Maiden GIFT City IPO to open on March 6

GIFT City is set to facilitate its first initial public offering (IPO), with Mumbai-based XED Executive Development’s offer opening on March 6. The announcement was made at the Global Securities Market Conclave 2.0 held at GIFT City by V Balasubramaniam, MD & CEO, NSE International Exchange (NSE IX). The company has fixed a price band of $10-10.5 per share for the $12-million IPO. The issue will close on March 18, remaining open for subscription for nine working days. Issue handled by Global Horizon; DBS, RBL bankers; KFin registrar Global Horizon Capital Advisors (IFSC) is the sole book running lead manager for the issue, while DBS Bank and RBL Bank are the bankers and KFin Technologies the registrar. The IPO will be open to eligible investors under the International Financial Services Centres Authority (IFSCA) framework, including non-resident Indians (NRIs), foreign portfolio investors, institutional investors and other permitted overseas participants. The equity shares will be listed on the NSE International Exchange (NSE IX) and the India International Exchange (India INX) at GIFT City and will be traded in a dollar-denominated instrument. XED calls GIFT City listing a strategic “global window” for expansion John Kallelil, founder and MD at XED, said, “Our decision to opt for GIFT City is strategic as we are accessing the global window for our company. We are raising capital to accelerate global programme expansion, deepen university partnerships and invest in delivery capabilities across key markets.” V Balasubramaniam, MD & CEO, NSE International Exchange (NSE IX), said, “Scheduled to open on March 6, the IPO marks a significant milestone for the IFSC ecosystem. We expect this transaction to set a strong precedent for globally oriented companies, evaluating GIFT City as an offshore capital-raising platform. We are in discussions with several international issuers and are witnessing growing interest in accessing global capital through this framework.”