This study was conducted to analyze the short and long run price performance of IPOs in Bangladesh. Based on a sample of 163 IPOs that were issued during the period between 1992 and 2006, this study documents short run out-performance and long run underperformance of IPOs in the secondary market. The short run out-performance of IPOs peaks in the first month of trading in the secondary market. In the long run IPOs under perform the industry and the market in general. But the underperformance to industry is much severe than underperformance to market. Further analyses reveal that the long run underperformance is much higher for IPOs issued in few years, particularly the hot issue periods. IPOs belonging to Leather, Engineering, Paper, Ceramic and Food industries underperform their respective industry and the market severely in the long run. On the other hand, IPOs belonging to Banking and Non-bank Financial Institutions industries outperformedtheindustryandthemarketsignificantly.