Study was carried out based on listing day performance of 321 Public Issue (IPO/FPO) in India during January, 2007 to December, 2017, listed on Bombay Stock Exchange (BSE), India. It was observed that on an average, returns were positive on the listing day. This study also examined the share price performance on listing day to trace the evidence of underpricing. Results show that underpricing exists in the first day of trading during the particular period. Empirical findings also show that initial return determinants issue size and issue price were unable to impact initial return. However retail investor�s oversubscription significantly impacted the first day return from public issue. Key Words: Initial Public Offering, Stock Market, Under-pricing, Listing Day Gain.