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RBL Bank has been appointed as one of the collecting bankers for the USD 12 million IPO of XED Executive Development Ltd, marking the first public issue from India's IFSC at GIFT City. The offering follows a book-built route and is open for subscription, with listing planned on NSE IFSC and India INX. The bank will handle subscription funds from global investors. In a separate development, BHIM Payments App has onboarded MS Dhoni as its brand ambassador, aiming to strengthen trust and expand its digital payments reach as it enters its next phase of growth.
RBL Bank has been appointed as one of the collecting bankers for the proposed initial public offering of XED Executive Development Ltd, which is set to become the first public issue from India's International Financial Services Centre (IFSC) at GIFT City. This development highlights the growing role of GIFT City as a global financial hub and a gateway for foreign capital participation. Advertisement
The USD 12 million issue, structured as a 100 per cent book-built offering, opened for subscription in the past week and will remain open until March 24, 2026. The company is expected to list its shares on NSE IFSC and India INX following the closure of the issue. This IPO is significant as IFSC-based listings are still at a nascent stage, with regulatory support from authorities such as IFSCA helping build investor confidence.
As part of its role, RBL Bank will facilitate the receipt and processing of subscription funds from eligible non-resident and international investors participating in the USD-denominated offering. The appointment reflects the bank's increasing involvement in cross-border financial transactions and capital market activities. Over the past few years, Indian banks have been expanding their IFSC presence to tap into global funding opportunities and serve international clients more efficiently.
In a separate development, NPCI BHIM Services Ltd announced the appointment of former Indian cricket team captain Mahendra Singh Dhoni as the brand ambassador for the BHIM Payments App. The company stated that the partnership brings together two names associated with trust, consistency, and dependability, values that connect with users across different segments.
The company further indicated that as BHIM approaches a decade in India's digital payments ecosystem, this association represents a strategic move to support its next phase of growth. The focus remains on expanding scale, improving financial inclusion, and strengthening long-term user confidence. BHIM has played a key role in promoting UPI-based payments, especially among first-time digital users and in semi-urban and rural markets.
Source PTI
FAQ
Q1: What role is RBL Bank playing in the XED IPO?
A1: RBL Bank has been appointed as one of the collecting bankers for the IPO of XED Executive Development Ltd. It will handle the collection and processing of subscription funds from investors participating in the issue.
Q2: What is significant about this IPO?
A2: This is the first public issue from India's International Financial Services Centre (IFSC) at GIFT City, marking an important step in developing IFSC as a global capital markets hub.
Q3: What are the key details of the IPO?
A3: The IPO is valued at around USD 12 million and follows a 100% book-built route. It is open for subscription until March 24, 2026, with plans to list on NSE IFSC and India INX.
Q4: Who are the target investors for this offering?
A4: The IPO is primarily aimed at non-resident and global investors, as it is a USD-denominated offering under the IFSC framework.
Q5: What does RBL Banks involvement indicate?
A5: RBL Bank's role reflects its growing participation in cross-border financial services and capital market activities, especially within GIFT City's expanding financial ecosystem.
Q6: Why is GIFT City gaining importance in capital markets?
A6: GIFT City is emerging as a global financial hub due to regulatory support, tax benefits, and its ability to attract foreign capital, making it a preferred destination for international financial transactions and listings.
Q7: What is the update regarding the BHIM Payments App?
A7: BHIM Payments App has appointed former Indian cricket captain MS Dhoni as its brand ambassador to strengthen its market presence and build greater trust among users.
Q8: What is the objective behind appointing MS Dhoni?
A8: The association aims to leverage Dhoni's image of reliability and consistency to expand BHIM's user base, enhance brand trust, and support its next phase of growth in digital payments.
Q9: How does this move support BHIM's growth strategy?
A9: As BHIM approaches a decade in India's digital payments ecosystem, the partnership is expected to boost adoption, especially among new and rural users, while reinforcing its role in promoting UPI-based transactions.
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