Mumbai, India | February 17, 2026: XED Executive Development Ltd, a leading provider of executive education, has filed its Red Herring Prospectus (RHP) with the Registrar of Companies (ROC), completing all regulatory requirements for its maiden Initial Public Offering (IPO). The offering represents the first-ever IPO from GIFT City IFSC, India’s International Financial Services Centre, and is expected to open for subscription in the first week of March 2026
IPO Highlights
- Fundraise Target: USD 12 million.
- Listing: NSE International Exchange (NSE IX) and India International Exchange (India INX) at GIFT City.
- Dollar-Denominated Structure: Designed for overseas investors under the IFSCA framework.
- Eligible Investors: NRIs, foreign portfolio investors, institutional investors, and other permitted overseas participants.
- Anchor Investor Portion: Expected to close by end-February 2026.
Strategic Significance
XED’s IPO marks a defining moment for GIFT City’s capital markets, positioning the IFSC as a credible offshore capital-raising destination for enterprises with global ambitions.
John Kallelil, Founder & MD, XED, said: “This IPO is not symbolic; it is strategic. We are raising capital to accelerate global program expansion, deepen university partnerships, and invest in delivery capabilities across key markets. GIFT City gives us access to international investors who understand cross-border education businesses and long-term institutional scaling.”
Global Investor Access
The IPO is structured under GIFT City’s International Financial Services Framework, regulated by IFSCA, enabling participation through a dollar-denominated instrument.
Piyush Agarwal, CFO, XED, noted: “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. Unlike domestic IPOs, GIFT City IFSC listings can remain open for up to 10 days, offering greater flexibility.”
Exchange Perspectives
- V. Balasubramaniam, MD & CEO, NSE IX, said: “The XED IPO marks an important inflection point for GIFT City’s offshore capital markets ecosystem. NSE IX is committed to building a globally competitive platform that enables Indian enterprises with international ambitions to access overseas capital transparently.”
- Vijay Krishnamurthy, MD & CEO, India INX, added: “This first equity IPO reinforces GIFT IFSC’s emergence as a preferred global capital-raising destination. It sets a strong precedent for companies with cross-border ambitions to leverage the platform for efficient access to international investors.”
Institutional Momentum
Leading investors have shown strong interest in subscribing to the IPO, with details of anchor participation to be announced shortly.
Abhishek Kaushik, CEO, Global Horizons (Book-Running Lead Manager), said: “The success of this issue will be closely watched by companies considering offshore listings. We are confident of setting a benchmark and validating GIFT City as a platform for institutional-quality issuers with real international exposure.
About XED
Founded in 2018, XED Executive Development Ltd 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.
- 15,000+ executives trained from Fortune 500 and leading global organisations.
- Collaborates with 17 internationally recognised academic institutions.
- Programs focus on leadership, strategy, digital transformation, and emerging technologies.
- Profitable at both EBITDA and PAT levels.
- Preparing for a USD 12M listing on NSE IX at GIFT City.
🌐 Website: XED
