Xtranet Technologies IPO Set To Open On July 23, GMP Hints At Strong Listing - Should You Apply

Xtranet Technologies’ public issue is expected to open for subscription on July 23. The company filed its Red Herring Prospectus (RHP) last week on July 16. Notably, the public issue will be conducted as a 100 per cent book-built offer consisting entirely of a fresh issue.

The bidding window is scheduled to close on July 27.Ahead of the opening of the bidding window, here is a detailed look at the key aspects of the public issue and the company's business that investors should know before the public issue opens for subscription.

Xtranet Technologies IPO: Offer Size and Selling Shareholders

Xtranet Technologies IPO comprises a fresh issue of up to 13.1 million equity shares of face value of Rs 10 each, aggregating up to Rs 166.8 crore. Before the issue, the promoters, Sukhbir Singh Kukreja, Jogendrapal Singh Alagh, and Shiney Sukhbir, held an 83.63 per cent stake in the company; post the issue, the shareholding of the promoters will reduce to 62.63 per cent.

Xtranet Technologies IPO: Price Band and Lot Size

Xtranet Technologies has set the price band for its public issue at Rs 120 to Rs 127 per share. Retail investors can apply for the issue by placing bids for a minimum of 110 shares, which amounts to a minimum investment of Rs 13,970. The small non-institutional investors category can bid for the issue by applying for a minimum of 15 lots or 1,650 shares, aggregating to Rs 2,09,550, and for the big non-institutional investor category, the minimum amount will be 72 lots or 7,920 shares, amounting to Rs 10,05,840.

Xtranet Technologies IPO: GMP

Xtranet Technologies’ shares are currently trading with a strong premium on the grey market. According to websites that track the demand for shares of unlisted companies, Xtranet Technologies shares are currently quoting a grey market premium (GMP) of Rs 25 over the upper end of the price band. Based on the current GMP trend, the stock is expected to list at Rs 152 with a premium of 19.69 per cent.

Xtranet Technologies IPO: Key Financials

In the fiscal year ending March 31, 2026, Xtranet Technologies’ total revenue from operations stood at Rs 366.01 crore, indicating an increase of over 32 per cent compared to Rs 276.53 crore in the preceding fiscal. The consolidated profit-after-tax of the company for the same period stood at Rs 40.73 crore, increasing by over 35 per cent from Rs 30.03 crore in the preceding fiscal. The networth of the company stood at Rs 136.01 crore, increasing by over 42 per cent compared to Rs 95.49 crore in the preceding fiscal.

Xtranet Technologies: Business Model

Xtranet Technologies is an integrated information technology solutions provider. The company delivers end-to-end services including enterprise applications, digital services, managed services, proprietary platforms, and strategic technology partnerships.

According to the RHP, the company services both Government/Public Sector Undertakings (PSUs) and Private Sector clients. Government clients contributed 47.06 per cent of the company's revenue from operations in FY26; on the other hand, private clients contributed 52.94 per cent of the total revenue from operations in the same period.

The company’s enterprise applications business made up 33.22 per cent of its total revenue in the same period. Managed services, digital services and proprietary platforms & products contributed 40.53 per cent, 15.93 per cent and 10.33 per cent of the company’s revenue, respectively.

Xtranet Technologies: Competitors

Xtranet Technologies competes in the market for IT/ITES services, which is highly competitive and characterised by a large number of participants. Key listed peers and competitors of the company include Coforge , Silver Touch Technologies, and Dynacons Systems & Solutions.

Xtranet Technologies IPO: Should You Apply?

Investors interested in the upcoming public issue should assess risks and strengths related to the company's business before applying:

Xtranet Technologies IPO: Key Risks

• The company is heavily reliant on its top 10 customers, which contributed 86.72 per cent of its total revenue from operations in FY26. Loss of such customers could have a material adverse impact on the business.

• Most of the company's business operations are geographically concentrated, with 85.72 per cent of revenue in FY26 coming from projects executed in the states of Maharashtra, Madhya Pradesh, and Delhi.

• The company's operations are working-capital intensive, and a significant portion of its working capital is consumed in trade receivables and inventories.

Xtranet Technologies IPO: Key Strengths

• The company has a proven track record in executing projects for Government and PSU clients.

• The company is an integrated information technology solutions provider delivering end-to-end services.

• The business is backed by a strong order book, which stood at Rs 356.95 crore as of April 30, 2026.

Xtranet Technologies IPO: Objective

The company intends to utilise the fresh issue proceeds for meeting working capital requirements . The proceeds will also be used for the repayment or prepayment of certain outstanding borrowings , capital expenditure for the purchase of systems and hardware, and for general corporate purposes.