GIFT City is about to witness a historic moment.
For the first time, an initial public offering (IPO) will open at the international financial hub. Mumbai-based XED Executive Development will launch its IPO on March 6.
The announcement was made at the Global Securities Market Conclave 2.0 by V Balasubramaniam, MD & CEO of NSE International Exchange.
This marks an important step for GIFT City as it aims to become a global fundraising destination.
IPO Details: Price, Size and Timeline
XED has fixed the price band at $10 to $10.5 per share.
The total issue size is $12 million.
The IPO will remain open for subscription from March 6 to March 18, giving investors nine working days to apply.
The issue is being managed by Global Horizon Capital Advisors as the sole book-running lead manager.
DBS Bank and RBL Bank are acting as bankers, while KFin Technologies is the registrar.
Who Can Invest?
The IPO will be open to eligible investors under the framework of the International Financial Services Centres Authority.
This includes:
Non-resident Indians (NRIs)
Foreign portfolio investors
Institutional investors
Other permitted overseas participants
The shares will be listed on both NSE International Exchange and India International Exchange.
Importantly, the shares will be traded in US dollars.
A Strategic Global Move
John Kallelil, founder and MD of XED, described the GIFT City listing as a strategic decision.
According to him, the company wants to use this global platform to raise capital, expand internationally, strengthen university partnerships, and invest in delivery capabilities across key markets.
Meanwhile, NSE IX chief V Balasubramaniam said this IPO could set a strong example for other globally focused companies considering GIFT City as an offshore fundraising platform.
With growing international interest, this first IPO could open the doors for many more global listings at GIFT City in the future.
