Overview
- The IPO, which opened July 23, was fully subscribed 1.10 times on Day 1 as per NSE data showing 1,01,58,060 bids for 91,93,800 shares.
- Demand varied by investor type with retail investors bidding 1.37x, Qualified Institutional Buyers booking 91% of their quota, and non‑institutional investors at 75%.
- The offer is a 100% fresh issue of 13,134,000 shares at a Rs 120–127 band to raise about Rs 127 crore, and it remains open for subscription through July 27.
- Xtranet reported FY26 revenue of about Rs 366 crore and net profit of Rs 40.7 crore; proceeds will fund debt repayment, technology and capital expenditure, working capital, and general corporate purposes.
- Pre‑listing broker notes range from Neutral to Subscribe, praising growth and government contract wins but warning about customer concentration and a stretched receivables cycle that investors should watch after listing.