Existing literature on IPOs emphasis that the market sees the presence of IPOs as an element that creates competition among the existing firms within an industry. The prevailing market sentiment, investor’s expectation and stock performance has been studied, especially during hot IPOs markets (Ritter, 1991; Loughran and Ritter, 1995; Purnanandam and Swaminathan, 2004). The competition among the inter and intra firms may also be influenced by the investor’s expectation toward the IPOs forecast and underestimation about competitive positions of the existing firms within an industry. The above scenario can be due to the disagreement of managers of the existing firms, with the markets poor assessment of their firm’s competitive positions relative to the IPO firms. The use of IPOs across various industry as a proxy for the hot IPOs market, we find evidence that among 64 industries which was studied from 1999-00 to 2014-15, Banking was the only industry which raised 5% or more than 5% of IPO total amount volume (capital mobilization) per annum for eleven years in a study of sixteen years, followed with Information Technology raising 5% or more than 5% of total IPO amount volume per annum for six years. This shows that few industries contribute for the IPOs boom in the market while other industries just follow the trend sit by the leaders during that particular phase.