Mumbai, India:  XED Executive Development which was aspiring to the be the first company from GIFT City, India’s International Financial Services Centre (IFSC), to come out with an IPO has decided to withdraw the Initial Public Offer due to tepid response from investors amidst global crisis.

“The company decided to withdraw the public issue in the current environment and hopes to tap the market at an appropriate time in the future” the company said. It has informed its decision GIFT City- IFSC authorities as well as listing exchanges. The shares were to be listed on NSE International Exchange (NSE IX) and India International Exchange (India INX) at GIFT City.

The Company’s decision to withdraw the current IPO offering prior to closing was driven by a combination of factors beyond its control. Despite strong retail interest in the offering, a significant portion of prospective retail applicants were unable to complete their bids within the offering window owing to KYC-related procedural bottlenecks, resulting in a material gap between expressed interest and actual subscription. On the institutional side, response was muted reflecting the prevailing global risk-off sentiment, with institutional investors exercising heightened caution in the context of ongoing geopolitical uncertainties.

While the Company had the ability to proceed with a listing at a subscription level above the minimum threshold, the Board and management took the considered view that doing so under current market conditions — characterised by elevated volatility and compressed liquidity — carried a meaningful risk of post-listing price pressure given the relatively limited float. Proceeding in such an environment would not have served the best interests of incoming shareholders or the long-term market standing of the Company. The decision to withdraw is accordingly a proactive and governance-driven one, taken to ensure that when the Company lists, it does so under conditions that support fair price discovery and sustainable shareholder value creation.