David Cotterill fired the visitors ahead after a slip by Christophe Berra.
But Pitman levelled from the spot after referee Keith Stroud ruled Jonathan Spector had fouled Ainsley Maitland-Niles as he slid in to block a cross.
Maitland-Niles and Luke Chambers both sliced good chances wide for Ipswich, while substitute Daryl Murphy steered a free header off target.
But the big talking point of the game was Ipswich's spot-kick, which came 10 minutes after Cotterill had fired Birmingham in front from 15 yards, Andrew Shinnie having capitalised on Berra's slip to play him in.
         
"It was a superb run by Ainsley Maitland-Niles and as he's gone to cross the ball the Birmingham defender has slid in and gone to block the ball. That is not a penalty." Ex-Ipswich defender Mick Mills on BBC Suffolk
"I can't understand the referee's decision, it seems really harsh and I have no idea what the penalty was given for, either a foul or a handball. Blues have been hard done by there." Ex-Birmingham midfielder Darren Carter on BBC WM 95.6
Maitland-Niles showed great pace to get to the byline but his cross took a deflection off Spector and dribbled into the arms of keeper Tomasz Kuszczak.
However, as Spector slid in, his follow-through saw him collide with Maitland-Niles and referee Stroud chose to point to the spot.

Ipswich, who would have gone second if they had won, had the better of the second-half chances but could not find a way through.
Freddie Sears saw a shot cleared off the line by Stephen Gleeson, before Chambers side-footed wide from a corner.
Maitland-Niles also sliced wide from substitute David McGoldrick's knockdown, while another substitute Murphy planted a free header off target.
Birmingham, who climbed to sixth with their point, almost snatched all three points at the end when Gleeson curled wide from the edge of the box following Cotterill's short free-kick.

Ipswich boss Mick McCarthy:
"I did think it was a strange decision when I first saw it, but looking at it after the game I think the referee has got it right.
"Harsh as it may seem to them (Birmingham), it was the momentum that caused the foul. If it had been outside the box or on the half-way line, the foul would have been given. It shouldn't be any different in the area."
Birmingham boss Gary Rowett told BBC WM 95.6:

"I'm disappointed because I think everyone I've spoken to says there was no way it was a penalty. At the end of the day the referee's got to give his decision, but he's 60 yards away, his assistant is 20 yards away, nobody appeals and yet he gives it.
"To lose a goal lead in that manner made the game incredibly hard but we stuck at it and we really defended well in the second half under a lot of pressure.
"I think that's probably as big a result for us as any this season because of the manner of the place, the journey and Tuesday night's game [against Nottingham Forest]."