GIFT City IFSC set for 1st IPO as XED files RHP with ROC

XED, a Mumbai-based global executive education company, has filed its Red Herring Prospectus (RHP) with the Registrar of Companies (ROC), completing all regulatory requirements and setting the stage for GIFT City’s first IPO. The offering is expected to open for subscription in the first week of March 2026. The filing with the ROC follows approvals from the stock exchanges. The IPO will be open to global investors, including NRIs, foreign portfolio investors, institutional investors, and other permitted overseas participants. Equity shares will be listed on NSE International Exchange (NSE IX) and India International Exchange (India INX) at GIFT City and traded in a dollar-denominated instrument. The anchor investor portion is expected to close by the end of this month. John Kallelil, Founder and Managing Director of XED, stated, “The opening of this IPO is not symbolic; it is strategic. We are raising capital to accelerate global programme 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.” Structured under GIFT City’s IFSC framework, the IPO allows investors to participate in a dollar-denominated structure, facilitating investment and exits in foreign currency. Piyush Agarwal, CFO of XED, added, “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. While Indian domestic IPOs are open for three days, the GIFT City IFSC IPO can remain open for up to 10 days.” Published on February 17, 2026