Xtranet Technologies IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 7.13x |
| NII | 26.65x |
| sNII (₹2L–₹10L) | 26.53x |
| bNII (above ₹10L) | 26.72x |
| Retail (RII) | 8.98x |
| Total | 12.24x |
Bidding day 5 · final figures at close of bidding: 3 Aug 2026, 6:30 pm IST
IPO Details
- Open Date
- 23 Jul 2026
- Close Date
- 27 Jul 2026
- Listing Date
- 30 Jul 2026
- Face Value
- ₹10
- Fresh Issue
- ₹166.8 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE, BSE
- Registrar
- KFin Technologies (KFintech)
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 110 | ₹13,970 |
| Retail (Max) | 15 | 1,650 | ₹2,09,550 |
| B-HNI (Min) | 72 | 7,920 | ₹10,05,840 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 39,40,200 | 30% |
| QIB (ex-anchor) | 26,26,800 | 20% |
| NII | 19,70,100 | 15% |
| — sNII (< ₹10L) | 6,56,700 | 5% |
| — bNII (> ₹10L) | 13,13,400 | 10% |
| Retail | 45,96,900 | 35% |
| Total | 1,31,34,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 233.26 | 10.94 | 18.86 | 38.78 | 202.94 | 41.19 | — |
| FY 2025 | 276.53 | 30.03 | 47.2 | 95.49 | 321.79 | 39.24 | — |
| FY 2026 | 366.01 | 40.73 | 63.18 | 136.01 | 341.97 | 85.45 | 10.4 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 12.21x
- P/E (post-issue)
- 16.3x
- RoNW
- 29.6%
- RoE
- 34.78%
- RoCE
- 32.52%
- Debt / Equity
- 0.63
- EPS (pre-issue)
- ₹10.4
- EPS (post-issue)
- ₹7.79
- EBITDA Margin
- 17.3%
- PAT Margin
- 11.15%
- P/BV
- 3.66x
- NAV / share
- ₹34.74
- Market Cap
- ₹664.03 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company | ₹20.2 Cr |
| Capital expenditure by our Company for purchase and installation of systems and hardware | ₹8.48 Cr |
| To meet working capital requirements | ₹102 Cr |
| General corporate purposes | ₹18.61 Cr |
| Issue Expenses | ₹17.51 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to BRLM and commission (including selling commission, brokerage and underwriting commission) | ₹14.34 Cr |
| Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Issue and bidding/uploading charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹0.3 Cr |
| Fees Payable to Registrar to the Issue | ₹0.02 Cr |
| Listing fees, SEBI, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹0.94 Cr |
| Fees payable to the legal counsel | ₹0.15 Cr |
| Fees payable to the Statutory Auditors | ₹0.14 Cr |
| Advertising and marketing expenses | ₹0.76 Cr |
| Printing and stationery expenses | ₹0.13 Cr |
| Miscellaneous (including fees payable to consultants and other professional agencies) | ₹0.74 Cr |
Promoters & Shareholding
Promoters: <p>Sukhbir Singh Kukreja, Jogendrapal Singh Alagh, Shiney Sukhbir</p>
- Holding (pre-issue)
- 83.63%
- Holding (post-issue)
- 62.63%
- Dilution
- 21%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| SAINT CAPITAL FUND | Other | 6,30,960 | ₹127 | 8.01 | 16.01% |
| VINEY GROWTH FUND | Other | 6,30,960 | ₹127 | 8.01 | 16.01% |
| TIGER STRATEGIES FUND 1 | Other | 5,51,540 | ₹127 | 7 | 14% |
| LONGTHRIVE CAPITAL VCC-TRENDVIEW CAPITAL FUND | Other | 5,51,100 | ₹127 | 7 | 13.99% |
| VENUS INVESTMENTS VCC-VENUS STELLAR FUND | Other | 3,94,020 | ₹127 | 5 | 10% |
| INNOVATIVE VISION FUND | Other | 3,94,020 | ₹127 | 5 | 10% |
| STEPTRADE REVOLUTION FUND | Other | 3,93,800 | ₹127 | 5 | 9.99% |
| TAURUS FLEXI CAP FUND | Other | 2,36,280 | ₹127 | 3 | 6% |
| TAURUS MID CAP FUND | Other | 78,760 | ₹127 | 1 | 2% |
| TAURUS ELSS TAX SAVER FUND | Other | 78,760 | ₹127 | 1 | 2% |
Anchor bidding took place on 22 Jul 2026. Anchor lock-in: 50% of shares unlock on 28 Aug 2026, the remainder on 25 Oct 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Xtranet Technologies | 10.28 | 34.74 | — | 29.6% | — |
| Coforge | 44.3 | 252.61 | 35.51x | 16.31% | 5.72x |
| Dynacons Systems & Solutions | 66.64 | 247.59 | 20.2x | 26.89% | 5.45x |
| Silver Touch Technologies | 2.82 | 13.38 | 63.65x | 21.06% | 13.77x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Xtranet Technologies IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Xtranet Technologies IPO
The Xtranet Technologies mainboard IPO runs from 23 Jul 2026 to 27 Jul 2026, offered at a price band of ₹120–127 per share, and is set to list on NSE and BSE. The company is looking to raise ₹166.8 crore through the offer. Retail investors bid in lots of 110 shares, a minimum application of ₹13,970.
