Gift City's 1st IPO to open early March

MUMBAI: A $12 million raise for XED Executive Development, an executive education company, is set to be the first IPO from Gift City. The offer, expected for an early-March opening, is set to be listed on NSE and BSE's international exchanges in Gift City, a release from the company said.

XED has obtained the requisite nod from the two exchanges in Gift City- NSE International Exchange (NSE IX) and India International Exchange (India INX)-and has filed its red herring prospectus for the offer with the Registrar of Companies (ROC), the release said. This dollar-denominated listing targets overseas investors, including NRIs, FPIs among others.