IPOFinance
XED Files Red Herring Prospectus for GIFT City’s First IPO
•February 17, 2026
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Why It Matters
The IPO demonstrates GIFT City’s capability to attract international capital, signaling a shift toward dollar‑denominated listings in India and offering XED a platform for rapid global expansion.
Key Takeaways
- •XED files RHP for GIFT City IFSC IPO
- •IPO to list on NSE IX and India INX
- •Dollar‑denominated shares attract global investors
- •Subscription opens first week of March 2026
- •Anchor investor portion expected to close by month‑end
Pulse Analysis
GIFT City’s International Financial Services Centre (IFSC) was created to position India as a global hub for capital markets, offering regulatory flexibility, tax incentives, and a dollar‑denominated ecosystem. By hosting its first IPO, the IFSC showcases the maturity of its legal and operational framework, providing issuers with a seamless bridge to offshore investors while retaining domestic credibility. This milestone could catalyze a pipeline of future listings, encouraging other high‑growth Indian firms to consider the IFSC route over traditional domestic exchanges.
For XED, the decision to list in GIFT City aligns with its strategic ambition to scale cross‑border education programmes. A dollar‑denominated share structure simplifies valuation for foreign investors and mitigates currency risk, making the offering more attractive to institutional capital pools. The extended subscription window—up to ten days compared with the typical three‑day domestic IPO—offers greater flexibility for global participants to assess the prospectus, potentially leading to a more diversified shareholder base and stronger pricing outcomes.
The broader market impact could be significant. A successful IFSC IPO may prompt Indian regulators to relax constraints on foreign‑currency listings, fostering a more integrated capital market that competes with regional peers like Singapore and Hong Kong. For investors, the new vehicle provides exposure to India’s burgeoning education sector under internationally recognized disclosure standards, while offering clearer exit pathways through dollar‑based trading. As more companies explore this route, GIFT City could evolve into a pivotal conduit for offshore capital flowing into India’s high‑growth industries.
Deal Summary
XED, a Mumbai‑based global executive education firm, has filed its Red Herring Prospectus with the Registrar of Companies, marking the first IPO in GIFT City’s International Financial Services Centre. The dollar‑denominated offering is slated to open for subscription in the first week of March 2026 and will list on NSE International Exchange and India International Exchange.
Article
Source: The Hindu BusinessLine – Markets
GIFT City IFSC set for 1st IPO as XED files RHP with ROC
Updated – February 17, 2026 at 02:48 PM
XED, a Mumbai‑based global executive education company, has filed its Red Herring Prospectus (RHP) with the Registrar of Companies (ROC), completing all regulatory requirements and setting the stage for GIFT City’s first IPO. The offering is expected to open for subscription in the first week of March 2026.
The filing with the ROC follows approvals from the stock exchanges. The IPO will be open to global investors, including NRIs, foreign portfolio investors, institutional investors, and other permitted overseas participants. Equity shares will be listed on NSE International Exchange (NSE IX) and India International Exchange (India INX) at GIFT City and traded in a dollar‑denominated instrument. The anchor investor portion is expected to close by the end of this month.
“The opening of this IPO is not symbolic; it is strategic. We are raising capital to accelerate global programme 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.”
— John Kallelil, Founder and Managing Director of XED
Structured under GIFT City’s IFSC framework, the IPO allows investors to participate in a dollar‑denominated structure, facilitating investment and exits in foreign currency.
“This structure allows investors to evaluate XED in a globally comparable framework. Dollar‑denominated listing, international disclosure standards, and access to offshore capital pools create clarity on valuation and exit mechanics. While Indian domestic IPOs are open for three days, the GIFT City IFSC IPO can remain open for up to 10 days.”
— Piyush Agarwal, CFO of XED
Published on February 17, 2026
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