XED files RHP for $12 mn IPO; first public issue from GIFT City IFSC to open in early March

Founder and Managing Director John Kallelil said the capital will be used to accelerate global programme expansion, deepen university partnerships and invest in delivery capabilities across key markets.

“The opening of this IPO is not symbolic; it is strategic. We are raising capital to accelerate global program 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.”

Piyush Agarwal, CFO of XED, said the structure enables global investors to evaluate the company within an internationally comparable framework, combining dollar-denominated trading with Indian regulatory oversight.

Officials from NSE IX and India INX (a BSE company) described the IPO as a significant development for GIFT City’s capital markets platform, noting that it could set a precedent for enterprises with cross-border ambitions seeking offshore listings.

Founded in 2018, XED operates in the executive education space, delivering leadership and management development programmes across more than 25 countries. The company serves senior professionals across India, North America, Europe, the Middle East and Asia, and collaborates with 17 international academic institutions. It has trained over 15,000 executives and is profitable at both EBITDA and profit-after-tax levels.

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