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MUMBAI: With total fund mobilisation at $2.8 billion, India was among the top markets for IPOs during the Jan-March period, a report by global consultancy major EY said. India had a 22% share of global IPO activity. Despite a decline in volume, the percentage of profitable IPO companies surged, reflecting strong market fundamentals, EY said. The largest IPO during this period was by Hexaware Technologies that raised $ 1 billion. However, the overall IPO activity in India saw a decline of approximately 20% compared to the previous year, reflecting a cautious investor sentiment.