XED Executive Development, which aims to become the first company from GIFT City, India’s International Financial Services Centre (IFSC), to launch an initial public offering (IPO), has rescheduled the opening of its issue to March 16, with the offer set to close on March 24. 

The company said the decision to defer the IPO, originally scheduled to open on March 6, was taken due to prevailing geopolitical uncertainties in the Gulf region. It added that it has secured the necessary approvals from the GIFT City–IFSC authorities as well as the listing exchanges. 

The shares will be listed on the NSE International Exchange and the India International Exchange. 

John Kallelil said the company remains confident about completing the listing within the month. “In view of recent geopolitical developments, we have adjusted the opening and closing timeline of our maiden IPO through GIFT City. We remain confident about the offering and are committed to concluding the process successfully within this month,” he said. 

Global Horizon Capital Advisors (IFSC) is the sole book-running lead manager for the issue, while DBS Bank and RBL Bank are acting as bankers to the offering. KFin Technologies has been appointed as the registrar. 

The offering is expected to mark a milestone as the first IPO to open from GIFT City, strengthening the offshore capital-raising ecosystem at India’s international financial hub. 

IPO will be open to eligible investors. Read in details 

The IPO will be open to eligible investors under the framework of the International Financial Services Centres Authority, including non-resident Indians (NRIs), foreign portfolio investors, institutional investors and other permitted overseas participants. 

Shares will be traded as a dollar-denominated instrument, allowing investors to participate and exit through a foreign currency-based platform. 

Strengthening GIFT City’s capital markets 

XED’s listing is also seen as an important step in the evolution of GIFT City as an offshore capital-raising destination for globally focused enterprises. 

The company operates an international business model and serves senior professionals across more than 25 countries, with a presence spanning India, the Middle East, Southeast Asia, and North America. 

Abhishek Kaushik said India’s economic resilience offers a strong investment opportunity for global investors. “Even as global uncertainties are leading to turmoil in many countries, the Indian economy presents strong resilience, creating an excellent opportunity for global investors to deploy capital through the GIFT City platform,” he said, adding that the current global environment remains conducive for investment in Indian corporates and capital markets.