Initial Public Offerings (IPOs) of equity securities often exhibit under-pricing; i.e. common stock values tend to rise significantly from the offer price on the first day of trading. The evidence for Real Estate Investment Trust (REIT) IPOs is less consistent. However, most studies are concentrated in the mature REIT markets such as the US, UK and Australia. The present study examines the IPOs in a much smaller and immature REIT market; Turkey.