XED Executive Development withdraws first-ever GIFT IPO

Mumbai: XED Executive Development, which was set to become the first company from GIFT City's IFSC to tap the public markets, said it has decided to pull back its initial public offering, citing cautious mood among investors.

"The company decided to withdraw the public issue in the current environment and hopes to tap the market at an appropriate time in the future," the company said in a release

XED said although retail investors showed strong interest, many were unable to complete their applications due to KYC-related procedural issues, while participation from institutional investors remained subdued.


The company had the option to proceed with the listing with subscriptions above the minimum threshold, but the board and management chose to hold back, because of current market conditions marked by high volatility and tight liquidity, the release said. XED said that given the relatively limited float, moving ahead at this stage could have exposed the stock to post-listing price pressure.