New Delhi, Feb. 18 -- GIFT City is set to launch its first IPO shortly, as XED Executive Development has submitted its Red Herring Prospectus to the Registrar of Companies after fulfilling the necessary regulatory requirements.

The firm aims to raise $12 million through a dollar-based listing on international exchanges within India's International Financial Services Centre, with the offering anticipated to commence in the first week of March.

This offering represents the first IPO to originate from GIFT City's offshore capital markets platform, marking a significant achievement for India's efforts to establish its IFSC as a global hub for fundraising.

The IPO will be structured as a dollar-based offering, enabling investments and exits...