GIFT City’s financial ecosystem is reaching a major milestone with the launch of its first-ever Initial Public Offering. XED Executive Development, a global leader in executive education, has filed its Red Herring Prospectus (RHP) to raise $12 million through a pioneering dollar-denominated listing. The offering is scheduled to open for subscription in the first week of March 2026. This landmark transaction will see equity shares listed on both the NSE International Exchange (NSE IX) and India International Exchange (India INX). As of mid-February 2026, the broader Indian markets show Nifty levels hovering around 25,600 with the GIFT Nifty indicating early volatility. Meanwhile, the USD/INR exchange rate remains a critical factor for offshore investors, currently trading near the 90.70 mark. XED’s IPO is specifically designed to attract global capital. Under the International Financial Services Centres Authority (IFSCA) framework, the issue is open to Non-Resident Indians (NRIs), foreign portfolio investors, and institutional participants. By using a dollar-denominated structure, the company eliminates rupee volatility for overseas investors, facilitating seamless entry and exit in foreign currency. The capital raised will fund a robust expansion strategy. XED currently serves senior professionals across more than 25 countries, maintaining an operational presence in North America, the Middle East, Southeast Asia, and India. The $12 million proceeds are earmarked to: - Accelerate global program expansion - Deepen academic partnerships with Ivy League and top-tier global universities - Enhance delivery infrastructure across key international markets XED has already built an impressive portfolio, training over 15,000 executives and collaborating with 17 prestigious institutions, including Cornell, Oxford, and INSEAD. Unlike many high-burn edtech firms, XED has maintained a governance-led growth model and reports profitability at both EBITDA and net profit levels. This listing is a litmus test for GIFT City’s ambition to become a global fundraising hub. While the IFSC has successfully hosted debt and derivative products, this first equity IPO from an operating company signals a maturing capital market. The anchor investor portion is expected to close by the end of February, setting the stage for a historic debut in early March.