This study uses semi-log equations and dummy model across four policy periods namely liberalisation, globalisation, recovery and crisis periods respectively to study the changes in the overall IPO market post-CCI (Controller of Capital Issues) era. We found that from 1991 onwards, the amount of IPO grew at a rate of 11.54% compounded annually whereas the number of issues declined at a rate of 9.91% compounded annually. However, the average size shows a net increase of 21.46% compounded annually reflecting an overall increase in the quality of issues, instead of quantity. Further, the behaviour of the IPO market across various policy periods analyzed through dummy regression model shows that due to structural changes in 1995, both number of issues and amount raised gave a negative ACGR during globalisation period. However, markets get matured over the periods and the system did not shake even in the crisis period and become able to overcome the major downturn.