This document is a report on the EY Global IPO Trends for the third quarter of 2025, detailing the recovery of the global IPO market. The report outlines significant trends, including a 19% increase in deal volume and an 89% rise in proceeds year over year, indicating a solid rebound in investor appetite. Key regions driving this recovery include the US, India, and Greater China, which together accounted for a substantial portion of the total proceeds. The report also discusses the evolving regulatory landscape, highlighting reforms that aim to streamline listings and enhance market competitiveness. Additionally, it notes the increasing role of private equity-backed IPOs as a viable exit strategy amid improving public market conditions. The document emphasizes the importance of strategic agility for issuers, as they must align their equity narratives with macroeconomic trends and investor expectations. Overall, the report presents a comprehensive view of the IPO landscape, characterized by selective investor behavior and a focus on quality assets.