Xtranet Technologies IPO opens today: Should you subscribe or avoid? Check all key details
Xtranet Technologies is selling its shares in the price band of Rs 120-127 apiece, applied for a minimum of 110 shares and its multiples to raise Rs 167 crore between July 23-27.
- Jul 23, 2026,
- Updated Jul 23, 2026 9:50 AM IST
The initial public offering of Xtranet Technologies kicks-off for subscription on Thursday, July 23. The IT solutions player is offering its shares in the range of Rs 120-127 apeice. Investors can apply for a minimum of 110 equity shares and its multiples thereafter. The issue can be subscribed until Monday, July 27.
Xtranet Technologies is looking to raise a total of Rs 127 crore from its maiden stake sale, which is entirely a fresh share sale of 1,31,34,000 equity shares. The net proceeds from the issue shall be utilized towards repayment of debt, capital expenditure for installation of system and hardware, meeting working capital requirements and general corporate purposes.
Incorporated in 2002, Bhopal-based 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. It serves customers across industries.
Ahead of IPO, Xtranet Technologies raised a total of Rs 50.04 crore from 10 anchor investors as it allocated 39,40,200 shares for Rs 127 apiece. Investors like Taurus Midcap MF, Steptrade Revolution Fund, Tiger Strategies Fund, Venus Investments VCC, Longthrive Capital VCC, Innivative Vision Fund, Saint Capital Fund and Viney Growth Fund participated in the anchor book.
Xtranet Technologies reported a net profit of Rs 40.73 crore with a revenue of Rs 366.01 crore for the financial year ended on March 31, 2026. The company clocked a bottomline of Rs 30.03 crore with a revenue of Rs 276.53 crore for the year 2024-25. At the current valuations, it commands a total market capitalization nearly Rs 665 crore.
The company has reserved 50 per cent of the offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) have a 15 per cent of allocation. Retail investors will get 35 per cent of the shares in the IPO. Last heard, Lohia Corp was commanding a grey market premium of Rs 13-15 apeice, suggesting a 10-12 per cent listing gains for the investors.
Share India Capital Services is the sole book running lead manager of Xtranet Technologies IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on Thursday, July 30. Here's what a host of brokerage firms say about the IPO of Xtranet Technologies:
SBI Securities Rating: Neutral Xtranet Technologies is a government-focused IT solutions provider with a strong execution track record and healthy earnings growth over FY24-26, with revenue, EBITDA and PAT registering a CAGR of 25 per cent, 83 per cent and 91 per cent, respectively. The issue is valued at a P/E multiple of 16.6x of FY26 earnings post-issue capital, which appears reasonable relative to peers, said SBI Securities.
"However, customer concentration, dependence on government contracts and a stretched receivables cycle raise concerns around the quality and durability of earnings," it added with a 'neutral' rating to IPO and would prefer to monitor cash-flow generation and execution consistency post listing.Swastika Investmart Rating: Subscribe Xtranet Technologies had an order book of Rs 356.96 crore as of April 30. It has shown consistent growth in both revenue and profitability over the reported periods. Considering its recent financial performance, the IPO appears to be fairly valued, said Swastika Invetmart, suggesting Investors with a medium-term investment horizon and adequate risk appetite may consider subscribing with moderate allocation.
Marwadi Financial Services Rating: Subscribe with caution "We assign a 'subscribe with caution' rating to this IPO, supported by its reasonable valuation and established execution track record with Government and PSU clients," said Marwadi Financial Services. "However, the company's weak cash conversion cycle warrants caution from a long-term investment perspective."
BP Equities Rating: Subscribe Xtranet delivered the second highest revenue growth among peers, the highest RoNW , and EBITDA and PAT margins broadly comparable with the peer group. We believe the current valuation offers an attractive risk reward proposition, said BP Equities. "We recommend a 'subscribe' rating for the issue with a long-term investment horizon," it added.
Ventura Securities Rating: Subscribe Xtranet Technologies is an integrated IT solutions provider offering enterprise applications, managed services, digital transformation and proprietary software platforms to government, PSU, BFSI and manufacturing clients. IPO proceeds will be used for debt repayment, technology upgrades, capital expenditure and working capital to support future growth said Ventura Securities.
"It provides ERP implementation, system integration, data centre solutions and high-margin digital platforms such as Synergy, XtraTrust and X-ERP. In FY26, revenue from operations rose 32.3 per cent to Rs 365.3 crore, with an EBITDA margin of 17.4 per cent and PAT of Rs 40.6 crore. Nearly half of its revenue comes from long-term government and PSU contracts," it said with a 'subscribe' rating.
