XED Executive Development, a global executive education platform, is gearing up to launch India’s first equity initial public offering (IPO) from the GIFT City International Financial Services Centre (IFSC).

XED has filed its red herring prospectus (RHP) with the registrar of companies after securing stock exchange approvals, it said in a release.

The issue, expected to open in early March, will see the company raise $12 million through a dollar-denominated listing on NSE International Exchange (NSE IX) and India International Exchange (India INX).

XED’s proposed listing marks a milestone for GIFT City’s offshore capital markets ecosystem, as it tests the viability of the IFSC platform as an alternative capital-raising route for globally operating Indian-origin companies.

Here’s all you need to know about the first IPO from GIFT City IFSC

Unlike domestic IPOs that remain open for three days, offerings under the IFSC route can remain open for up to seven to ten days.

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

This dollar-denominated GIFT City listing targets overseas investors, enabling investment and exits in foreign currency, creating an efficient platform for overseas institutional participation.

The equity shares will be listed on  NSE IX and India INX at GIFT City, 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. “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 release noted.

“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.

“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.

Objective of the issue

Founder and Managing Director John Kallelil said the capital will be used to accelerate global programme expansion, deepen university partnerships and invest in delivery capabilities across key markets.

“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.” 

Piyush Agarwal, CFO of XED, said the structure enables global investors to evaluate the company within an internationally comparable framework, combining dollar-denominated trading with Indian regulatory oversight.

Officials from NSE IX and India INX (a BSE company) described the IPO as a significant development for GIFT City’s capital markets platform, noting that it could set a precedent for enterprises with cross-border ambitions seeking offshore listings.

Founded in 2018, XED operates in the executive education space, delivering leadership and management development programmes across more than 25 countries. The company serves senior professionals across India, North America, Europe, the Middle East and Asia, and collaborates with 17 international academic institutions. It has trained over 15,000 executives and is profitable at both EBITDA and profit-after-tax levels.

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