Capital formation through the primary capital market is indispensable for the economic development of a nation. New securities in the form of Initial Public Offerings (IPOs) are issued in the primary capital market. Securities issued through IPOs get listed on a recognised stock exchange mandatorily within a stipulated time from the date of issuance. The IPOs are subscribed by the interested investors at the offer price or issue price decided by the merchant bankers as book runner lead managers (BRLMs). After the listing of IPOs, they may display under-pricing or over-pricing on the listing day. Many factors govern the market performance of IPOs. In this context, the current study analyses the first day price performance of IPOs based on the listing delays incorporated in the issue process. The paper also studies the various measures of first day returns, like the average initial return, average MAAR, average annualised initial return, and average annualised MAAR on the basis of the different groups formed on the basis of difference in listing delays for the sample IPOs companies. Such measures of average returns are observed for statistical significance with the application of one-sample t-test. The study ultimately finds the sample IPOs are underpriced when studied on the basis of different categories of listing delays. Listing delays between 8 days to 12 days repeatedly shows higher under-pricing, which is significant. However, IPOs belonging to the group where listing delays are less than 8 days do not show significant under-pricing.