Summary of this article
Xtranet Technologies IPO GMP slipped to Rs 7 on Day 2
Retail investors continued to lead demand as bidding progressed
The IPO will close for subscription on July 27
Xtranet Technologies IPO GMP: The grey market premium (GMP) of Xtranet Technologies' initial public offering (IPO) declined as the issue entered the second day of bidding on July 24. The public issue continued to attract strong investor interest, led by strong participation from retail investors.
Xtranet Technologies IPO Details
The Rs 166.8 crore book-built IPO is entirely a fresh issue of 13.13 million equity shares. The issue opened for subscription on July 23 and will close on July 27.
The company has fixed a price band of Rs 120-127 per share, with a lot size of 110 shares. Retail investors need a minimum investment of Rs 13,970 at the upper end of the price band.
The basis of allotment is expected to be finalised on July 28. Successful bidders are likely to receive shares in their demat accounts on July 29, while refunds are expected to be initiated the same day. The stock is scheduled to list on the NSE and BSE on July 30.
Share India Capital Services is the book-running lead manager to the issue, while Kfin Technologies is the registrar.
Xtranet Technologies IPO Objective
The company plans to use the net proceeds from the issue to repay certain borrowings, fund capital expenditure for systems and hardware, meet working capital requirements and for general corporate purposes.
Xtranet Technologies IPO Subscription Status
As of 12:00 PM on July 24, the Xtranet Technologies IPO was subscribed 1.50 times on the second day of bidding. The retail investor portion continued to lead demand, with 1.91 times subscription, while the non-institutional investor (NII) category was subscribed 1.35 times. The qualified institutional buyer (QIB) portion, excluding anchor investors, was subscribed 0.91 times.
Xtranet Technologies IPO GMP Today
Xtranet Technologies IPO’s GMP stood at Rs 7 per share on July 24, down from Rs 8 a day earlier and significantly lower than Rs 26 recorded on July 20. At the current GMP, the shares are expected to list around Rs 134 apiece, indicating a premium of about 5.5 per cent over the upper price band of Rs 127. However, GMP is an unofficial market indicator and should not be considered a reliable predictor of the stock's listing performance.
Xtranet Technologies IPO Anchor Investors
Ahead of the IPO, Xtranet Technologies raised Rs 50.04 crore from anchor investors on July 22 by allotting 3.94 million shares at Rs 127 apiece.
Among domestic mutual funds, Taurus Mutual Fund participated through three schemes, accounting for 10 per cent of the anchor allocation. Other anchor investors included StepTrade Revolution Fund, Venus Investments VCC, Tiger Strategies Fund-I, LongThrive Capital VCC, TrendView Capital Fund, Innovative Vision Fund, Saint Capital Fund and Viney Growth Fund.
About Xtranet Technologies
Incorporated in 2002, Xtranet Technologies is an integrated IT solutions provider offering enterprise applications, managed services, digital transformation solutions and proprietary technology platforms. Its offerings include ERP implementation, cloud integration, infrastructure management, application development, IaaS, PaaS and SaaS solutions.
According to the red herring prospectus (RHP), the company generates revenue through fixed-price projects, time-and-material contracts and recurring service agreements. A major share comes from government departments and public sector undertakings (PSUs).
Xtranet Technologies Financial Performance
For the financial year ended March 31, 2026, Xtranet Technologies reported total income of Rs 366.01 crore, up from Rs 276.53 crore in the previous financial year. Profit after tax (PAT) increased to Rs 40.73 crore from Rs 30.03 crore, while Ebitda rose to Rs 63.18 crore from Rs 47.2 crore.
The company's net worth rose to Rs 136.01 crore as of March 31, 2026, from Rs 95.49 crore a year earlier, while total assets increased to Rs 341.97 crore from Rs 321.79 crore. Reserves and surplus stood at Rs 96.4 crore, compared with Rs 87.47 crore in FY25. Debt, however, increased to Rs 85.45 crore from Rs 39.24 crore.
The PAT margin improved to 11.15 per cent in FY26 from 10.88 per cent in FY25, while the Ebitda margin increased to 17.3 per cent from 17.1 per cent.
Return on net worth stood at 29.6 per cent, compared with 31.15 per cent a year earlier. Return on equity declined to 34.78 per cent from 44.31 per cent, while return on capital employed fell to 32.52 per cent from 39.59 per cent. The debt-to-equity ratio increased to 0.63 from 0.41. At the upper end of the price band, the IPO is valued at a post-issue price-to-earnings multiple of 16.3 times and a price-to-book multiple of 3.66 times.
