Kolkata: Come March and history will be made as the first IPO from GIFT City, India’s International Financial Services Centre (IFSC), will be floated. XED Executive Development, which is a platform for executive education on leadership and management development worldwide, has filed documents for raising about USD 12 million through an IPO. The bidding window will be thrown open to the public in the first week of next month. The company is headquartered in Singapore.
The IPO will be governed by the regulatory framework of the International Financial Services Centres Authority (IFSCA). The company has said in a statement that it has secured all the necessary approvals from the stock exchanges and filed its Red Herring Prospectus with the RoC (Registrar of Companies). GIFT City was incorporated in 2009.
Who can invest
Significantly, only eligible investors under the IFSCA framework can invest in this IPO. This includes NRIs (non-resident Indians), FPIs (foreign portfolio investors) institutional investors and other permitted participants from abroad. The shares of XED will be listed on NSE International Exchange and India International Exchange at GIFT City. The shares will not be denominated in rupees but in US dollars. Like the IPOs in the domestic market, this one will have a part of anchor investors too, and this pat will be conducted by Feb end.
Purpose of the IPO
The founder and MD of XED John Kallelil has told the media that the objective of the IPO is to fuel the company’s global growth plans. “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,” Kallelil as quoted in the media as saying.
Business of XED
XED was set up in 2018. It is a platform that offers executive education worldwide. It offers courses on leadership and management development programs to senior professionals in more than 25 countries. XED in active in various geographies such as India, West Asia, Southeast Asia and North America. It has imparted training to more than 15,000 executives. There are many from Fortune 500 firms who have been trained by XED. The company has also associated with as many as 17 global academic institutions to create its education programs. XED is a profit making company.
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