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In this paper ,the efforts have been made to explain how the IPOs are affected by the underwriter's reputation. What happens to IPOs which are backed by reputed underwriter and what happens to those which are not backed by reputed underwriter .Evaluation of the IPOs short run and long run performance? The relation between IPOs and underwriter is highlighted. Comparison between some of the international returns and Pakistani returns has been made. Also, the effort has been made to determine the relationship between the investor and the underwriter and how it affects the value of IPOs in the market both in the short and long term.