GIFT City eyes direct listings without IPO to deepen equity market, says IFSCA's Pradeep Ramakrishnan
A ipo & listings development with market-wide reach.
30 Sept 2026 · ET Stocks, Economic Times Markets
IFSCA plans to introduce a direct-listing framework at GIFT City within months, allowing companies to list shares without traditional IPOs. The move aims to deepen GIFT IFSC’s equity market, complementing its growing bond, overseas investment and sustainable finance ecosystem.
The analysis
Listing activity is a read on risk appetite — a hot primary market usually means a confident secondary one.
Because the driver here is macro rather than company-specific, the read-through is to index-level positioning rather than to any single name — correlations tend to rise when the whole market faces the same signal.
Market context
- This is a market-wide development — its reach goes beyond any single stock.
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