About Xtranet Technologies IPO
Xtranet Technologies Limited is set to launch its IPO for public subscription on July 23, 2026, and will remain open until July 27, 2026.
The price band of the Xtranet Technologies IPO is set between ₹120 and ₹127 per equity share.
The Xtranet Technologies IPO allotment will be out on July 28, 2026. This IPO will list on both the BSE and NSE on July 30, 2026.
The Xtranet Technologies IPO is a ₹166.80 crore book-building issue, comprising;
- Fresh issue of 1,31,34,000 equity shares with a face value of ₹10 each.
Since this is a 100% fresh issue with no OFS component, the company will directly receive all the proceeds from this IPO.
Business Overview of Xtranet Technologies
Incorporated in 2002 and headquartered in Bhopal, Madhya Pradesh, Xtranet Technologies Limited is an integrated IT solutions provider offering end-to-end services across;
- Enterprise applications
- System integration
- Managed services
- Digital transformation
- Data centres, and disaster recovery infrastructure.
The company follows a hybrid onsite-offshore delivery model, supported by Subsidiaries, a Joint venture, and Proprietary Technology platforms.
Two proprietary offerings anchor its digital portfolio;
- Synergy – a low-code workflow and analytics platform
- XtraTrust – a secure authentication and compliance-driven digital transactions platform.
By industry, Xtranet Technologies operates across diverse verticals, including government, utilities, law enforcement, transportation, BFSI, healthcare, education, and smart cities.
Xtranet Technologies IPO Date, Price, and Other Details
The following are the details of the upcoming Xtranet Technologies IPO.
| Particulars | Details |
|---|---|
| IPO Size | Book Build issue of ₹166.80 crore |
| Offer Type | 100% Fresh Issue (no OFS) |
| Total Number of Equity Shares | 1,31,34,000 shares |
| Price Band | ₹120 to ₹127 per share |
| Issue Dates | Opens: Jul 23, 2026 · Closes: Jul 27, 2026 |
| Anchor Investor Date | Jul 22, 2026 |
| Minimum Bid Lot | 1 lot of 110 shares |
| Minimum Investment (Retail) | ₹13,970 (at upper band) |
| Allotment Date | Jul 28, 2026 |
| Credit to Demat | Jul 29, 2026 |
| Listing Date | Jul 30, 2026 |
| Face Value | ₹10 per share |
| Lead Manager (BRLM) | Share India Capital Services Pvt. Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Listing Exchanges | National Stock Exchange of India (NSE) & Bombay Stock Exchange (BSE) |
Xtranet Technologies IPO Reservation: Who Can Apply?
The Xtranet Technologies IPO has the following category reservations from Retail to HNIs:
| Investor Category | Lots | Shares | Amount (at ₹127) |
|---|---|---|---|
| Retail (Min) | 1 | 110 | ₹13,970 |
| Retail (Max) | 14 | 1,540 | ₹1,95,580 |
| sNII (Min) | 15 | 1,650 | ₹2,09,550 |
| bNII (Min) | 72 | 7,920 | ₹10,05,840 |
| QIB | As applicable | — | — |
Strengths and Risks of Xtranet Technologies IPO
Every business has its strengths and risks, and the Xtranet Technologies IPO is no exception.
Here is a brief business analysis (as per RHP) below:
Strengths
- Over 23 years of operating experience delivering IT solutions to government, PSU, and enterprise clients since 2002.
- Proprietary platforms (Synergy and XtraTrust) strengthen offerings in workflow automation, analytics, and secure digital transactions.
- Diversified vertical presence spanning government, utilities, law enforcement, transportation, BFSI, healthcare, education, and smart cities.
- Completed over 180 projects across direct and consortium engagements, demonstrating consistent execution capability.
- Revenue grew 32%, and PAT rose 36% year-on-year between FY25 and FY26.
- Established, long-standing relationships with government and PSU clients built through competitive bidding.
Risks
- Xtranet Tech has significant revenue dependence on government/PSU clients (around 47.06% in FY26), exposing the company to procurement and budget-cycle risks.
- Heavy reliance on the top 10 customers, creating concentration risk.
- Certain trademark registrations have inadvertently been obtained under an incorrect legal category ("Single Firm" instead of "Body Incorporate"), creating a degree of brand protection uncertainty.
