XED Executive Development, the first company from India's low-tax GIFT City to launch an initial public offering, has withdrawn the IPO after delays with customer verification and weak market sentiments due to the U.S.-Israeli war on Iran, it said on Monday.
The global executive education platform said it hopes to tap the market at an appropriate time in the future.
The withdrawal marks a setback for efforts to build India's Gujarat International Finance Tec-City, or GIFT City, into a global capital markets hub competing with centres such as Singapore and Dubai.
The roughly $12 million IPO of XED had received subscriptions for only about 5% of the shares on offer as of 7:15 p.m. on Monday, according to data from exchanges.
The shares were to be listed on NSE International Exchange and India International Exchange at GIFT City.
The company had earlier extended the bidding deadline to Monday, citing delays in completing mandatory video-based customer verification for non-resident Indians and foreign investors amid disruptions linked to the conflict in the Middle East.
The withdrawal also comes amid a global risk-off mood due to the widening conflict.
