The first IPO of Gift City may be launched soon.Image Credit source: ChatGPT
The first IPO of GIFT City is likely to hit the market soon. XED Executive Development has filed its red herring prospectus with the Registrar of Companies (IFSC) after completing the regulatory formalities. The company plans to raise $12 million through a dollar-denominated listing in India’s International Financial Services Centre. It is expected that this issue will open in the first week of March. This IPO is the first IPO to be launched from the offshore capital market platform of GIFT City.
Founded in 2018, XED is a global executive education platform that provides leadership and management development programs to senior professionals in more than 25 countries. The company operates in India, the Middle East, Southeast Asia and North America and has trained over 15,000 executives, including professionals from Fortune 500 companies. It collaborates with 17 international educational institutions to develop programs focused on leadership, strategy, digital transformation and emerging technologies.
These people can invest
The shares will be listed on the NSE International Exchange and the India International Exchange (IFS), both operated from GIFT City, and will be traded in US dollars. This structure has been created for foreign participation under the IFS framework. Eligible investors include NRIs, foreign portfolio investors, institutional investors and other permitted global participants. The sale of Anchor Investor stake is expected to be completed by the end of this month. This IPO is being seen as a testing ground for GIFT City.
Why is XED bringing IPO?
XED Founder and MD John Kalelil said that the objective of the listing is to accelerate the company’s international expansion. He said that this IPO is not just symbolic; This is strategic. We are raising capital to accelerate global program expansion, strengthen university partnerships, and invest in distribution capabilities in key markets. GIFT City will provide us with access to international investors who understand cross-border education business and long-term institutional expansion. The IPO will be issued in dollars, making investment and withdrawal possible in foreign currency.
This IPO of Gifty City is very important
Exchange officials described this issue as an important step for the IFSC platform. V Balasubramaniam, MD and CEO of NSE International Exchange, said the IPO is “a turning point for GIFT City’s offshore capital markets ecosystem”, and the exchange aims to provide a transparent platform for companies seeking foreign capital. The company has indicated that it is making profits at both EBITDA and net profit levels. The proceeds from this IPO will be used for global expansion, strengthening distribution infrastructure and deepening institutional partnerships.