- Delays or defaults in customer payments and receivables could adversely impact profits and cash flows.
- Revenue from operations is concentrated in a few core service offerings.
- Working capital-intensive business model, given the nature of government and PSU project execution.
Future Plans/Strategies
- Strengthen delivery capabilities and execution capacity to support a larger project pipeline.
- Increase platform-led revenues through Synergy and XtraTrust.
- Broaden presence across sectors and geographies beyond current concentration.
- Continue investing in enterprise applications, managed services, and digital transformation capabilities.
- Listing on exchanges to enhance visibility and support the company's next phase of growth.
Xtranet Technologies IPO Objectives – How Will the Funds Be Used?
The Xtranet Technologies IPO is a 100% fresh issue. The company will directly receive all the proceeds from this IPO.
| Objective | Est. Amounts (₹ in crores) | |
|---|---|---|
| 1 | Repayment/pre-payment, in full or in part, of certain outstanding borrowings | 201.96 |
| 2 | Capital expenditure for purchase and installation of systems and hardware | 84.80 |
| 3 | Funding working capital requirements | 102.00 |
| 4 | General corporate purposes | Remaining amount |
Note: Working capital funding accounts for more than 60% of the total issue proceeds, reflecting the capital needs of executing large government and enterprise technology projects.
How To Apply for the Xtranet Technologies IPO?
You can apply for the Xtranet Technologies IPO on any financial platform by following these simple steps:
Step 1: Open a Demat and trading account with a broker
Step 2: Log in to app and navigate to the IPO section.
Step 3: Select Xtranet Technologies IPO
Step 4: Enter the lot size (minimum 110 shares) and bid price (₹120–₹127)
Step 5: Approve the UPI mandate to block funds
Step 6: Submit your application
Promoter Shareholding of Xtranet Technologies IPO
The promoters of Xtranet Technologies include Sukhbir Singh Kukreja (Managing Director), Jogendrapal Singh Alagh, and Shiney Sukhbir. Girish Chander Dalakoti serves as Chairman.
| Promoter | Pre-Issue Holding (%) |
|---|---|
| Sukhbir Singh Kukreja | 42.16 |
| Jogendrapal Singh Alagh | 26.38 |
| Shiney Sukhbir | 8.91 |
| Sub-Total (A) | 77.45% |
| Promoter Group (Supneet Kaur) | 6.18% |
| Total | 83.63% |
Financial Performance (₹ in crores) of Xtranet Technologies IPO
Here's the table outlining the financial performance of Xtranet Technologies from FY 2023 to FY 2025 and up to 31st March, 2026.
(in crores)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 341.97 | 321.79 | 202.94 |
| Total Income | 366.01 | 276.53 | 233.26 |
| Profit After Tax | 40.73 | 30.03 | 10.94 |
| EBITDA | 63.18 | 47.20 | 18.86 |
| NET Worth | 136.01 | 95.49 | 38.78 |
| Reserves and Surplus | 96.40 | 87.47 | 31.71 |
| Total Borrowing | 85.45 | 39.24 | 41.19 |
Key Performance Metrics of Xtranet Technologies
Based on the financials available in the RHP, the following key performance metrics of Xtranet Technologies IPO can be considered.
| KPI | As of Mar 31, 2026 | Values (as of FY 2024-25) |
|---|---|---|
| Return on Equity (ROE) | 34.78% | 44.31% |
| Net Asset Value (NAV) | 34.74 | 25.91 |
| Price/Earnings (P/E) Ratio | - | |
| Earnings Per Share (EPS - Diluted) | 10.28 | 8.07 |
| EBITDA Margin (%) | 17.10% | 17.30% |
| PAT Margin (%) | 11.1% | 10.9% |
| Debt to Equity Ratio | 0.63 | 0.41 |
(Note: P/E, market capitalisation, and post-IPO NAV are subject to final pricing and allotment. Refer to the RHP for complete details.)
Registrar of Xtranet Technologies IPO
The Registrar of Xtranet Technologies IPO is Kfin Technologies Ltd.
Phone: 040-6716 2222 / 040-79615565
Email: xtranet.ipo@kfintech.com
Website: https://www.kfintech.com
Lead Manager of Xtranet Technologies IPO
Share India Capital Services Pvt. Ltd is the lead manager handling the IPO process of Xtranet Technologies Limited.