Issue structure
The IPO is structured entirely as a fresh issue of ₹166.8 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward to meet working capital requirements (₹102 crore), alongside repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our company (₹20.2 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Xtranet Technologies reported revenue of ₹366.01 crore and a net profit of ₹40.73 crore. Revenue grew from ₹233.26 crore in FY2024 to ₹366.01 crore in FY2026 (+57.0%). Net worth stood at ₹136.01 crore at the end of FY2026. At the upper band, that puts the issue at roughly 12.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 16.3× post-issue earnings and 3.66× book value, against a return on net worth of 29.6% and a debt-to-equity ratio of 0.63. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Coforge and Dynacons Systems & Solutions, with a median peer P/E of about 35.5×. The issue's own post-issue P/E works out to 16.3×.
Promoters
The promoters of the company are <p>Sukhbir Singh Kukreja, Jogendrapal Singh Alagh, Shiney Sukhbir</p>. Promoter holding stands at 83.63% before the issue and comes down to 62.63% after listing.
Grey market premium (GMP)
In the unofficial grey market, Xtranet Technologies shares are quoted at a premium of ₹12.5 implying an expected listing around ₹139.5, about +9.8% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Xtranet Technologies IPO was subscribed 12.24 times overall. The strongest demand came from non-institutional investors (NII) at 26.65 times, with qualified institutional buyers (QIB) at 7.13× and retail investors at 8.98×.
Listing performance
Xtranet Technologies listed on 30 Jul 2026 at ₹130.1, a premium of +2.4% over the issue price of ₹127.
What to weigh
When evaluating the Xtranet Technologies IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Xtranet Technologies
Incorporated in 2002, Xtranet Technologies is an integrated IT solutions provider offering end-to-end services such as enterprise applications, digital transformation, managed services, proprietary platforms, and strategic technology partnerships. The company serves customers across industries. Its services are delivered through a mix of onsite and offshore models, supported by subsidiaries, joint ventures, and in-house platforms. Business Offerings: Enterprise Applications e., ERP Implementation and support services, IT System Integration Services i.e., Network and Security Solution, Virtualization and Cloud Integration, Infrastructure Management Services, etc., Data Centres managment, Application Development & maintenance, etc. Managed Services: Infrastructure management services covering the design, establishment, and modernization of IT infrastructure. Digital Services: Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS) Proprietary platforms: Synergy low-code digital transformation, XtraTrust platform It derives revenue from fixed-price projects, time-and-materials contracts, and recurring service agreements, with a significant share from Government and PSU clients. As on March 31, 2025, the company employed 242 permanent employees. Competitive Strengths Proven track record in executing projects for Government and PSU clients Long standing relationship with marquee customer base Experienced Management Team Geographic Presence and Multi-Location Operations
Xtranet Technologies — Contact Details
- Registered office
- Z-24, Zone - 1,, M.P. Nagar, Bhopal, Madhya Pradesh, 462011
- Phone
- +91 1143547623
- Website
- xtranetindia.com/
- Registrar (IPO queries)
- xtranet.ipo@kfintech.com
Frequently asked questions
- What is the Xtranet Technologies IPO price band?
- The Xtranet Technologies IPO price band is ₹120 to ₹127 per share, with a lot size of 110 shares.
- What was the Xtranet Technologies IPO GMP before listing?
- The final grey market premium recorded before the Xtranet Technologies IPO listed was ₹12.5. The IPO listed on 30 Jul 2026 at ₹130.1, +2.4% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Xtranet Technologies IPO open and close?
- The Xtranet Technologies IPO opens on 23 Jul 2026 and closes on 27 Jul 2026.
- When is the Xtranet Technologies IPO allotment and listing date?
- Allotment is expected on 28 Jul 2026. The shares are scheduled to list on 30 Jul 2026 on NSE and BSE.
- How many times was the Xtranet Technologies IPO subscribed?
- The Xtranet Technologies IPO was subscribed 12.24 times in total across all investor categories.
- What is the reservation split in the Xtranet Technologies IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Xtranet Technologies and what is their holding?
- The promoters are <p>Sukhbir Singh Kukreja, Jogendrapal Singh Alagh, Shiney Sukhbir</p>. Promoter holding is 83.63% before the issue and 62.63% after listing.
- What is the P/E ratio of the Xtranet Technologies IPO?
- At the upper price band, the Xtranet Technologies IPO is valued at 12.21× pre-issue earnings and 16.3× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Xtranet Technologies IPO?
- The net proceeds go primarily toward to meet working capital requirements, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Xtranet Technologies IPO?
- The book-running lead manager is Share India Capital Services Pvt.Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is Xtranet Technologies a Mainboard or SME IPO?
- Xtranet Technologies is a Mainboard IPO, listing on NSE and BSE.