XtraNet Technologies IPO: Dates, Price Band and Financials
A Rs 166.80 crore fresh issue opening 23 July at Rs 120 to 127 per share. Dates, lot size, financials, strengths, risks and how to apply.
XtraNet Technologies opens for subscription on 23 July 2026 at a price band of Rs 120 to Rs 127 per share. The Rs 166.80 crore mainboard issue is entirely a fresh issue of equity shares, with no offer for sale. Bidding closes on 27 July 2026, with listing scheduled on both NSE and BSE.
| Detail | Value |
|---|---|
| Issue type | Book built |
| Price band | Rs 120 to 127 |
| Lot size | 110 shares |
| Retail minimum | Rs 13,970 |
| Issue size | Rs 166.80 cr |
| Fresh issue | Rs 166.80 cr |
| Offer for sale | Nil |
| Bidding dates | 23-27 Jul 2026 |
| Allotment date | 28 Jul 2026 |
| Listing date | 30 Jul 2026 |
| Listing at | NSE, BSE |
| GMP (unofficial) | Rs 9 on 24 Jul |
What XtraNet Technologies does
Incorporated in 2002, XtraNet Technologies Limited is a Bhopal-based IT solutions provider delivering enterprise application services, digital transformation programs, managed IT services and proprietary software platforms. The company serves public sector entities, financial services firms and private enterprises across India.
As of March 2025, the business employed 242 permanent staff, delivering projects both onsite at client facilities and through its offshore delivery centres. The company operates from infrastructure built on a 99-year land lease secured from the Madhya Pradesh state government. Its proprietary product portfolio includes platforms such as XtraTrust, eatNstay and Peddle Point, which complement its core IT consulting and implementation services.
The issue and objectives
The Rs 166.80 crore issue consists of 1,31,34,000 fresh equity shares of face value Rs 10 each. Because there is no offer for sale component, the entire gross proceeds after meeting issue expenses flow directly into the company.
The company has allocated net proceeds across four primary objectives:
| Objective | Amount (Rs cr) |
|---|---|
| Debt repayment | 21.99 |
| Systems & hardware | 7.30 |
| Working capital | 102.00 |
| General corporate | 35.51 |
The largest allocation of Rs 102.00 crore addresses working capital requirements to support expanding operations. Repayment of Rs 21.99 crore in outstanding debt aims to lower finance costs, while Rs 7.30 crore funds capital expenditure for systems and IT hardware.
Financial performance
XtraNet Technologies has delivered revenue and earnings growth over recent fiscal years. Figures below report key financial metrics in Rs crore as stated in the red herring prospectus.
| Metric (Rs cr) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 222.78 | 233.26 | 276.53 | 366.01 |
| PAT | 5.98 | 10.94 | 30.03 | 40.73 |
| Net worth | 26.20 | 38.78 | 95.49 | 136.01 |
| Total assets | 223.99 | 202.94 | 321.79 | 341.97 |
| Borrowings | 7.37 | 41.19 | 39.24 | 85.45 |
Revenue from operations grew from Rs 222.78 crore in FY23 to Rs 366.01 crore in FY26. Profit after tax expanded from Rs 5.98 crore in FY23 to Rs 40.73 crore in FY26, bringing the PAT margin to 11.15 percent in FY26. Net worth reached Rs 136.01 crore, while total borrowings stood at Rs 85.45 crore at the end of fiscal 2026.
Peer comparison and valuation
The red herring prospectus compares XtraNet Technologies against listed technology peers in India. The table below outlines key valuation and return metrics based on FY26 reported numbers and the upper price band of Rs 127 per share.
| Company | P/E | RoNW | Revenue (Rs cr) |
|---|---|---|---|
| XtraNet Tech | 16.30x | 29.60% | 366.01 |
| Silver Touch | 63.65x | 21.06% | 341.99 |
| Dynacons Systems | 20.20x | 26.89% | 1424.28 |
| Coforge | 35.51x | 16.31% | 16402.70 |
At the upper band of Rs 127, XtraNet Technologies demands a post-issue price-to-earnings multiple of 16.30x based on post-IPO EPS of Rs 7.79, compared to a pre-IPO P/E of 12.21x on pre-issue EPS of Rs 10.40. Return on net worth stood at 29.60 percent, return on capital employed was 32.52 percent and return on equity reached 34.78 percent for FY26. The post-issue market capitalisation evaluates to Rs 664.03 crore.
Key strengths
- Integrated IT portfolio: Offers enterprise application development, digital transformation, managed IT services and proprietary software platforms under one roof.
- Unexecuted order book: Holds an unexecuted order book of approximately Rs 357 crore as of April 2026, offering revenue visibility for upcoming quarters.
- Long-term operational infrastructure: Operates under a 99-year land lease from the Madhya Pradesh state government securing long-term facility stability.
- Proprietary platforms: Developed software products including XtraTrust, eatNstay and Peddle Point, expanding revenue channels beyond custom IT services.
Risk factors
- Customer concentration: The top 10 clients contributed nearly 87 percent of total revenue in fiscal 2026, making financial results sensitive to client retention.
- Government sector reliance: Public sector contracts accounted for roughly 47 percent of FY26 revenue, exposing business cash flows to public procurement cycles and payment schedules.
- Geographic focus: Nearly 86 percent of FY26 revenue originated from three states: Maharashtra, Madhya Pradesh and Delhi.
- Supplier concentration: The top 10 suppliers represented over 95 percent of procurement purchases in FY26, creating dependency on key technology vendors.
Subscription and anchor allocation
Ahead of the public bidding window, XtraNet Technologies raised Rs 50.04 crore from 10 institutional anchor investors on 22 July 2026. The company allotted 39,40,200 equity shares at the cap price of Rs 127 per share. Major anchor participants included Saint Capital Fund, Viney Growth Fund, Innovative Vision Fund and Longthrive Capital VCC (Trendview Capital Fund), with Taurus Mutual Fund participating as the sole domestic mutual fund anchor across three schemes.
Subscription data as of Day 2 (24 July 2026) shows the overall issue subscribed 1.96 times:
| Category | Subscribed |
|---|---|
| QIB | 0.91x |
| NII | 2.12x |
| sNII | 2.81x |
| bNII | 1.77x |
| Retail | 2.50x |
| Total | 1.96x |
Retail investors subscribed their allocated portion 2.50 times, while the NII portion saw 2.12 times subscription. QIB bidding stood at 0.91 times at the end of the second bidding day.
Timeline and how to apply
The bidding process follows standard UPI and ASBA application protocols for Indian mainboard IPOs:
- Log into your trading application or bank ASBA portal between 23 July and 27 July 2026.
- Select XtraNet Technologies Limited IPO from the list of active issues.
- Enter your bid quantity in multiples of 110 shares (minimum 1 lot of 110 shares, equal to Rs 13,970 at the upper price band of Rs 127).
- Provide your UPI ID and submit the application form.
- Approve the UPI mandate block request in your UPI payment app before the 5 pm deadline on 27 July 2026.
The basis of allotment will be finalised on 28 July 2026. Unsuccessful applicants will receive refund initiations on 29 July 2026, and allotted shares will be credited to Demat accounts on the same day. Trading in XtraNet Technologies shares is scheduled to commence on NSE and BSE on 30 July 2026. Applicants can verify allotment status on the official registrar portal hosted by KFin Technologies.
This article is for information only and is not investment advice. It does not provide any recommendation on bidding or participating in the issue. Grey market premium figures reported here reflect unofficial market news and do not predict eventual listing performance. Investors should review the red herring prospectus filed with SEBI and make their own independent assessment before submitting a bid.