GIFT City is set to launch its first IPO shortly, as XED Executive Development has submitted its Red Herring Prospectus to the Registrar of Companies after fulfilling the necessary regulatory requirements.
The firm aims to raise $12 million through a dollar-based listing on international exchanges within India’s International Financial Services Centre, with the offering anticipated to commence in the first week of March.
This offering represents the first IPO to originate from GIFT City’s offshore capital markets platform, marking a significant achievement for India’s efforts to establish its IFSC as a global hub for fundraising.
The IPO will be structured as a dollar-based offering, enabling investments and exits in foreign currency. The company states that this approach aims to enhance transparency regarding valuation and make global comparisons easier, especially for firms with international revenue streams.
The equity shares will be listed on the NSE International Exchange and India International Exchange, both of which are based in GIFT City, and will be traded in US dollars. This structure is intended to facilitate overseas participation in accordance with the International Financial Services Centres Authority’s framework.
Eligible investors consist of non-resident Indians, foreign portfolio investors, institutional investors, and other authorized global participants. The allocation for anchor investors is anticipated to conclude by the end of this month.
For GIFT City, the IPO is regarded as a crucial trial for its framework for offshore listings. Although the IFSC has witnessed debt listings and derivative transactions, an equity IPO from an operational company marks a new stage in the evolution of its capital markets ecosystem.
John Kallelil, the Founder and Managing Director of XED, stated that the purpose of the listing is to expedite the company’s global growth.
“The opening of this IPO is not symbolic; it is strategic. We are raising capital to accelerate global program expansion, deepen university partnerships, and invest in delivery capabilities across key markets. GIFT City gives us access to international investors who understand cross-border education businesses and long-term institutional scaling,” said Kallelil.
Exchange officials described the matter as a significant milestone for the IFSC platform. V Balasubramaniam, Managing Director and CEO of NSE International Exchange, stated that the IPO signifies a crucial turning point for the offshore capital markets environment in GIFT City, emphasizing that the exchange intends to offer a transparent platform for businesses looking for international funding.
Company Details
XED, established in 2018, is a worldwide platform for executive education that provides leadership and management development programs to senior professionals in over 25 countries. The organization operates in India, the Middle East, Southeast Asia, and North America, having trained more than 15,000 executives, including individuals from Fortune 500 firms.
It partners with 17 global academic institutions to create programs centered on leadership, strategy, digital transformation, and emerging technologies. The company is profitable at both the EBITDA and PAT levels and is working towards a proposed USD 12 million listing on the NSE International Exchange at GIFT City.
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