Xtranet Technologies opens 167 crore rupee IPO in India
Indian IT services provider Xtranet Technologies has opened its 167 crore rupee initial public offering, targeting debt reduction and capital expenditure amid a 36% surge in annual profit.
Xtranet Technologies opened its initial public offering on July 23, looking to raise ₹167 crore entirely through a fresh issue of 1.31 crore equity shares. The Indian IT solutions provider fixed a price band of ₹120 to ₹127 per share, with subscriptions set to close on July 27. Notably, the issue contains no offer-for-sale component, meaning all capital raised will flow directly to the company.
Financial momentum drives demand
Xtranet is entering the public markets on the back of accelerating operational performance. For FY26, the company reported total income of ₹366.01 crore, representing a 32% increase from ₹276.53 crore in FY25. Profit after tax grew 36% to ₹40.73 crore, while EBITDA expanded to ₹63.18 crore from ₹47.20 crore in the prior year.
This top-line and bottom-line growth is mirrored in early unregulated market sentiment. Xtranet's grey market premium sits at ₹13, indicating investors are willing to pay above the issue price. This suggests a potential listing price near ₹140, a 10.24% premium over the upper price band. Ahead of the public subscription, Xtranet already secured ₹50 crore from anchor investors.
Order book supports valuation
Swastika Investmart has assigned a "subscribe" rating to the IPO for investors with a medium-term horizon and moderate risk appetite. The brokerage noted that the issue appears fairly valued, pointing to an order book of ₹356.96 crore as of April 30, 2026, which provides healthy revenue visibility.
The company plans to use the net proceeds primarily to repay or prepay outstanding borrowings and fund capital expenditure for systems and hardware. The remaining capital will cover working capital requirements and general corporate purposes.
Founded in 2002, Xtranet delivers end-to-end IT services across enterprise applications, digital transformation, and managed services. It operates through onsite and offshore delivery models supported by subsidiaries, joint ventures, and proprietary platforms.
The IPO requires a minimum investment of ₹13,970 for retail investors, based on a lot size of 110 shares at the upper price band. Share allotment is expected on July 28, with shares debuting on the BSE and NSE on July 30.
