XED Executive Development Ltd offers executive education programmes targeting senior working professionals
| Photo Credit:
Ildo Frazao
The process of direct listing of equities has begun in GIFT IFSC, with Mumbai-based “global executive education” provider XED Executive Development Ltd filing the first Draft Red Herring Prospectus (DRHP) with both NSE-IX and India INX — the two international stock exchanges operating out of GIFT City in Gujarat.
The company that has filed the DRHP was founded by John Kallelil John and has a registered office in Mumbai. Incorporated in 2018, the company in the draft prospectus describes itself as a “global leader in executive education” having operations in Singapore, the US, Abu Dhabi and Saudi Arabia. It offers executive education programmes targeting senior working professionals.
“The company is targeting an IPO size of $12 million,” Kallelil told businessline. The offer is by way of a fresh issue of $9.6 million and an offer-for-sale of $2.4 million by the promoter selling shareholder. Of the total net IPO proceeds, $1.8 million is proposed to be used as technology capex, $2.4 million as working capital , $1.2 million as IPO cost and $4.4 million for general corporate purpose and “unidentified acquisition.”
Meanwhile, NSE IX stated on a social media platform, “NSE-IX is pleased to note the receipt of the first DRHP filing from XED Executive Development Ltd. As the designated stock exchange, we remain committed to facilitating this process with the highest governance standards. We extend our congratulations to the issuer, marking what we hope will be the beginning of a new chapter in the GIFT-IFSC ecosystem under the aegis of IFSCA.”
In FY25, XED Executive Development Ltd’s revenue from operations stood at $4.59 million, an increase of about 15 per cent over the previous year. During the year, 54 per cent of the company’s revenues came from Singapore, 41 per cent from India, 3.4 per cent from Saudi Arabia and 2 per cent from the US. Revenue from operations is driven by a mix of public programmes (B2C) and custom programmes (B2C). Public programme revenue is generated through direct enrolments in executive education offerings, typically priced between $4,500 and $28,000. Revenue from custom programmes is earned from institutional clients through negotiated fees tailored to their learning objectives.
A significant portion of the revenue of the company is derived from programmes offered in collaboration with Cornell University where faculty from Cornell University lead the instruction, while the company oversees design and delivery. Government of Maharashtra, JSW, Bank of America and Kotak Mahindra Bank Ltd are among its top 10 B2B customers. The company designs and delivers programmes across multiple delivery formats, including in-person classroom sessions, live online modules, and hybrid models.
Who can participate in IPO?
A person who is not a resident of India can only invest, trade, or hold equity shares of Indian companies listed on international exchanges. As of now, the IFSCA framework allows unlisted public Indian companies to list their shares on an international exchange.
The policy initiative that enables listing of Indian companies in GIFT-IFSC, will reshape the Indian capital market landscape and offers Indian companies, especially start-ups and companies in the sunrise and technology sectors, an alternative avenue to access global capital beyond the domestic exchanges. This initiative is also expected to benefit Indian companies going global and having ambitions to look at opportunities for expanding their presence in other markets.
Published on August 14, 2025
