Xtranet Technologies Shares Make Modest Debut, IT Company's Stock Lists With 7% Premium on NSE and BSE

Xtranet Technologies shares made their debut on the NSE and BSE today, July 30. The stock made its debut on the NSE at Rs 136 apiece, up around 7.08 per cent from the issue price of Rs 127 apiece. The BSE debut price was Rs 130.1 apiece up by 2.44 per cent.

Xtranet Technologies Listing Day Gain

Initial Public Offer (IPO) applicants who were allotted a minimum of one lot or 110 shares of Xtranet Technologies would gain approximately Rs 990 (Rs 136 - Rs 127 x 110) after the stock listed. The Bhopal-based company's total post-issue market capitalisation stands at Rs 664.03 crore at the upper price band. Notably, 2 lakh shares of the company changed hands after the stock listed.

Xtranet Technologies IPO: Offer Size

Xtranet Technologies IPO was a book-built issue of Rs 166.80 crore. The IT solutions provider's issue consisted entirely of a fresh issuance of 13.13 million equity shares, with no offer for sale (OFS) component. The Xtranet Technologies IPO price band was fixed at Rs 120 to Rs 127 per share.

Xtranet Technologies IPO: Subscription

The minimum lot size for application for retail investors was fixed at 1 lot or 110 shares, which aggregated to an investment of Rs 13,970. Xtranet Technologies IPO was fully subscribed 12.24 times in its subscription period, which started on July 23 and ended on July 27. Investors across categories applied for 112.5 million shares compared to the 9.19 million shares offered for subscription.

The IT company's non-institutional investors (NII) quota was booked 26.65 times. Xtranet Technologies IPO was booked 8.98 times in the retail individual investor category. The issue was booked 7.13 times in the Qualified Institutional Buyers (QIB) category.

Xtranet Technologies: Promoters

Xtranet Technologies' promoters held an 83.63 per cent stake in the company before the public issue. The promoters, which include Jogendrapal Singh Alagh, Shiney Sukhbir, and Sukhbir Singh Kukreja, will reduce their stake to 62.63 per cent post-IPO.

Xtranet Technologies: Listed Peers

Following its market debut, Xtranet Technologies shares will trade alongside shares of other listed peers in the IT Enabled Services sector, such as Amagi Media Labs, Excelsoft Technologies, Prodocs Solutions, Exato Technologies, Infinity Infoway, Matrix Geo Solutions and TechD Cybersecurity. 

Xtranet Technologies IPO: Objective

Xtranet Technologies will use the funds raised via the initial public offering to meet working capital requirements . The remaining proceeds will be directed towards the repayment or pre-payment of certain outstanding borrowings , capital expenditure for the purchase and installation of systems and hardware , and general corporate purposes.

At the time of writing, shares of Xtranet Technologies traded at Rs 129.20 apiece down by 5 per cent on the NSE. On the BSE, Xtranet Technologies shares traded at Rs 129 apiece down by 0.85 per cent.