GIFT City May See 1st IPO Soon

Edtech firm among half a dozen firms eyeing direct listing at financial hub

- KHUSHBOO TIWARI

GIFT City in Gujarat could soon emerge as an independent platform for unlisted companies to raise equity capital via initial public offerings (IPO).

According to sources, primary market activity is showing signs of a surge with nearly half a dozen companies, including an edtech firm, initiating discussions for listings. This comes almost a year after the regulator—International Financial Services Centre Authority (IFSCA)—issued its direct listing framework.

Sources said these companies have initiated discussions to raise capital of $10-15 million and one of them may file draft documents for an IPO as early as this month.

A source said that one company is eyeing a $100 million fundraise from global investors. If approved, these could be the first listings in foreign currency in the fledgling financial centre, which will encourage more companies to explore the route.