After enabling SSO with ADFS my application is working fine with Chrome and Firefox. But with IE its getting 6 times redirection issue. This is working fine with IE in IIS Express.
I have checked with Fiddler and found in IE after setting FedAuth cookie its getting lose. Then its redirecting again to the ADFS.
This was due to underscore (_) character in my domain name. IE wont allow domain names with _ and refuse to create the cookie. Refer to this.
Note: Redirection between ADFS and Application happens due to various reasons. In my case it was working fine on other browsers.