India’s experiment with offshore finance may soon host its first homegrown public offering.
Executive education platform XED is preparing to raise $12 million through an initial public offering out of the International Financial Services Centre at Gujarat International Finance Tec-City — better known as GIFT City. If successful, the listing would mark a milestone for the enclave, which has long aspired to rival global financial hubs by offering dollar-denominated instruments under a distinct regulatory regime.
The company has filed its Red Herring Prospectus after securing regulatory clearances, setting the stage for an early March launch. The shares, priced in U.S. dollars, are slated to trade on both the NSE International Exchange and the India International Exchange, two bourses operating within the IFSC framework.
Unlike traditional Indian IPOs — typically wrapped up within three days — offerings in GIFT City can remain open for up to ten. The structure is designed to attract a broader pool of global capital, including non-resident Indians, foreign portfolio investors and institutional players seeking exposure to Indian growth stories without navigating domestic market constraints.
XED positions itself in the high-margin world of executive learning, delivering leadership and management programmes to senior professionals across India, North America, Europe, the Middle East and parts of Asia. The firm says appetite from overseas investors has already been encouraging, with the anchor book expected to close before the end of the month.
Global sovereign and institutional investors have increasingly circled Indian listings in recent years. Among the most active has been the Abu Dhabi Investment Authority, which has taken anchor positions in several high-profile offerings — from the IPO of National Securities Depository Limited to stakes in investment platform Groww, as well as listings tied to LG Electronics India and electric scooter maker Ather Energy.
Whether XED’s offering becomes a modest capital raise or a symbolic breakthrough for GIFT City’s ambitions, one thing is clear: India’s offshore financial corridor is eager to prove it can do more than host global players — it wants to mint its own.
