Securities and Exchange Board of India (SEBI) launched compulsory grading of IPOs in May-2007. The listing day and long-run performance of IPOs are analyzed to examine the effects of IPO certification among underpriced graded IPOs listed in India listed between fiscal years 2006 and 2013. Using a sample of 114 underpriced graded IPOs, this study reveals that (1) the effects of certification are demonstrated with higher-grade IPOs underpriced the least, (2) certification effects do not continue to persist over the long run, and (3) Price corrections are extreme over the long run with lower grade IPOs.