A new experiment in India’s offshore capital markets is about to be tested.
Global executive education platform XED is preparing to raise $12 million through an initial public offering structured out of Gujarat International Finance Tec-City—better known as GIFT City. If it succeeds, the listing could mark the first IPO to emerge from the International Financial Services Centre (IFSC) enclave, a zone designed to rival offshore financial hubs abroad.
The company has filed its Red Herring Prospectus after clearing regulatory checkpoints, setting the stage for an early March launch. The dollar-denominated shares are slated to debut on both NSE International Exchange and India International Exchange—the twin exchanges operating within the IFSC framework.
Unlike India’s mainboard IPOs, which typically wrap up in three days, IFSC listings can remain open for as long as 10 days, offering issuers more flexibility in building demand. Participation is limited to eligible overseas investors under the rules of the International Financial Services Centres Authority, including non-resident Indians, foreign portfolio investors and institutional players.
XED positions itself as a cross-border executive education provider, running leadership and management programmes for senior professionals across India, North America, Europe, the Middle East and Asia. The pitch to investors: a globally distributed client base and a foothold in the expanding corporate upskilling market.
The anchor investor book is expected to close by month-end. According to the company, global institutions have already signalled interest—a crucial early test for GIFT City’s ambition to draw foreign capital into India through a dollar-based gateway.
Recent IPO cycles suggest overseas sovereign wealth funds and large institutions are watching India closely. Among the most active has been Abu Dhabi Investment Authority, which has taken anchor positions in multiple Indian public offerings spanning finance, consumer tech and manufacturing.
For GIFT City, the XED float is more than a capital raise. It is a proof-of-concept moment: can India’s offshore financial district become a genuine launchpad for global capital formation, rather than just a policy showcase?
March may offer the first real answer.