The initial public offering of Xtranet Technologies kicks-off for subscription on Thursday, July 23. The IT solutions player is offering its shares in the range of Rs 120-127 apeice. Investors can apply for a minimum of 110 equity shares and its multiples thereafter. The issue can be subscribed until Monday, July 27.
Xtranet Technologies is looking to raise a total of Rs 127 crore from its maiden stake sale, which is entirely a fresh share sale of 1,31,34,000 equity shares. The net proceeds from the issue shall be utilized towards repayment of debt, capital expenditure for installation of system and hardware, meeting working capital requirements and general corporate purposes.
Incorporated in 2002, Bhopal-based 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. It serves customers across industries.
Ahead of IPO, Xtranet Technologies raised a total of Rs 50.04 crore from 10 anchor investors as it allocated 39,40,200 shares for Rs 127 apiece. Investors like Taurus Midcap MF, Steptrade Revolution Fund, Tiger Strategies Fund, Venus Investments VCC, Longthrive Capital VCC, Innivative Vision Fund, Saint Capital Fund and Viney Growth Fund participated in the anchor book.
Xtranet Technologies reported a net profit of Rs 40.73 crore with a revenue of Rs 366.01 crore for the financial year ended on March 31, 2026. The company clocked a bottomline of Rs 30.03 crore with a revenue of Rs 276.53 crore for the year 2024-25. At the current valuations, it commands a total market capitalization nearly Rs 665 crore.
The company has reserved 50 per cent of the offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) have a 15 per cent of allocation. Retail investors will get 35 per cent of the shares in the IPO. Last heard, Lohia Corp was commanding a grey market premium of Rs 13-15 apeice, suggesting a 10-12 per cent listing gains for the investors.
Share India Capital Services is the sole book running lead manager of Xtranet Technologies IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on Thursday, July 30. Here's what a host of brokerage firms say about the IPO of Xtranet Technologies:
SBI Securities Rating: Neutral Xtranet Technologies is a government-focused IT solutions provider with a strong execution track record and healthy earnings growth over FY24-26, with revenue, EBITDA and PAT registering a CAGR of 25 per cent, 83 per cent and 91 per cent, respectively. The issue is valued at a P/E multiple of 16.6x of FY26 earnings post-issue capital, which appears reasonable relative to peers, said SBI Securities.
"However, customer concentration, dependence on government contracts and a stretched receivables cycle raise concerns around the quality and durability of earnings," it added with a 'neutral' rating to IPO and would prefer to monitor cash-flow generation and execution consistency post listing.Swastika Investmart Rating: Subscribe Xtranet Technologies had an order book of Rs 356.96 crore as of April 30. It has shown consistent growth in both revenue and profitability over the reported periods. Considering its recent financial performance, the IPO appears to be fairly valued, said Swastika Invetmart, suggesting Investors with a medium-term investment horizon and adequate risk appetite may consider subscribing with moderate allocation.
Marwadi Financial Services Rating: Subscribe with caution "We assign a 'subscribe with caution' rating to this IPO, supported by its reasonable valuation and established execution track record with Government and PSU clients," said Marwadi Financial Services. "However, the company's weak cash conversion cycle warrants caution from a long-term investment perspective."
BP Equities Rating: Subscribe Xtranet delivered the second highest revenue growth among peers, the highest RoNW , and EBITDA and PAT margins broadly comparable with the peer group. We believe the current valuation offers an attractive risk reward proposition, said BP Equities. "We recommend a 'subscribe' rating for the issue with a long-term investment horizon," it added.
Ventura Securities Rating: Subscribe Xtranet Technologies is an integrated IT solutions provider offering enterprise applications, managed services, digital transformation and proprietary software platforms to government, PSU, BFSI and manufacturing clients. IPO proceeds will be used for debt repayment, technology upgrades, capital expenditure and working capital to support future growth said Ventura Securities.
"It provides ERP implementation, system integration, data centre solutions and high-margin digital platforms such as Synergy, XtraTrust and X-ERP. In FY26, revenue from operations rose 32.3 per cent to Rs 365.3 crore, with an EBITDA margin of 17.4 per cent and PAT of Rs 40.6 crore. Nearly half of its revenue comes from long-term government and PSU contracts," it said with a 'subscribe' rating.