The ₹166.80-crore IPO of Xtranet Technologies has entered its second day of bidding after gaining investors’ support on the first day. It was fully subscribed on Day 1, and there is demand for the IPO, with the grey market premium (GMP) indicating a modest listing growth.
On Day 2, the IPO was subscribed 1.49 times with bids for 1,36,53,860 shares received against 91,93,800 shares on offer.
Subscription Status (Day 2)
Investor participation in categories remained healthy:
- Qualified Institutional Buyers (QIBs): 0.91x.
- Non-Institutional Investors (NIIs): 1.33x.
- Retail Individual Investors (RIIs): 1.88x.
The strong retail response speaks to investor interest in the company and business model.
Latest GMP Today
According to market trackers, the IPO grey market premium (GMP) is ₹7.
Based on the upper price band of ₹127 per share, the estimated listing price, which is around ₹134, suggests a listing premium of about 5.5% to 6%.
The GMP was down slightly from earlier levels before recovering but is still good to see a listing expectation. Investors have to keep in mind the grey market is unofficial, and GMP is not necessarily an indication of actual performance.
IPO Details
Issue Size: ₹166.80 crore
Issue Type: Fresh Issue
- Shares Offered: 1.31 crore equity shares.
- Price Band: ₹120–₹127 per share.
Unlike an Offer for Sale (OFS), this IPO is a fresh issue, and the company will get the proceeds from the public offering.
Minimum Investment
Retail Investors
Minimum application: 110 shares
Minimum investment: ₹13,970
Small Non-Institutional Investors (sNII)
Minimum application: 15 lots
Investment: ₹2,09,550
Big Non-Institutional Investors (bNII)
Minimum application: 72 lots
Investment: ₹10,05,840
Book running lead manager: Share India Capital Services Ltd.
Registrar: KFin Technologies Ltd.
Allotment and Listing Schedule
The tentative IPO timeline is as follows:
- Allotment Finalisation: July 28
- Refunds: July 29
- Credit of shares to Demat Accounts: July 29.
- Expected Listing on BSE & NSE: July 30.
Use of IPO Proceeds
The company will use the funds raised through the new issue for:
Repayment or prepayment of borrowings.
- Capital expenditure.
- Working capital requirements.
- General corporate purposes.
Financial performance
Xtranet Technologies reported strong financial growth in FY26.
Revenue: ₹365.29 crore
Up 32.3% year-on-year.
Net profit: ₹40.73 crore.
Up 35.6% compared with FY25.
Both the revenue and profitability growth are indicative of growing business and operational performance ahead of its public listing.
About Xtranet Technologies
Based in Bhopal, Xtranet Technologies is an integrated IT solutions company. Xtranet Technologies provides enterprise software solutions, digital transformation services, proprietary technology platforms, and technology partners to its customers in various sectors.
It has an interest in enterprise technology and digital transformation, which has positioned it to benefit from increasing demand for IT modernization and software-led business solutions.
Investor Outlook
The healthy subscription numbers, positive retail participation, and stable Grey Market Premium indicate encouraging investor sentiment. But investors should look at the firm's fundamentals, valuation, competitive landscape, and broader market conditions before investing in it.
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