The performance of Initial Public Offerings (IPOs) in the financial market is a pertinent issue in the present day. Usually, the listing day performance of the IPOs shows under-pricing. Many influencing factors impact the performance of the IPOs towards their prices, either positively or negatively. Since, the IPOs play an integral role in money mobilisation of an economy, it is important to understand the significant differences between the closing price of IPOs as on the first day after listing and the issue price. The current study makes an attempt to explore the listing day price performance of the IPOs with respect to the various classifications of the IPOs according to their issue price. The study also explores the different measures of first day returns like the average initial return, average MAAR, average annualised initial return and average annualised MAAR based on different parameters of issue price. Such measures are tested for having statistical significance using one-sample t-test. The study ultimately finds that many of the sample IPOs are under-priced when studied on the basis of different categories for issue-price based classification.