Mumbai, Mar 16: XED Executive Development Ltd today became the first company from GIFT City to open its IPO for public subscription, marking a defining moment for India’s International Financial Services Centre (IFSC). The issue is live from today, March 16, and will remain open for subscription until March 24, 2026. The IPO is priced at US$ 10 to US$ 10.5 per share, a fully dollar-denominated offering, and is now accessible to eligible global investors. Upon closure, the shares will be listed on NSE International Exchange (NSE IX) and India International Exchange (India INX), both based at GIFT City.
“This is the moment we have been working toward. Today, with the IPO formally open, we invite eligible investors from across the world to be part of a truly historic offering. Despite the brief pause we took to navigate geopolitical headwinds, our confidence in this offering has never been stronger. GIFT City is ready, the platform is live, and the subscription window is now open,” said John Kallelil, Founder and Managing Director, XED.
“Today marks a great beginning for GIFT City, and indeed for Indian capital markets. With XED’s IPO now open for subscription, we are witnessing the realisation of what GIFT City has always aspired to be a world-class, internationally accessible financial hub. NSE International Exchange is honoured to be a part of this milestone, and we look forward to welcoming global investors as they participate in India’s first GIFT City IPO,” said Mr. V. Balasubramaniam, Managing Director & CEO, NSE International Exchange (NSE IX).
“The subscription window being open is a signal that India’s IFSC has well and truly arrived on the global capital markets map. India INX has always championed GIFT City as a credible cross-border fundraising platform, and XED’s IPO, now live, is the most compelling proof of that. We encourage eligible investors worldwide to seize this opportunity and be part of a genuinely historic listing,” said Mr. Vijay Krishnamurthy, MD & CEO, India International Exchange (India INX — A BSE Company).
“Even as global uncertainties cause turbulence in many markets, India’s economic resilience stands out, and the GIFT City platform offers global investors a structured, dollar-denominated route to participate in that growth story. With the IPO now open, we believe this is an excellent opportunity for eligible investors to take part and be a part of India success story” said Abhishek Kaushik, CEO, Global Horizon Capital Advisors (IFSC), sole Book Running Lead Manager to the issue.
How to Subscribe
The IPO is open to eligible investors under the IFSCA framework, including Non-Resident Indians (NRIs), foreign portfolio investors, institutional investors, and other permitted overseas participants. All transactions are denominated in US dollars. Investors may approach their brokers or intermediaries registered with GIFT City-IFSC to participate in the issue before the subscription window closes on March 24, 2026.
Global Horizon Capital Advisors (IFSC) is the sole Book Running Lead Manager. DBS Bank and RBL Bank are the bankers to the issue. KFin Technologies is the registrar.
A New Chapter for GIFT City’s Capital Markets
XED’s open subscription marks more than just a corporate milestone — it is a demonstration that GIFT City IFSC functions as a genuine international capital-raising platform. The company’s global executive education business, active across 25+ countries spanning India, the Middle East, Southeast Asia, and North America, makes it a fitting standard-bearer for this landmark listing. XED is proposing a listing size of USD 12 million and is profitable at both EBITDA and PAT levels.
