• XED Executive Development Ltd is a leading provider of executive education
  • This Dollar-Denominated GIFT City Listing Targets Overseas Investors
  • Issue priced at US$ 10 -10.5 per share

Mumbai, India : GIFT City, India’s International Financial Services Centre (IFSC), has facilitated its first Initial Public Offering, with XED Executive Development Ltd set to open its dollar-denominated issue on March 6, 2026. The announcement was made by V. Balasubramaniam, Managing Director & CEO, NSE International Exchange (NSE IX), at the Global Securities Markets Conclave 2.0. The issue will close on March 18, 2026; it remains open for subscription for 9 working days.

Global Horizon Capital Advisors (IFSC) is the sole Book Running Lead Manager to the issue, and DBS Bank and RBL Bank are the bankers. KFin Technologies is the registrar of the issue. The offering marks a historic milestone as the first IPO to open from GIFT City, India’s International Financial Services Centre.

The IPO is open to eligible investors under the International Financial Services Centres Authority (IFSCA) framework, including Non-Resident Indians (NRIs), foreign portfolio investors, institutional investors, and other permitted overseas participants. The equity shares will be listed on NSE International Exchange (NSE IX) and India International Exchange (India INX) at GIFT City, India’s International Financial Services Centre, and will be traded in a dollar-denominated instrument.

The company’s listing aligns with its international operating model, serving senior professionals across more than 25 countries with a presence spanning India, the Middle East, Southeast Asia, and North America.

A Defining Moment for GIFT City’s Capital Markets Platform:

XED’s IPO adds a significant step in the evolution of GIFT City IFSC as a credible offshore capital-raising destination for enterprises with global ambitions.

John Kallelil, Founder and Managing Director, XED, said, “Our decision to opt for GIFT City is strategic as we are accessing the global window for our company. 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. We thank our merchant bankers and exchange partners for their support and look forward to the next phase of growth.”  As the Indian growth story unveils even in the midst of global volatility, this IPO offers an opportunity to global investors to participate in India’s growth story, he added.

Global Investor Access Through Dollar-Denominated Framework

The IPO operates within GIFT City’s International Financial Services Framework, overseen by IFSCA. It allows eligible investors to participate through a dollar-denominated platform, facilitating foreign currency investments and exits for overseas institutional participation.

“This structure allows investors to evaluate XED in a globally comparable framework. Dollar-denominated listing, international disclosure standards, and access to offshore capital pools create clarity on valuation and exit mechanics,” said Piyush Agrawal, CFO, XED. “Our offering is in alignment 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,” Agrawal added.

Mr. V. Balasubramaniam, Managing Director & CEO, NSE International Exchange (NSE IX), said, “XED has worked closely with our listing compliance and operations teams, and we welcome their decision to designate NSE International Exchange as the stock exchange for this offering. Scheduled to open on March 6, 2026, the IPO marks a significant milestone for the IFSC ecosystem. We expect this transaction to set a strong precedent for globally oriented companies evaluating GIFT City as an offshore capital-raising platform. We are in discussions with several international issuers and are witnessing growing interest in accessing global capital through this framework.”

Mr. Vijay Krishnamurthy, MD & CEO, India International Exchange (India INX – A BSE Company) added, “This first equity IPO by XED marks a significant milestone in the evolution of India’s IFSC ecosystem, reinforcing GIFT IFSC’s emergence as a preferred global capital-raising destination. It sets a strong precedent for companies with cross- border ambitions to leverage the platform for efficient access to international investors and enhanced global visibility.”

Institutional Momentum and Anchor Participation:

“The success of XED IPO will set a true benchmark as many companies are already mulling offshore listings. We are confident 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.