Xtranet Technologies
- Issue price
- ₹ 127
- Issue size
- ₹ 166.8 Cr.
- Min. investment
- ₹ 13,970
- Listing price
- ₹ 136
- Subscribed
- 12.24x
- Lot size
- 110 shares
- P/E
- 16.3
- RoNW
- 31.15%
- RoCE
- 39.59%
- Debt / Equity
- 0.41
- PAT margin
- 10.88%
- EBITDA margin
- 17.10%
- RoE
- 44.31%
- EPS
- ₹ 7.79
- NAV
- ₹ 24.39
- Promoter stake
- 74.88%
About
Xtranet Technologies Limited, incorporated in 2002 and headquartered in Bhopal, is an integrated information technology solutions provider delivering end-to-end services across four core segments: enterprise applications (ERP implementation), managed services (data centre operations), digital services (through its Synergy platform) and proprietary platforms including XtraTrust for digital signature certification (PKI services). The company serves both government/PSU departments and private enterprises, with the majority of revenue currently derived from government projects. As of April 2026 it employed 504 direct staff and 370 contract workers, and held an order book of Rs 356.96 crore. The company holds CMMI SVC/5, ISO 9001, ISO 27001, ISO 20000 and ISO 22301 certifications.
Timeline
- doneOpens23 Jul
- doneCloses27 Jul
- doneAllotment28 Jul
- doneRefunds29 Jul
- doneDemat credit29 Jul
- doneListing30 Jul
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 26 on 20 Jul 2026
- Lowest
- ₹ 7 on 27 Jul 2026
- First quoted
- ₹ 25 on 17 Jul 2026
Subscription
How many times each investor group bid for its share, as of 08 Aug 2026, 04:05 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 110 | ₹ 13,970 |
| Retail (Max) | 14 | 1,540 | ₹ 1,95,580 |
| S-HNI (Min) | 15 | 1,650 | ₹ 2,09,550 |
| B-HNI (Min) | 72 | 7,920 | ₹ 10,05,840 |
Company overview
Financials
| Revenue | 366.01 | 276.53 | 233.26 |
| OPM % | — | — | — |
| EBITDA | — | — | — |
| Net Profit | 40.73 | 30.03 | 10.94 |
| Debt | — | — | — |
| Assets | 341.97 | 321.79 | 202.94 |
Strengths
- Healthy order book of Rs 356.96 crore (as of Apr 30, 2026) provides revenue visibility
- Consistent growth in revenue (Rs 233.26 Cr to Rs 366.01 Cr) and profit over the last three fiscal years
- Quality certifications including CMMI SVC/5, ISO 9001, ISO 27001, ISO 20000 and ISO 22301
- Strong capital efficiency, with RoNW averaging 29.91% and ROCE averaging above 30%
- Diversified, integrated service portfolio spanning ERP, managed services, digital transformation and PKI/digital signature services
Risks
- High consolidated contingent liabilities of Rs 42.74 crore as of March 31, 2026
- Elevated trade receivables raise working-capital and cash-conversion concerns, particularly from government clients
- Issue appears fully priced at 16.30x FY26 P/E and 22.13x FY25 P/E, limiting listing-gain potential
- Operates in a highly competitive and fragmented IT services segment without a clear competitive moat
- Revenue is concentrated in government/PSU clients, creating dependency and cyclicality risk
- No dividend history since incorporation
What the money is for
| Repayment/prepayment of certain outstanding borrowings | 20.2 |
| Capital expenditure for purchase and installation of systems and hardware | 8.48 |
| Funding working capital requirements | 102 |
| General corporate purposes | — |
Promoters
- Sukhbir Singh Kukreja
- Jogendrapal Singh Alagh
- Shiney Sukhbir
Anchor investors
10 anchors put in ₹ 50.02 Cr., including 3 mutual funds.
| TAURUS MID CAP FUND | 78,760 | 1 | 2% |
| TAURUS ELSS TAX SAVER FUND | 78,760 | 1 | 2% |
| TAURUS FLEXI CAP FUND | 2,36,280 | 3 | 6% |
| STEPTRADE REVOLUTION FUND | 3,93,800 | 5 | 9.99% |
| VENUS INVESTMENTS VCC-VENUS STELLAR FUND | 3,94,020 | 5 | 10% |
| TIGER STRATEGIES FUND 1 | 5,51,540 | 7 | 14% |
| LONGTHRIVE CAPITAL VCC-TRENDVIEW CAPITAL FUND | 5,51,100 | 7 | 13.99% |
| INNOVATIVE VISION FUND | 3,94,020 | 5 | 10% |
| SAINT CAPITAL FUND | 6,30,960 | 8.01 | 16.01% |
| VINEY GROWTH FUND | 6,30,960 | 8.01 | 16.01% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 10 a share
- Registrar
- KFin Technologies Limited
- Lead managers
- Share India Capital Services Private Limited
- Red herring prospectus (RHP)
- Open
- Draft prospectus (DRHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.