India's IPO market accounted for 22% of global IPO activity in January-March 2025, EY's Q1 2025 IPO Trends Report said. The largest IPO during this period was by Hexaware Technologies, which raised $1 billion, while India's overall IPO activity declined by 20% in 2025's first three months. About 90% of Indian companies that launched IPO in January-March 2025 were profitable.