This article investigates both short and long run performance of 113 IPOs listed on Dhaka Stock Exchange between 2008 and 2019. It examines short run performance to validate the anomaly of short run abnormal returns of stocks. The IPO stocks in the secondary market have underperformed in the three-year long run period and outperformed in the short run. Apart from these, the variation in the returns of sectors has also been analysed. Even though the overall portfolio underperformed, some sectors have outrun the index by a large margin. Insurance and telecommunication are among the outperforming sectors.