The primary focus is on studying the under pricing phenomenon in Indian IPO markets. The paper examines the link between the reputation of underwriters to an IPO issue & the level of under pricing of that issue.The underwriters of high reputation have a pricing behavior which is distinct from underwriters in other markets. The investment banks are compared on the basis of the number of issues managed; deal value, syndicate size etc & the top banks were found to under price less as compared to their lower ranked counterparts. The post listing returns are directly related to the number of times the IPO issue is oversubscribed.The study is based on Indian IPO offerings.