The initial public offering (IPO) of XED Executive Development, the first company to tap capital markets from GIFT City, opened for subscription today, marking a milestone for India’s International Financial Services Centre (IFSC). The company, a leading provider of executive education, plans to raise about $12 million through the listing.

XED had initially planned to launch the IPO on March 6 but postponed it to March 16 amid geopolitical tensions in the Middle East involving the United States, Israel and Iran.

The IPO of XED Executive Development will remain open until March 24, 2026. The company has priced the issue at $10–$10.5 per share, making it a fully dollar-denominated offering aimed at global investors.

Eligible investors, including non-resident Indians (NRIs), foreign portfolio investors, institutional investors and other overseas participants, can subscribe to the issue under the regulatory framework of the International Financial Services Centres Authority.

XED to be listed on NSE International Exchange

The shares are proposed to be listed on NSE International Exchange and India International Exchange, both located at GIFT City.

John Kallelil, founder and managing director of XED, said the opening of the IPO represents a key milestone for the company and the IFSC ecosystem. He further stated that despite a brief delay due to geopolitical volatility, the company remained confident about the offering and invited global investors to participate.

"This is the moment we have been working toward. Today, with the IPO formally open, we invite eligible investors from across the world to be part of a truly historic offering. Despite the brief pause we took to navigate geopolitical headwinds, our confidence in this offering has never been stronger. GIFT City is ready, the platform is live, and the subscription window is now open," he added.

V. Balasubramaniam, MD and CEO of NSE International Exchange, said the offering marks a “great beginning” for GIFT City’s capital markets and demonstrates its potential as a global financial hub.

"Today marks a great beginning for GIFT City, and indeed for Indian capital markets. With XED's IPO now open for subscription, we are witnessing the realisation of what GIFT City has always aspired to be a world-class, internationally accessible financial hub. NSE International Exchange is honoured to be a part of this milestone, and we look forward to welcoming global investors as they participate in India's first GIFT City IPO," he said.

Vijay Krishnamurthy, MD and CEO of India INX, said the IPO provides evidence that GIFT City can serve as a credible cross-border fundraising platform for companies seeking access to international investors.

“India INX has always championed GIFT City as a credible cross-border fundraising platform, and XED's IPO, now live, is the most compelling proof of that. We encourage eligible investors worldwide to seize this opportunity and be part of a genuinely historic listing."

Global Horizon Capital Advisors is the sole book-running lead manager to the issue, while DBS Bank and RBL Bank are the bankers to the issue. KFin Technologies is acting as the registrar.

Founded in 2018, XED is a global executive education platform offering leadership and management development programmes. The company operates across more than 25 countries and has trained over 15,000 executives from global organisations and Fortune 500 companies, collaborating with 17 academic institutions worldwide on programmes related to leadership, strategy, digital transformation and emerging technologies.