Kolkata: It would have been a landmark event in the GIFT City. XED Executive Development, the company poised to launch the first Initial Public Offering (IPO) from GIFT City. The company has said that it will revive it at an appropriate time. Gujarat International Finance Tec-City of GIFT City was conceived as a global capital markets centre on the lines of those in Dubai and Singapore and it was set up in April 2015.
Weak market sentiment
The issue was originally supposed to throw open its bidding window on March 6. But it was postponed to March 16 and the window was supposed to be open till March 24. But the company extended the date to March 30 after noticing weak demand. But till the evening of March 30, the IPO managed to receive only 5% of the applications. Earlier, XED Executive Development had stretched the last date of bidding to March 30 om the ground that there were delays in mandatory video-based customer verification for non-resident Indians and foreign investors.
Target was $12 million
The issue was targeting to raise about $12 million and the price band was $10-10.5 per share. The shares were to be listed on NSE International Exchange and India International Exchange at GIFT City.
The issue was pulled out at a time when there is a lull in the primary market in the stock exchanges the world over including in NSE and BSE. Ironically, the expectation among analyst was that this year the Indian primary market will set a new reocrd bettering the records set in 2024, which were bettered in 2025.
XED Executive Development is a company that is based in Singapore and it offers global executive education and leadership training for senior professionals like CXOs. It collaborates with academic institutions to offer tailored programs. The company is active in a number of countries in North America, West Asia and Southeast Asia and India.
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