The Indian equity market has witnessed significant growth in recent years, with Initial Public Offerings (IPOs) emerging as a popular investment avenue among retail investors. This study examines the role of IPO listing gains in wealth creation, focusing on recent trends between 2024 and 2026. Using a mixed-method approach, the research combines primary data collected from 100 investors with secondary data from stock exchanges and financial reports. The study analyzes key determinants such as subscription levels, Grey Market Premium (GMP), market conditions, and company fundamentals. The findings reveal that IPO investments provide substantial short-term returns through listing gains; however, these gains are not consistent or predictable. Investor behavior is largely driven by short-term profit motives, with many participants selling shares on the listing day. The study concludes that while IPOs contribute to wealth creation, they are more effective as a short-term strategy rather than a sustainable long-term investment approach.