India's First GIFT City IPO Opens Today; XED Launches $12 Million Issue For NRIs, FIIs

India's first IPO from GIFT City IFSC opens on March 16, 2026. XED Executive Development's shares are priced between $10 and $10.5, open to global investors.

India’s first initial public offering (IPO) from the International Financial Services Centre (IFSC) at GIFT City opened for public subscription on Monday, March 16, marking a key milestone for the country’s efforts to build a global financial hub.

The IPO of XED Executive Development Ltd will remain open for subscription from March 16 to March 24, 2026, offering shares in a fully dollar-denominated issue priced between $10 and $10.5 per share.

Upon completion, the company’s shares will be listed on NSE International Exchange and India International Exchange, both located at GIFT City.

First Public Issue From GIFT City IFSC

The issue is considered a landmark development for India’s IFSC ecosystem as it represents the first IPO launched from GIFT City, which has been positioned by the government as an international financial hub aimed at attracting global capital.

“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," said John Kallelil.

He added that despite a brief delay due to geopolitical developments, the company remains confident about the offering and the role of GIFT City as a platform for global fundraising.

Issue Open To Global Investors

The IPO is open to eligible overseas investors, including non-resident Indians (NRIs), foreign portfolio investors, institutional investors and other permitted international participants under the framework of the International Financial Services Centres Authority.

All transactions in the issue will be denominated in US dollars, reflecting GIFT City’s objective of facilitating cross-border capital flows and enabling Indian companies to raise funds from global investors.

Exchanges Welcome Landmark Listing

Officials from the two exchanges operating at GIFT City said the listing represents a significant step for India’s international capital markets ecosystem.

“Today marks a great beginning for GIFT City, and indeed for Indian capital markets," said V Balasubramaniam.

“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," he said.

Similarly, Vijay Krishnamurthy said the offering demonstrates that India’s IFSC has firmly established itself on the global capital markets map.

“The subscription window being open is a signal that India’s IFSC has well and truly arrived on the global capital markets map," he said.

Advisors To The Issue

Global Horizon Capital Advisors is acting as the sole book running lead manager to the issue.

“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," said Abhishek Kaushik.

DBS Bank and RBL Bank are acting as the bankers to the issue, while KFin Technologies is the registrar.

XED Executive Development operates in the global executive education and professional training segment, with business operations spanning more than 25 countries across India, the Middle East, Southeast Asia and North America.

The company plans to raise around $12 million through the offering and is currently profitable at both EBITDA and profit-after-tax levels, according to the company.