So i have been getting a few queries on how to create an IPA file from Xcode and distribute it for jailbroken devices. Here is how i did it for Damn Vulnerable iOS App.
First we need to run the application using Xcode on the device. This requires a valid provisioning profile. I am doing this on Xcode 5.x but on the previous versions of Xcode, it was possible to run the application on the device without a valid provisioning profile.
Once the application is installed on the device, copy the .app folder from the device on your system.
Navigate inside this directory on your system and self sign the application binary using ldid. Make sure you have a proper working version of ldid installed.
Now create a new folder and name it Payload. Put the .app folder inside it and compress the Payload folder. It will be named Payload.zip. Rename Payload.zip to [APP_NAME].ipa, for e.g DamnVulnerableiOSApp.ipa. Once this is done, you can install the application using similar techniques as mentioned in the youtube video below.