The results indicate that the sample IPOs were significantly underpriced on their respective listing days, as the average listing-day gain was 10.36% (t=2.587, p=0.014), and 65% of IPOs posted positive first-day returns. To measure long-term wealth creation over a period of one year, an average return of 60.69% was calculated (t=2.951, p=0.005), although a small number of extraordinary performers skews this large return; the median long-term return was 12.28% and 45% of the IPOs during this period had negative returns and destroyed wealth for investors. Importantly, this study demonstrates that the short-term and long-term performance of IPOs are independent statistically (r=0.025, p=0.876), which represents the most significant contribution of this study. Furthermore, using a paired sample t-test, the researchers confirm that there is a high level of significance regarding this independence (t=6.175, p