The dollar denominated offering open from March 16 to March 24 will list on exchanges at GIFT City, with John Kallelil, Founder and Managing Director of XED Executive Development Ltd, calling the subscription launch a defining moment for India’s international financial services centre.
India’s International Financial Services Centre at GIFT City is witnessing a significant development in cross border fundraising as XED Executive Development Ltd opens its public share offering for global investors. The subscription window began on March 16 and will remain open until March 24, 2026.
The issue is priced between US$ 10 and US$ 10.5 per share and is fully denominated in US dollars. The offering is available to eligible international investors including non resident Indians, foreign portfolio investors, institutional investors and other overseas participants permitted under the International Financial Services Centres Authority framework.
John Kallelil, Founder and Managing Director of XED Executive Development Ltd, said, “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.”
The shares are expected to be listed on NSE International Exchange and India International Exchange, both located within GIFT City. Market participants view the development as an important step for India’s offshore financial ecosystem as the platform continues to position itself as a destination for global capital raising.
Mr. V. Balasubramaniam, Managing Director and Chief Executive Officer of NSE International Exchange, said, “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.”
Mr. Vijay Krishnamurthy, Managing Director and Chief Executive Officer of India International Exchange, said, “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.”
Abhishek Kaushik, Chief Executive Officer of Global Horizon Capital Advisors IFSC, said, “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.”
Global Horizon Capital Advisors IFSC is acting as the sole Book Running Lead Manager for the issue. DBS Bank and RBL Bank are the bankers to the offering, while KFin Technologies has been appointed as the registrar.
Founded in 2018, XED Executive Development Ltd operates a global executive education platform that delivers leadership and management development programmes for senior professionals across India, North America, Europe, the Middle East and Asia. The company has trained more than 15,000 executives from leading global organisations and Fortune 500 companies and collaborates with 17 internationally recognised academic institutions on programmes covering leadership, strategy, digital transformation and emerging technologies.
With operations spanning more than 25 countries, the company’s public offering reflects the growing role of GIFT City as an international centre for cross border financial activity and global investment participation.
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