XED has filed its RHP with ROC authorities, India’s first IPO from GIFT City IFSC to open in early March

• XED Executive Development Ltd to launch its maiden IPO to raise $12 million
• XED Executive Development Ltd is a leading provider of executive education
• This Dollar-Denominated GIFT City Listing Targets Overseas Investors

MUMBAI: GIFT City, India’s International Financial Services Centre (IFSC), is set to launch its first IPO as XED, a globally integrated executive education company, today announced that it has filed its Red Herring Prospectus (RHP) after completing all regulatory requirements. The offering marks a historic milestone as the first IPO to open from GIFT City, India’s International Financial Services Centre. The issue is expected to open for subscription in the first week of March 2026.

XED has secured approval from the stock exchanges and has placed its RHP with the Registrar of Companies (ROC) following the approvals from the stock exchanges.

The IPO is open to eligible investors under the International Financial Services Centres Authority (IFSCA) framework, including Non-Resident Indians (NRIs), foreign portfolio investors, institutional investors, and other permitted overseas participants. The equity shares will be listed on NSE International Exchange (NSE IX) and India International Exchange (India INX) at GIFT City, India’s International Financial Services Centre, and will be traded in a dollar-denominated instrument. The anchor investor portion of the issue is likely to be closed by the end of this month.

The company’s listing aligns with its international operating model, serving senior professionals across 25+ countries with a presence spanning India, the Middle East, Southeast Asia, and North America.

A Defining Moment for GIFT City’s Capital Markets Platform

XED’s IPO adds a significant step in the evolution of GIFT City IFSC as a credible offshore capital-raising destination for enterprises with global ambitions.

John Kallelil, Founder and Managing Director, XED, said, “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.” As the Indian growth story unveils even in the midst of global volatility, this IPO offers an opportunity to global investors to participate in India’s growth story, he added.

Global Investor Access Through Dollar-Denominated Framework

The IPO is structured under GIFT City’s International Financial Services Framework, regulated by the International Financial Services Centres Authority (IFSCA), allowing eligible investors to participate through a dollar-denominated structure. The structure enables investment and exits in foreign currency, creating an efficient platform for overseas institutional participation.

“This structure allows investors to evaluate XED in a globally comparable framework. Dollar-denominated listing, international disclosure standards, and access to offshore capital pools create clarity on valuation and exit mechanics, which traditional domestic IPO routes do not always provide,” said Piyush Agarwal, CFO, XED. “This offering is designed to align with international capital market standards while retaining the discipline of Indian regulatory oversight. While Indian domestic IPOs are open for three days, the GIFT City IFSC IPO can remain open for up to 10 days,” Agarwal added.

Mr. V. Balasubramaniam, Managing Director & CEO, NSE International Exchange (NSE IX), said, “NSE IX is a leading exchange platform based in Gift City IFSC that would enable corporates from both India and abroad to attract funding from global investors. NSE IX platform acts as a catalyst for the inflow of global funds for the development of the Indian economy. As the designated stock exchange, we are happy that the XED IPO marks an important inflection point for GIFT City’s offshore capital markets ecosystem. We are committed to building a globally competitive platform that enables Indian enterprises with international ambitions to access overseas capital in a transparent, dollar-denominated environment.”

Vijay Krishnamurthy, MD & CEO, India International Exchange (India INX - A BSE Company) added, “This first equity IPO marks a significant milestone in the evolution of India’s IFSC ecosystem, reinforcing GIFT IFSC’s emergence as a preferred global capital-raising destination. It sets a strong precedence for companies with cross-border ambitions to leverage the platform for efficient access to international investors and enhanced global visibility.”

Institutional Momentum and Anchor Participation:

Many leading investors have evinced keen interest in subscribing to the XED IPO, and the company will announce the details ahead of the opening of the IPO for NRIs, HNIs, UHNIs and other investors.

“The success of this issue will be watched closely by companies considering offshore listings. We are confident of setting up a benchmark and validating that GIFT City can support institutional-quality issuers with real international revenue exposure,” said Abhishek Kaushik, CEO, Global Horizons, book-running lead managers to the issue.

Further details are available in the Red Herring Prospectus filed with the Registrar of Companies.

About XED

Founded in 2018, XED is a global executive education platform delivering leadership and management development programs for senior professionals across India, North America, Europe, the Middle East, and Asia. The Company has trained over 15,000 executives from leading global organisations and Fortune 500 companies. XED collaborates with 17 internationally recognised academic institutions to co-develop programs focused on leadership, strategy, digital transformation, and emerging technologies. The Company is profitable at both EBITDA and PAT levels and is progressing toward a proposed USD 12 million listing on NSE International Exchange at GIFT City.