India's First IPO from GIFT City IFSC to Open in Early March
The IPO is structured under GIFT City’s International Financial Services framework, regulated by the International Financial Services Centres Authority
Mumbai: India’s International Financial Services Centre (IFSC) at GIFT City is set to launch its first initial public offering, enabling investment and exits in foreign currency (US dollars) and creating a platform for overseas institutional participation.
XED, an executive education company, has filed its Red Herring Prospectus (RHP) after completing all regulatory requirements. XED’s USD 12 million public offering will open in early March.
XED is a global executive education platform delivering leadership and management development programs for senior professionals across India, North America, Europe, the Middle East and Asia.
The IPO is structured under GIFT City’s International Financial Services framework, regulated by the International Financial Services Centres Authority (IFSCA), allowing eligible investors to participate through a dollar-denominated structure. The structure enables investment and exits in foreign currency, creating an efficient platform for overseas institutional participation, said a release issued by XED.
“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, which traditional domestic IPO routes do not always provide,” said Piyush Agarwal, CFO, XED. “This offering is designed to align with international capital market standards while retaining the discipline of Indian regulatory oversight,” Agarwal added.
While domestic IPOs are open for three days, the GIFT City IFSC IPO can remain open for up to 10 days, he said.
On successful closure of the IPO, XED will be listed on NSE’s GIFT City arm, NSE International Exchange (NSE IX), and BSE’s GIFT City arm, India International Exchange (India INX).
“GIFT City IFSC will enable corporates from both India and abroad to attract funding from global investors,” said V. Balasubramaniam, MD & CEO, NSE IX.
“The success of this issue will be watched closely by companies considering offshore listings. We are confident of setting a benchmark and validating 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.
