The offering marks the first IPO to be launched from GIFT City’s offshore capital markets platform, a milestone for India’s attempt to position its IFSC as a global fundraising hub.
XED, founded in 2018, is a global executive education platform that delivers leadership and management development programmes to senior professionals across more than 25 countries. The company operates across India, the Middle East, Southeast Asia and North America and has trained over 15,000 executives, including professionals from Fortune 500 companies.
It collaborates with 17 international academic institutions to design programmes focused on leadership, strategy, digital transformation and emerging technologies.
The equity shares will be listed on NSE International Exchange and India International Exchange, both operating out of GIFT City, and will be traded in US dollars. The structure is designed for overseas participation under the International Financial Services Centres Authority framework.
Eligible investors include non-resident Indians, foreign portfolio investors, institutional investors and other permitted global participants. The anchor investor portion is expected to close by the end of this month.
For GIFT City, the IPO is seen as a test case for its offshore listing framework. While the IFSC has seen debt listings and derivative activity, an equity IPO from an operating company represents a new phase in the development of its capital markets ecosystem.Also read: Infosys-Anthropic deal sparks fresh debate: Is AI now an opportunity, not a threat, for Indian IT?
John Kallelil, Founder and Managing Director of XED, said the listing was aimed at accelerating the company’s international expansion. “The opening of 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,” he said.
The IPO will be structured as a dollar-denominated offering, allowing investment and exits in foreign currency. According to the company, this format is intended to provide clarity on valuation and global comparability, particularly for businesses with international revenue exposure.
Exchange officials also described the issue as an important step for the IFSC platform. V Balasubramaniam, MD and CEO of NSE International Exchange, said the IPO marked “an important inflection point for GIFT City’s offshore capital markets ecosystem,” adding that the exchange aims to provide a transparent platform for companies seeking overseas capital.
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The company has indicated that it is profitable at both EBITDA and net profit levels. Proceeds from the offering are expected to be used for global expansion, strengthening delivery infrastructure and deepening institutional partnerships.
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