The Indian Initial Public Offering (IPO) market has seen significant growth and change from 2021 to 2025, becoming one of the most active primary markets in the world. This study looks at how technology has affected the growth of the Indian IPO market and examines the factors that influence the performance of companies after they go public. The research is based on an analysis of 355 IPOs issued during this time, which together raised ₹5,64,333 crore. The number of IPOs increased sharply from 64 in 2021 to 104 in 2025, with fundraising reaching new highs in both 2024 and 2025. The study found that medium-sized IPOs (between ₹500 crore and ₹5,000 crore) were the most common, although the number of smaller IPOs rose steadily, showing more involvement from new and growing businesses. An analysis of how these IPOs performed on their listing day shows mixed results, with 169 seeing price increases and 186 closing below their initial offering price. The Market Adjusted Average Return (MAAR) analysis suggested that most IPOs performed better than the overall market during good market conditions, particularly in 2023 and 2024. Correlation analysis shows that QIBs and NII had a strong positive impact on the price gains on listing day, while the size of the IPO had little effect on the returns after listing. The study concludes that technological advances, increased participation from retail investors through digital platforms, supportive regulatory changes, and strong demand from institutional investors have all played a key role in the growth of the Indian IPO market. However, the performance of IPOs still largely depends on factors like valuation, investor sentiment, market conditions, and the underlying strengths of the company, rather than just the size of the offering. The study shows the Indian IPO market is becoming more mature, resilient, and competitive globally, and it emphasizes the need for careful investment choices and efficient pricing to support sustainable market development.