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Amid West Asia Crisis, GIFT City’s First-Ever IPO Extends Bidding Date
The initial public offering (IPO) of XED Executive Development Ltd was opened on March 16. However, foreign investors were unable to complete KYC procedures due to the ongoing conflict. Now, the bidding deadline has been extended until March 30
Mar 26, 2026 · 2 min read
The first initial public offering (IPO) of GIFT City (Gujarat International Finance Tec-City) was launched recently with the $12 million IPO of XED Executive Development Ltd. This was the first public issue IPO launched from the International Financial Services Centre (IFSC) at GIFT City. However, escalating tensions in West Asia have delayed the bidding process. The company has extended the bidding deadline until March 30.
Sources in GIFT City said that investors from the West Asia region showed the highest level of interest in this IPO. However, amid the ongoing Iran-Israel conflict, Know Your Customer (KYC) video-verification processes for Non-Resident Indians (NRIs) and foreign investors were disrupted, causing delays in completing the procedure.
Bidding Period Extended
The IPO opened on March 16. It was earlier scheduled to close on March 25. Notably, the company operates an executive education platform across more than 25 countries. Due to the ongoing West Asia conflict, foreign investors were unable to complete KYC procedures.
In addition, some bids could not be accepted on time by the exchange. Brokers have now been given an additional 15 days to complete the process. According to exchange data, the IPO has received only about 5% subscription so far.
Key Features, Significance
An IPO issued from the IFSC is different from India’s traditional exchanges, such as the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India. It is primarily designed with global investors in mind, and is listed in US dollars.
Non-Institutional Investors (NIIs), Foreign Portfolio Investors (FPIs), and International Institutional Investors will have direct participation in such offerings. In addition, listings in the IFSC provide exemptions on long-term capital gains, a favourable tax regime on dividends, and corporate tax benefits for companies. These IPOs are generally listed on the India International Exchange (India INX) and NSE IFSC.
Strategic Importance For India
This IPO model is strategically important for the country. It can help India compete with financial hubs such as Singapore and Dubai, facilitating the inflow of global capital into India, while also strengthening Gujarat’s position as a global financial hub.
India’s first international stock exchange is located in the IFSC, offering 22-hour trading facilities and possible trading in equities, derivatives, debt securities, exchange-traded funds (ETFs), global company listings, and IFSC-based IPOs. Branches of both BSE and NSE have also been established.
GIFT City is India’s first operational smart city and a leading international financial services centre. Located in Gandhinagar, it provides an integrated ecosystem for financial services and global trading.
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