Xtranet Technologies Limited IPO
ListedMainboard
12.24×
Subscribed
Price band
₹127 – ₹127
Issue size
₹166.8 Cr
Open – close
23 Jul 2026
to 27 Jul 2026
Listing
30 Jul 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong6 of 7 dimensions read
The disclosed numbers are strong — 5 of 7 signals read positive
Strength84/100
- Priced below its peers12.3× earnings against a peer median of 35.5× — a discount to the issuer's own comparison set
- Out-earns its peersReturn on net worth of 29.6% against a peer median of 21.1%
- High return on equityROE of 34.8%
- Conservative balance sheetDebt/equity of 0.28×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Some related-party dealingsRelated-party transactions are 8.2% of revenue
- Institutional book coveredQIB portion subscribed 7.13×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens23 Jul 2026
- Closes27 Jul 2026
- Listing30 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB7.13x
Non-institutionalNII / HNI26.65x
Big NIIabove ₹10L26.72x
Small NII₹2L – ₹10L26.53x
Retail individualRII8.98x
3,30,065 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 27 Jul 2026.
Chance of allotment
Retail8.98× subscribed
~1 in 9
Retail is 8.98× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 9 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII26.65× subscribed
~1 in 26.7
HNI is 26.65× subscribed. This category is allotted proportionately, so a bid receives roughly 1/26.7 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹127 – ₹127
Total issue size₹166.8 Cr
Fresh issue₹166.8 Cr
Listing atMainboard
Company & valuation
P/E at upper band12.35×
EPS₹8.36pre-issue
NAV per share₹34.74
Return on equity34.78%
Debt / equity0.28×
EBITDA margin17.30%
Related-party8.15%of revenue
ROCE39.59%
RoNW31.15%
PAT Margin10.88%
EBITDA Margin17.10%
NAV24.39
Price to Book Value5.21
ISININE0NG701011
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 65,67,000 | — |
| Anchor Investor Shares Offered | 39,40,200 | — |
| QIB (Ex. Anchor) Shares Offered | 26,26,800 | — |
| NII (HNI) Shares Offered | 19,70,100 | — |
| bNII > ₹10L | 13,13,400 | 796.00% |
| sNII < ₹10L | 6,56,700 | 398.00% |
| Retail Shares Offered | 45,96,900 | 41790.00% |
Total issue 1,31,34,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹13,9701 lot · 110 sh
Retail (Max)₹1,95,58014 lots · 1,540 sh
S-HNI (Min)₹2,09,55015 lots · 1,650 sh
S-HNI (Max)₹9,91,87071 lots · 7,810 sh
B-HNI (Min)₹10,05,84072 lots · 7,920 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted39,40,200
Anchor portion₹50.04 Cr
Bid date22 Jul 2026
Lock-in ends (50%)28 Aug 2026
Lock-in ends (rest)25 Oct 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company₹20.2 Cr
- 02Capital expenditure by our Company for purchase of systems and hardware₹8.48 Cr
- 03To meet working capital requirements₹102 Cr
- 04General corporate purposes₹18.61 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Silver Touch Technologies Limited | 2.82 | 63.65 | 13.38 | 21.06% |
| Dynacos Systems & Solutions Limited | 66.64 | 20.20 | 247.59 | 26.89% |
| Coforge Limited | 44.30 | 35.51 | 252.61 | 16.31% |
| Our Companythis issue | 10.28 | — | 34.74 | 29.60% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumMore than 47.06%, 59.46% and 46.32%, respectively of the revenue was recognized from Government/PSU clients in Fiscal 2026, Fiscal 2025 and Fiscal 2024.
mediumThe loss of or inability to qualify for orders from Government/PSU clients may adversely affect our business, financial condition, results of operations, and prospects.
mediumThe tender processes conducted by the Government may be subject to changes in qualification criteria, unexpected delays and uncertainties.
mediumThere can be no assurance that the projects for which we bid will be tendered within a reasonable time, or at all.
Positives the filing discloses (3)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage
Debt-to-equity of 0.28x.
Healthy return on equity
ROE of 34.8%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Xtranet Technologies Limited IPO subscribed?
Xtranet Technologies Limited is subscribed 12.24× overall (QIB 7.13×, NII 26.65×, retail 8.98×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Xtranet Technologies Limited IPO?
The retail portion is subscribed 8.98×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 9. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.