As of January 2025, several companies are in the final stages of preparing their initial draft prospectus for IPO filings with the GIFT City regulator. These filings aim for direct listing on the GIFT City exchanges.
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These companies are working closely with the International Financial Services Centre (IFSCA) to finalize their IPO documents. If approved, they will be the first to list on GIFT City’s NSE IX and India INX exchanges.
In August 2024, the IFSCA released final regulations for direct listing. However, some challenges delayed the actual listing of companies on the GIFT City exchanges. Now, companies are advancing through the process.
Around 3-4 companies are actively finalizing their IPO documents for submission to the GIFT City regulators. These listings are expected to be the first instances of fundraising through IPOs at GIFT City.
Currently, the financial activity at GIFT City primarily revolves around derivatives trading. The upcoming IPO listings will introduce a new wave of capital-raising activities, marking a significant development for the region.
Under the current regulations, only Indian unlisted companies wishing to raise capital from foreign investors can list on GIFT City exchanges. This restriction narrows the pool of companies eligible for such listings.
Another challenge for companies looking to list at GIFT City is the limited number of investment bankers available to handle IPO operations. Companies are working to resolve this issue as they finalize their documents.
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To be eligible for listing on the GIFT City exchanges, a company must have a revenue of ₹20 million in the last financial year or an average over the past three years, alongside a pre-tax profit of $1 million.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
