Initial public offering is a process by which a private company can go public on the sale of its stocks to the general public. It could be a new, young company or an old company which decides to be listed on an exchange and hence goes public. The paper examines the performance of Indian IPOs, on listing day, 30^th  day and 90^th  day of trading during the period 2011-2015. We report, that there exists underpricing on the listing day. The study further reveals that there exists higher proportion of gains on listing day. However, the IPOs underperformed on 30th and 90th day of trading.

KEYWORDS: Bear Market, Bull Market, Under Pricing, Overpricing, Offer Price, Bid Price.