This study examines the short-term underpricing of IPOs in the Indian market. Employing listing day gains to measure underpricing and buy-and-hold returns to assess long-term performance, the previous research has documented initial underpricing and long-term underperformance of IPOs. In contrast, this study evaluates the likelihood of the survival of IPO underpricing within the first year after listing. For the analysis, we employ the Cox regression model The Cox model helps in computing the probability of survival as well as identifying the determinants of the survival. An examination of IPOs from 2021 to 2023 indicates that the survival of issue price of an IPO face significant challenges within the initial 40 days after listing. However, if it survives for the first 40 days, the likelihood that the price will go below the issue price is low. Further, if a stock has survived for 250 days, the chances of its price falling below the issue price are negligible. Additionally, we find that listing delay (the interval between the listing date and the issue date) and daily market returns positively influence the survival of IPO issue price; on the other hand, a higher frequency of sector-specific IPOs in the previous quarter negatively affects the likelihood of survival.