CloudThat, a cloud consulting and enterprise training firm, is preparing to file for an $8 million initial public offering (IPO) on the GIFT City exchange, aiming to become the first company listed on the platform. The move follows the collapse of XED's planned issue, which would have been the exchange's debut listing, according to livemint.com.
The company intends to raise capital through this IPO and subsequently list on Indian exchanges once the proposed dual-listing framework is operational. CloudThat's filing signals renewed interest in GIFT City as a viable exchange destination, with the firm positioning itself as a pioneer in this emerging market. The firm’s plans were reported by Srushti Vaidya at livemint.com.
This IPO is significant as GIFT City, India's international financial services centre, has yet to host a successful listing, with prior attempts like XED's falling through. CloudThat's entry could establish a precedent for other firms considering GIFT City for capital raising, potentially boosting the exchange's profile and liquidity. The $8 million target places the offering among smaller IPOs but is a key step for the exchange's development.
CloudThat’s IPO filing is expected imminently, with the company awaiting regulatory approvals. The firm’s listing would mark a milestone for GIFT City, which continues to develop its infrastructure and regulatory framework to attract more issuers and investors, according to livemint.com.