Tomas Pekhart scored on his home debut to secure a point that lifted Southampton off the foot of the table.
The on-loan Tottenham striker fired past Richard Wright from 18-yards to earn a first home point of the season.
Andrew Surman gave Southampton the lead on 12 minutes with a 25-yard drive, but Owen Garvan levelled after Kelvin Davis could only parry David Norris' shot.
Alan Quinn headed Ipswich ahead from Moritz Volz's cross before Pekhart came off the bench to great effect.
Southampton manager Jan Poortvliet:
"I have to be happy that we gained a point.
"I cannot understand it in many ways because we started so well, but as soon
as Ipswich equalised we lost our belief and confidence.
"At one stage I thought the spirit had gone and we needed a lift. That is why I
made three substitutions early in the second half.
"But only three days ago we had a tough game at Queens Park Rangers and had to
play for an hour with only 10 men. Maybe the damage was done there because we
could not keep our confidence."
Ipswich manager Jim Magilton:
"We made a sluggish start and allowed Southampton too much freedom but we were much better in the second half and we should have gone on and won but we threw the game away.
"There was a catalogue of errors for Southampton's second goal and some
lackadaisical defending.
"But credit to Southampton, they showed great courage and character to come
back at us."
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