Two teams coming off the back of weekend hidings produced a thoroughly entertaining game at Portman Road, with a draw just about the right result in the end.
Ipswich established a 2-0 first-half lead through Darren Currie and Jimmy Juan's first Town goal, but Gary McSheffrey's stoppage-time goal turned the initiative the visitors' way and loanee Lilian Nalis levelled soon after the break.
Both teams had chances to win it, with Ipswich looking to have taken the points with a late Nicky Forster effort appearing to be over the line before being cleared, but no goal was given.
The game started very slowly, with Coventry having a slight edge and they produced the first chance when Dele Adebola beat Richard Naylor to a Marcus Hall cross, but he glanced wide.
McSheffrey volleyed on the turn onto the roof of the net before Juan came on for Owen Garvan, the young midfielder injured by a late Nalis challenge for which he was fortunate not to be cautioned.
Town went ahead with their first effort on goal on 28 minutes, Currie's inswinging free-kick beating friend and foe alike before nestling in the far corner.
Matt Heath produced a good challenge to foil Forster after Juan's pass forward and Sito Castro brought a save out of Stephen Bywater with a firm drive from Jay McEveley's cross.
Lewis Price beat away a fierce Stephen Hughes drive before Town made it 2-0 on 38 minutes, Juan stealing in front of Hall to head home a Kevin Horlock free-kick.
Currie shot wide from 25 yards and Forster would have surely sealed the points on 42 minutes when Adam Proudlock and Currie put him in, he beat two men but dragged his shot wide.
Price saved a low Richard Duffy shot, before McSheffrey gave them hope in first-half added time when he volleyed in a Hughes corner after it was flicked on to the far post.
McSheffrey shot wide soon after the break before Matt Richards almost added a third for Town with a far-post header from Currie's cross which was fortunately blocked by the back of a defender.
Forster saw one effort saved by Bywater, then shot wide and Coventry made Town pay for those misses on 56 minutes when Michael Doyle's deep cross was headed back by Adebola, and Nalis dived to head home from six yards.
Town should have gone back ahead two minutes later, when Currie's deep free-kick found Juan at the far post, but his weak header was easily gathered by Bywater on the line.
McSheffrey shot wide after turning McEveley, Forster had a shot blocked after a Currie cross found its way through to him and then Duffy produced an excellent block to deny Currie after the winger's mazy run took him into the box.
McSheffrey had the ball in the net after slotting through Price's legs, but he had fouled Sito Castro previously, the second time Coventry had had a goal chalked off, with Adebola offside earlier when heading home a flick-on by former Ipswich favourite James Scowcroft.
Naylor and Price almost got into a tangle to allow McSheffrey a chance, before Naylor scrambled the ball clear, but Town then looked to have got a winner.
Currie's corner was helped on by sub Sam Parkin and Forster's touch looked to have taken the ball in before it was cleared, but the well-placed assistant referee ruled it hadn't crossed the line.