New Delhi, Feb. 20 -- XED Executive Development, set to be the first company to list on the GIFT City exchanges after its upcoming IPO, has appointed a market maker for one year to address low liquidity on the exchanges.

"We have appointed Evermore as our market maker and 5% of the issue has been set aside for market-making purposes," Piyush Agarwal, chief executive officer of XED Executive Development, toldMint.

XED, which provides leadership and management development programmes to senior professionals in over 25 countries, plans to raise $12 million through a dollar-based offering. It will be listed on the NSE International Exchange and the India International Exchange - in GIFT City - in the first week of March.

As the first compan...