India's 1st IPO at GIFT City kicks off
XED Executive Development Ltd. just kicked off India's very first IPO at Gujarat's GIFT City.
The $12 million offering, open to NRIs, FPIs, and eligible overseas investors, was pushed from an earlier March 2026 date due to Middle East tensions.
It's a milestone for India's global finance hub.
About the company and the issue
XED Executive Development provides executive education in more than 25 countries, including India, Southeast Asia, the Middle East, and North America.
The IPO features a fresh issue of $9.6 million and an offer for sale of $2.4 million, with shares priced between $10 to $10.50 on both NSE International Exchange and India International Exchange at GIFT City.
Use of funds and other details
Funds raised will support tech upgrades ($1.8 million), working capital ($2.4 million), IPO costs ($1.2 million), and general corporate needs plus acquisitions ($4.2 million).
Global Horizon Capital Advisors is leading the deal, with DBS Bank and RBL Bank as bankers and KFin Technologies as registrar.