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Global executive education platform XED is gearing to up raise $12 million through an IPO from India’s GIFT City International Financial Services Centre (IFSC), in potentially the first public offering to originate from the offshore jurisdiction.
The platform has filed its Red Herring Prospectus (RHP) after completing all regulatory formalities.
The issue is expected to open in early March, with the USD‑denominated equity instrument to be listed on the NSE International Exchange (NSE IX) and the India International Exchange (India INX) at GIFT City IFSC.
Under the International Financial Services Centres Authority (IFSCA) framework, the offering is open to eligible overseas investors, including Non‑Resident Indians (NRIs), foreign portfolio investors, institutional investors, and other permitted participants.
Unlike domestic Indian IPOs, which remain open for three days, an IFSC IPO can stay open for up to 10 days.
XED delivers leadership and management development programmes for senior professionals across India, North America, Europe, the Middle East and Asia.
The company said the anchor investor portion of the issue is likely to close by the end of this month, with strong interest already shown by several global investors.
In recent years, Abu Dhabi Investment Authority (ADIA) has emerged as one of the most active participants in Indian IPOs, driven by a broader Asia‑focused growth strategy. As an anchor investor, the UAE wealth fund’s acquisitions include a 1.17% stake in the INR 40.12 billion ($460 million) IPO of National Securities Depository Ltd (NSDL), and INR 1.4 billion stake in the IPO of Indian investment platform Groww.
In addition, the sovereign investor participated in the $1.3 billion IPO of LG Electronics’ India subsidiary in October, as well as the $360 million IPO of electric scooter manufacturer Ather Energy in April.
(Writing by Brinda Darasha; editing by Bindu Rai)
