Cloud consulting firm CloudThat eyes GIFT City's first-ever listing with $8 mn IPO

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A new listing could soon hit the GIFT City exchanges, with CloudThat, an enterprise cloud trainer and consultant, preparing to raise about $8 million through an initial public offering (IPO).

Bengaluru-based CloudThat is expected to file its draft red herring prospectus (DRHP) over the next few months, a company official confirmed.

The planned issue comes after XED, which was set to become the first company to list on the GIFT City exchanges, withdrew its $12 million IPO due to weak investor participation during the Israel-Iran conflict. XED plans to revisit the markets at a more opportune time. Currently, there are no companies listed on the GIFT City exchanges.

US based Tryfacta had, in June, filed its DRHP with the International Financial Services Centres Authority (IFSCA) offering 16.3 million shares.

CloudThat plans to use the proceeds to fund acquisitions, expand its international presence through new hires and office space, and grow its cloud consulting and training business in the market, founder Bhavesh Goswami told Mint.

CloudThat has the majority of its revenue—almost 90% — coming from India, with the rest from other geographies. The company provides cloud services to Microsoft, Amazon, Google, and others.

The company reported revenue of ₹120 crore in FY25, up from ₹76 crore in FY24. It reported a PAT of ₹9.6 crore in FY25, up from ₹2.87 crore in FY24. As of FY26, it made a revenue of ₹210 crore, which is provisional data.

Global Horizons Capital Advisors is the lead book running manager for the issue.

For initial papers, if the issue size is less than $50 million, they are to be filed with the exchanges in GIFT City, which then give final approval. If the issue size is bigger, the regulator, IFSCA, approves it.

Even with the majority of its revenue coming from India, the company plans to raise capital on GIFT City exchanges in dollars to easily fund its expansion into international markets. Later on, the company plans to list on Indian exchanges too, Goswami said.

As of now, the dual-listing framework, which allows companies to list on Indian exchanges like the National Stock Exchange and BSE and on GIFT City exchanges like NSE IX and India INX, is not yet developed and is in the pipeline.

CloudThat plans to wait for its India listing until the dual-listing framework is released, so it can list on Indian exchanges and raise money in rupees as well, said Goswami.

Apurva Kanvinde, partner at Juris Corp, said that the dual-listing framework on Indian stock exchanges and GIFT City exchanges is not yet operational due to significant complexities in integrating the two markets, which operate under different regulatory and currency frameworks.

In India, IPOs are rupee-denominated, while in GIFT City exchanges, IPOs are dollar-denominated.

The key challenge is to align depositories to facilitate smooth functioning, price arbitrage, and the development of common offer documents, and to resolve issues related to the treatment of minimum public shareholding and promoters' contribution, corporate actions, and other matters, said Kanvinde.

The dual listing framework is present in many global jurisdictions like US, Canada, Hong Kong, China, and New Zealand.

Dual listings globally have provided access to a diverse investor base across multiple markets, improved liquidity and price discovery, and enabled more efficient capital raising while increasing international visibility and shareholder participation, said Kanvinde.

V. Balasubramanium, MD and CEO, NSE IX, had previously told Moneycontrol that globally, similar structures exist across major financial centres, and the objective is to create an additional fundraising avenue for companies looking to tap international pools of capital rather than divert liquidity away from domestic markets.

Srushti is a markets reporter at Mint. She writes on equity markets, and her areas of...