This publication is an analysis of the performance of equity IPOs that were listed on the main stock exchanges i.e., Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) during the financial years ended 31 March 2020 (FY20) and 31 March 2021 (FY21) along with the first nine months of FY22. The publication analyses the relative performance of IPOs of the 14, 26 and 44 companies that were listed during FY20, FY21, and 9M FY22 respectively, across various parameters including but not limited to their listing performance, the use of funds raised and costs of issue. We have used several parameters to assess the data available, including categorizing the companies into government backed or Public Sector Undertakings (PSUs) and private sector companies, Private Equity (PE) backed and non-PE backed companies. The analysis has been done using publicly available data wherever possible.