India’s First GIFT City IPO: A Game-Changer for Global Investors?

 

Historic Milestone: India’s First-Ever GIFT City IPO Opens October 10, 2025

A groundbreaking chapter in Indian finance is about to unfold. XED Limited is set to become the first company ever to list directly on India’s prestigious GIFT City exchanges, marking a revolutionary moment for both Indian capital markets and international investors.

Opening from October 10-23, 2025, this $12 million IPO represents far more than just another public offering. However, the final issue dates and size are yet to be announced. 

That said, let’s look at the dawn of a new investment ecosystem that bridges Indian innovation with global capital.

Understanding GIFT City 

GIFT City (Gujarat) is India’s International Financial Services Centre (IFSC), which is an onshore global finance hub under the International Financial Services Centres Authority (IFSCA). IPOs here list on NSE IFSC (NSE IX) and India INX (BSE’s international exchange), which operate in USD and are designed for non-resident participation.

About XED

XED Limited specializes in executive education for CXOs and has publicized collaborations with leading global universities (e.g., Oxford, Cornell, and other top globally ranked institutions). This represents a major milestone for Indian EdTech companies on the global stage.

Who Can Invest in This Historic IPO?

Eligible Investors

• NRIs (Non-Resident Indians)
• Foreign individuals (non-residents)

Not Eligible

• Indian residents and foreign citizens residing in India (FEMA residents)

How to Apply: Step-by-Step Process

Step 1: Select Your Broker Choose an IFSCA-registered broker like Ashika Stock Broking IFSC Pvt Ltd, which handles GIFT City investments and offers seamless onboarding for international investors.

Step 2: Set Up Your Accounts You need an active trading account with an IFSCA broker. A GIFT demat account is not mandatory for bidding. GIFT demat needs to be opened within 60 days of allotment.

Step 3: Apply Digitally Download your broker’s app, complete KYC verification, and select the IPO with your preferred lot size.

Step 4: Transfer Funds Transfer the required funds in USD via broker or a SWIFT transfer (include application number).

Step 5: Allotment/Refund Process Shares get credited to your demat account if allotted, or you receive a prompt refund if not selected.

What Makes GIFT City Listings Special?

Currency and Trading Benefits

• Foreign Currency Trading: IPO and all trading happens in USD
• Independent Valuation: Separate from BSE/NSE with potential for future re-listings

Tax Advantages

• 0% capital gains tax
• No STT/CTT/stamp duty
• 10% flat withholding tax on dividends for NRIs (Note: NRIs may be liable to tax on gains from the IPO in their home country)
• No Indian ITR filing required for IFSC-only income

Regulatory Framework

Backed by IFSCA Listing Regulations (2024), offering transparency, speed, and fast regulatory approvals.

Potential Drawbacks 

Limited Liquidity: As an evolving market, you might face lower trading volumes and higher volatility.

Fewer Options: Currently limited selection of IPOs and stocks available since this is an early-stage market.

Why This IPO Matters

Historic Significance

This marks the first direct equity listing at GIFT IFSC, demonstrating the maturity and confidence in India’s regulatory framework.

Market Development

Confirms GIFT City’s position among global financial hubs and encourages other Indian startups to consider offshore listings.

Sector Leadership

XED’s strong partnerships with leading global institutions, Oxford, and Cornell put Indian EdTech companies on the international investment map.

Looking Ahead

XED’s GIFT City IPO introduces a transformative funding model for Indian companies. It gives NRIs and foreign institutions unique access to high-growth sectors, backed by transparent regulations, significant tax benefits, and direct USD-based trading.

As GIFT IFSC continues growing, expect more innovative listings and stronger connections between Indian companies and global capital markets. This historic IPO could be just the beginning of a new era in Indian finance.