First IPO in GIFT City: What NRIs and Foreign Investors Should Know

GIFT City, India’s international financial center, has taken a major step in global capital markets. The upcoming public issue by XED Executive Education Limited is set to become the first Initial Public Offering from the GIFT City ecosystem.

This IPO is drawing attention from non-resident Indians, foreign nationals, and global investors because it offers a new pathway to invest in an India-connected company through an international financial framework. With the International Financial Services Centres Authority regulating financial activities in GIFT City, the platform is designed to attract cross-border capital and global participation.

Why the First IPO in GIFT City Matters for Global Investors

GIFT City was created to bring international financial services to India and reduce reliance on offshore centers. With global exchanges operating under the IFSC framework, companies can raise capital from investors worldwide.

The IPO by XED Executive Education signals the beginning of a new capital-raising ecosystem. Instead of listing on traditional domestic exchanges, companies operating through GIFT City can tap global investors directly.

Advantages for global investors include:

• Internationally aligned regulatory framework

• Access through global banking and settlement systems

• Investor-friendly tax and regulatory environment

For NRIs and foreign investors who want exposure to India’s growth story without complex domestic investment procedures, this model can offer a simplified route.

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What XED Executive Education Does

XED Executive Education is a professional education company that focuses on leadership development and executive learning.

The company was incorporated in 2018 and designs specialized learning programs for experienced professionals. Its programs are designed for professionals with more than 10 years of work experience, including senior leadership roles.

The company provides programs in partnership with leading global universities, including Cornell University. These courses are customized for corporate clients and individual professionals who want to upgrade skills in areas such as management, leadership, and strategic decision-making.

The company operates in the growing global executive education market.

Financial Performance and Growth Outlook

For the financial year 2022 to 2023, the company generated revenue of approximately 1.7 million dollars. In the following financial year, 2023 to 2024, revenue increased significantly to around 5 million dollars.

Revenue is projected to reach 7 to 8 million dollars in the next financial year. Management expects sustained growth supported by demand for leadership development and professional upskilling.

Executive education programs remain the company’s main revenue driver. These hybrid learning courses generally run for 9 to 10 months and cost around 28,000 dollars per participant.

A significant share of program revenue is shared with university partners. Approximately 45% to 50% of revenue is allocated to the universities providing academic collaboration and faculty resources.

Who Can Invest in the IPO

One of the most important aspects of this IPO is the eligibility of investors.

Unlike many Indian public offerings that primarily target domestic investors, this offering is designed mainly for international participation.

Eligible investors include:

• Non-Resident Indians (NRIs)

• Foreign nationals

• Overseas investors with international bank accounts

This makes the offering particularly relevant for the global Indian diaspora as well as foreign investors seeking exposure to India-linked businesses.

Investors can participate through participating brokers and digital platforms connected to the GIFT City exchange ecosystem.

IPO Size and Structure

The total IPO size is expected to be around 12 million dollars.

The offering consists of two components.

1. Offer for Sale of approximately 2.4 million dollars by early investors 2. Fresh capital of about 9.6 million dollars for company expansion

The fresh capital raised will be used for multiple growth initiatives, including technology improvements, AI-enabled learning systems, and expansion into new markets.

The company is also considering building a physical campus to complement its digital learning platform.

Step-by-Step IPO Application Process for NRIs and Foreign Investors

Investors outside India can participate in the IPO by following a simple application process.

1. Choose an Intermediary

Investors must select a participating financial intermediary such as

• Anand Rathi

• Evermore

• RBL Bank

These intermediaries facilitate access to the GIFT City exchange ecosystem.

2 Complete KYC Verification

Online KYC verification is required using

• Passport verification

• Aadhaar-based verification, where applicable

  
  

3 Minimum Investment Requirement

The minimum lot size for the IPO is 100 shares, and applications can be placed in multiples of 100 shares.

4 Submit Bid During the IPO Window

The expected bidding window is 16 March to 24 March 2026.

5 Transfer Funds

Payment for the IPO can be made through

• SWIFT bank transfers

• Approved digital payment platforms supported by the exchange ecosystem.

  
  

6 Allotment Timeline

Share allotment is expected around 28 March 2026.

Demat Account Requirement

A demat account is not mandatory before applying.

However, after allotment, investors must open a GIFT City demat account within 60 days to receive their shares.

If a demat account is already active, shares will be credited directly.

If an account is not available, shares remain in a temporary holding account until one is opened.

Key Advantages of the GIFT City IPO Framework for Global Investors

This IPO highlights several structural advantages offered by GIFT City.

Direct access to India-linked growth

Global investors gain exposure to Indian companies and sectors without needing to invest through domestic Indian exchanges.

International settlement mechanisms

Investments are supported by global banking channels and international settlement infrastructure.

Participation by foreign nationals

The structure allows non-Indian investors to participate directly in capital markets connected to India.

Growing ecosystem

GIFT City continues to attract financial institutions, asset managers, and fintech companies. As more businesses operate within the ecosystem, capital-raising opportunities are expected to increase.

Opportunities for Indian Businesses Through GIFT City

While global investment participation forms the majority focus, the development is also significant for Indian businesses.

Companies with international ambitions may increasingly consider GIFT City a capital-raising platform. Listing in the IFSC environment can provide access to global investors and potentially broader valuations.

For founders and entrepreneurs, the success of the first IPO will serve as an important test case for future listings.

What This IPO Means for the Future of GIFT City

The first IPO from GIFT City marks a milestone in the development of India’s international financial hub.

If the IPO receives strong participation from overseas investors, it may encourage more companies to raise capital through the IFSC ecosystem.

For NRIs, global investors, and financial institutions looking to connect with India’s growth story, GIFT City is gradually becoming an important gateway.

The success of this IPO could mark the beginning of a new chapter where cross-border capital flows into India through globally structured financial markets operating within the country.

As regulatory clarity and infrastructure continue to improve, GIFT City is expected to play a larger role in linking international investors with Indian opportunities.

Need guidance on investing or setting up a business in GIFT City IFSC?

Connect with CA Gaurav Kanudawala, Founder of GIFT CFO.

Call: +919726372715 Email: info@giftcfo.com

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