GIFT City’s first-ever XED Executive IPO to open on March 6

In a historic first for India’s International Financial Services Centre (IFSC) at GIFT City, Mumbai-based XED Executive Development Ltd will launch the jurisdiction’s much-awaited maiden equity IPO on March 6. The $12 million dollar-denominated offering, open until March 18, will list on both NSE International Exchange (NSE IX) and the India International Exchange (India-INX) marking a pivotal milestone for offshore capital markets in India.

“I want to announce the launch of our IPO. We are open from March 6 to March 18,” said John Kallelil, Founder and Managing Director of XED on the second day of Global Securities Markets Conclave 2.0 held at GIFT City. The company has set a price band of $10-$10.5 per share for its upcoming IPO, official sources said. The company has already opened its anchor investor round ahead of the public issue, signalling early institutional interest in GIFT City’s first-ever equity IPO.

The equity shares will be listed as a dollar‑denominated instrument on the two international stock exchanges at GIFT City, offering eligible non‑resident Indians (NRIs), foreign portfolio investors (FPIs), institutional investors and other authorised overseas participants the ability to invest and exit in foreign currency under the International Financial Services Centres Authority (IFSCA) framework.

“This is the first large fund raising for XED. It is a landmark event for us. It stands as a testament for our decade-long journey and it showcases the trust universities hand on us. We are the first. We are super pumped up. I am glad to be part of it,” Kallelil told businessline on the sidelines of the conclave.

The promoter, who had flown down for the announcement from New York, added, “We are going to deploy these funds (raised from the IPO) for growth, acquisitions, for making more products.”

Fund raise

The company plans to raise $12 million, with 9.6 million shares issued as a fresh offer to fund growth and 2.4 million shares through an offer-for-sale to early investors. Post-IPO, promoters are expected to hold 60–63 per cent of the company. According to the RHP, the proceeds will be used to expand executive education campuses, enhance delivery capabilities, and scale programmes globally, with a focus on senior professionals in markets such as the UAE, Southeast Asia, and the US.

The company, a leading provider of executive education programmes to senior professionals across more than 25 countries, collaborates with top global institutions and has built a presence in India, West Asia, Southeast Asia, and North America. XED’s proposed IPO is being watched as a potential benchmark for future offshore listings from the IFSC, which until now has primarily seen activity in debt and derivatives.

Published on February 27, 2026