Xtranet Technologies IPO Day 2: Issue subscribed 1.11x so far. GMP hints 6% listing gain. Apply or avoid?

The Xtranet Technologies IPO was fully subscribed on the first day of bidding on Thursday, reflecting healthy investor interest in the public issue.

The Xtranet Technologies IPO date runs from 23 July to 27 July, with the company fixing the Xtranet Technologies IPO price band at ₹120-127 per equity share. The company's shares are proposed to be listed on the BSE and NSE, with the Xtranet Technologies IPO listing date tentatively scheduled for 30 July.

For the Xtranet Technologies IPO, investors can apply in lots of 110 shares and in multiples thereof. At the upper end of the Xtranet Technologies IPO price of ₹127 per share, the minimum investment for retail investors is ₹13,970. Retail investors can bid for up to 14 lots (1,540 shares), requiring a maximum investment of ₹1,95,580.

For small non-institutional investors (sNIIs), the minimum application size is 15 lots (1,650 shares), translating into an investment of ₹2,09,550. Big non-institutional investors (bNIIs) are required to apply for at least 72 lots (7,920 shares), amounting to a minimum investment of ₹10,05,840.

Under the allocation structure, up to 50% of the net issue has been reserved for Qualified Institutional Buyers (QIBs), at least 35% for Retail Individual Investors (RIIs), and at least 15% for Non-Institutional Investors (NIIs).

Xtranet Technologies IPO GMP today is +8. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Xtranet Technologies share was ₹135 apiece, which is 6.30% higher than the IPO price of ₹127.

Analysing the grey market trends from the past eight sessions, the current IPO GMP trend is showing a downward trajectory and is anticipated to decrease further. Throughout this time frame, the GMP fluctuated between a minimum of ₹8 and a maximum of ₹26, as noted by experts.

SBI Securities has assigned a "Neutral" rating to the Xtranet Technologies IPO. The brokerage said the company has established a strong track record in executing government-focused IT projects and delivered healthy financial growth, with revenue, EBITDA and profit after tax registering CAGRs of 25%, 83% and 91%, respectively, during FY24-FY26. At the upper price band of ₹127, the IPO is valued at 16.6 times FY26 earnings, which SBI Securities considers reasonable compared with peers. However, it flagged customer concentration, dependence on government contracts and a stretched receivables cycle as key risks, adding that it would prefer to monitor the company's cash flow generation and execution consistency after listing.

Swastika Investmart has recommended subscribing to the issue for investors with a medium-term investment horizon and a moderate allocation. The brokerage noted that Xtranet Technologies had an order book of ₹356.96 crore as of 30 April 2026, and has demonstrated consistent growth in both revenue and profitability. It believes the IPO is fairly valued based on the company's recent financial performance, while advising investors to factor in the associated execution risks.

Xtranet Technologies IPO subscription status was 1.11x on day 1. The retail portion is subscribed 1.37x, and NII portion has been booked 75%, QIBs portion received 91% bids.

The company has received bids for 1,01,64,770 shares against 91,93,800 shares on offer at 17:00 IST, according to BSE data.

The Xtranet Technologies IPO is a completely fresh issue of 1.31 crore equity shares, aggregating ₹166.8 crore, with no offer for sale (OFS) component. As the issue consists entirely of fresh shares, the net proceeds will accrue to the company.

Share India Capital Services is the book-running lead manager to the issue, while KFin Technologies has been appointed as the registrar.

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