A growing volume of literature on Initial Public Offerings (IPOs) by Indian firms has sought to explain the efficiency of pricing and the post issue performance of companies that make IPOs in terms of institutional features of the securities market or certain features of the issuers. These studies pertain to different windows of IPO activity, starting with the establishment of the Securities and Exchange Board of India (SEBI) in 1992. However, no study so far has examined the evolution of the attributes of the issuer. The establishment of SEBI in its current empowered incarnation has been acknowledged to be a milestone in the evolution of the Indian securities market. This paper is based on the belief that understanding the evolution of IPOs since the establishment of SEBI may help in understanding the phenomena in the IPO market better. The paper also tries to relate the changes in the profile of the issuers to certain regulatory developments which may have been intended to influence those attributes of issuers and issuances. The observations in this paper provide useful pointers to further research which may unravel the working of the Indian IPO market better. More importantly, they may be useful in designing new securities market which could serve as alternatives to or complement the existing market mechanisms.