Xtranet Technologies Limited’s initial public offering was subscribed 1.96 times overall as of 5:00 PM on July 24, the second day of the three-day issue, with retail investors driving demand while institutional participation remained below the threshold.

The ₹170 crore fresh issue, priced in the band of ₹120–127 per share, received bids for 1,80,53,970 shares against the 91,93,800 shares on offer across categories. Retail Individual Investors (RIIs) led subscriptions at 2.50 times, with bids for 1,14,97,640 shares against the 45,96,900 reserved for them. The Non-Institutional Investor (NII) category was subscribed 2.12 times, with the smaller NII bucket (bids up to ₹10 lakh) clocking a stronger 2.81 times. The Qualified Institutional Buyer (QIB) category, however, remained undersubscribed at 0.91 times, with bids for only 23,82,050 shares against the 26,26,800 reserved.

The Bhopal-headquartered integrated IT solutions provider, incorporated in 2002, serves government, PSU, and private sector clients across industries including law enforcement, railways, and financial services. The company posted revenue, EBITDA, and PAT CAG₹of 25 per cent, 83 per cent, and 91 per cent respectively over FY24–26.

SBI Securities flags valuation, customer concentration risks

SBI Securities, which assigned a Neutral rating to the issue, noted that at the upper price band of ₹127, the stock is valued at 16.6x FY26 post-issue earnings, reasonable against peers, but flagged customer concentration, heavy dependence on government contracts, and a stretched receivables cycle of 150–210 days as key concerns. The brokerage said it would prefer to monitor cash flow generation and execution consistency post-listing before turning constructive.

The IPO closes on July 27, 2026. Shares are set to list on BSE and NSE.

Published on July 24, 2026