Video KYC, shorter OFS timelines, and easier Demat account rules are among the regulatory tweaks that have cleared the path for XED Executive Development Ltd to launch its first IPO in GIFT City this March, making it the first Indian company to test the waters in the International Financial Services Centre. The promoters — John Kallelil and the chief financial officer Piyush Agrawal, classmates from Basil school in Vadodara — say these adjustments were critical in enabling the offering for global investors.
“We faced practical hurdles that no one had encountered before,” said Kallelil, based in New York. “For instance, many of our overseas investors didn’t have Demat accounts in India. IFSCA allowed applications without an existing Demat for this IPO, which was a huge relief. They also permitted video KYC, a six-month OFS instead of the earlier one-year window, and extended the acceptable age of financial statements from 135 to 180 days. These tweaks made it feasible to go ahead with our IPO,” he added.
The company’s IPO opens on March 6 and closes on March 18. It has set a price band of $10 – $10.5 per share.
Founded in 2018, XED Executive Development specialises in high-touch executive education programmes. Kallelil and Agrawal, along with colleagues from Indian School of Business and IIT Kanpur, have expanded XED’s operations globally—from India and Singapore to the US and Middle East—offering customised programmes with universities like Oxford, Cornell, Carnegie Mellon, and Singapore Management University. John said about 50-60 per cent of XED’s revenue comes from public programmes and 40-50 per cent from enterprise programmes delivered worldwide.
The GIFT City IPO is being positioned primarily for NRIs and foreign investors, with India-based residents ineligible to participate due to offshore listing rules. “Our target market is the Middle East, particularly the UAE, and Southeast Asia,” Piyush said. “We are also engaging distributors to eventually expand access in the US,” said Agrawal.
Apart from raising capital, the company plans to invest part of the proceeds in creating dedicated executive education campuses. Kallelil explained, “When the average participant has 15-24 years of professional experience, a standard classroom isn’t enough. We want spaces that mirror top global executive classrooms, efficient yet luxurious, so senior leaders can focus on learning.” Locations under consideration include GIFT City, Mumbai and Dubai, where XED runs part of its modules.
XED is raising $12 million in total through the IPO, including a 0.6 million-share allocation for market-making purposes. “This ensures liquidity for investors post-listing,” Agrawal said. Of the total, 9.6 million is a fresh issue to fund growth, while the remaining 2.4 million comes from an offer-for-sale to early angel investors. Post-IPO, the promoters together will hold around 60-63 per cent of the company.
Kallelil emphasised that the apparent losses on XED’s books in prior periods are primarily due to revenue recognition timing. “A programme sold in FY25, for instance, might be delivered over 10 months. Costs are recognised upfront while revenue is recognised only as modules are delivered. So the P&L shows a loss, but the business is growing robustly,” he remarked.
The IPO in March marks a first for both XED and GIFT City’s capital markets. The company and its promoters credit the regulators for a hands-on approach. “IFSCA was incredibly supportive—they fast-tracked depository participant approvals, helped adjust timelines, and even allowed flexibility on financial disclosures,” Kallelil said. “These were small but critical nudges that made the listing viable for a company like ours,” he added.
Published on February 27, 2026
