the Portman Road crowd not long after, this was setting up to be an eventful afternoon.
A moment of magic from Facundo Buonanotte saw the Argentina international drift past three defenders and test Kosovo stopper Muric, whose left-handed save denied the on-loan attacker his fourth Premier League goal of 2024/25. An effort, always rising, from Harry Winks was followed by Wilfred Ndidi blocking O'Shea's attempt and Vestergaard standing in the way of a Hutchinson daisy-cutter as both outfits tested their respective defences.
On the half-hour mark, O'Shea had a big chance to put the hosts in front, but could only head Leif Davis' corner into the Portman Road turf and over Hermansen's goal frame. Chaplin's long-ranger failed to test the Dane with a little over 10 minutes of the first half remaining, however his next attempt flew just inches wide of the top corner. Hermansen was now the busier of the two goalkeepers, this time having to claim Ben Johnson's 25-yard strike to keep the Ipswich right-back's ambitious effort out. An all-action first half only lacked goals, and there was a big second 45 to come.
A stunner from Davis 10 minutes into the second half would break City's lines. Sam Morsy's cross to the far post was side-footed into the net by the left-back, who put Ipswich 1-0 up as the skies began to darken in Suffolk. Leicester needed a response, and it was Winks to next test Muric with a left-footed curler that the 'keeper was equal to.
With 20 minutes of normal time remaining, a brace of substitutes for City saw Boubakary Soumaré and Kasey McAteer come on in place of Ndidi and Mavididi. Then came another major moment in the match, as Kalvin Phillips was dismissed after receiving a second yellow card for a foul on Ricardo Pereira. Leicester had 13 minutes plus stoppage time to swing the pendulum in their favour. An attacking change for City soon followed, Ricardo was the man to make way for Morocco midfielder Bilal El Khannouss, who on Wednesday scored his first goal for the Club.
Fatawu's ball to the back post, with Kristiansen arriving, was eventually gathered by Muric before Buonanotte lifted Kristiansen's cross over from eight yards out. That was the Dane's final action, with Ayew subbed on to bolster the travelling attack. He was immediately into it – Buonanotte was felled but got back up and slipped in the Ghana attacker, who beat Muric, only for Cameron Burgess to block it on the line.
Eight minutes of added time gave City hope. Buonanotte stung the palms of Muric before Fatawu's strike appeared to hit an Ipswich defender's hand in the area. Nothing given. But, typical of the match, that was not the end of the drama. Soumaré was brilliant in shrugging off two challenges to carry the ball along the touchline before offloading to Ayew, who played a one-two with Vardy before slotting past Muric to snatch a point.
It's Manchester United, under the stewardship of Ruud van Nistelrooy for the final time ahead of new manager Ruben Amorim's tenure, next up for the Foxes at Old Trafford on Sunday 10 November (2pm GMT kick-off).