The growth of the Indian capital market has sparked increasing interest in Initial Public Offerings (IPOs) as an investment avenue. However, participation among retail investors remains varied across different demographic and socio-economic segments. This study aims to examine the association between selected variables—age, gender, marital status, native place, monthly income, and yearly savings—and IPO investment behavior. A primary survey was conducted among 200 respondents from Jhansi using a structured questionnaire. Convenience sampling was employed, and the data were analyzed using cross-tabulation and Pearson’s Chi-Square test. Findings indicate that age (χ² = 19.150, p = 0.001), gender (χ² = 13.898, p = 0.000), native place (χ² = 11.948, p = 0.008), and yearly savings (χ² = 13.546, p = 0.009) have a significant association with IPO participation. In contrast, marital status and monthly income did not show statistically significant influence. The study highlights that young, male, semi-urban or Tier 2 city residents with higher savings are more inclined to invest in IPOs. These findings suggest the need for targeted awareness programs, simplified investment platforms, and inclusive financial education to boost retail investor engagement in the primary market.