Xtranet Technologies Limited’s ₹170 crore IPO closed on Monday, July 27, with overall subscription of 12.24 times, as last-day institutional buying and sustained high-net-worth individual demand pushed the issue well past expectations after a sluggish start.Total bids received stood at 11,25,20,210 shares against 91,93,800 shares on offer. The Non-Institutional Investor (NII) category was the standout, subscribed 26.65 times, with both the large NII bucket (bids above ₹10 lakh) and the smaller bucket (₹2–10 lakh) each clocking approximately 26.7 and 26.5 times respectively.Retail Individual Investors subscribed 8.98 times, a significant jump from 2.50 times at the end of day two.The Qualified Institutional Buyer (QIB) category, which had remained below full subscription through day two at 0.91 times, surged to 7.13 times by close, with foreign institutional investors contributing bids for 39,76,390 shares and other QIBs accounting for the bulk at 1,47,61,010 shares.The Bhopal-based integrated IT solutions provider, incorporated in 2002, had priced its fresh issue at ₹120–127 per share.Net proceeds are earmarked primarily for working capital requirements (₹102 crore), debt repayment (₹20.2 crore), and capital expenditure (₹8.5 crore).The company reported revenue, EBITDA, and PAT CAG₹of 25 per cent, 83 per cent, and 91 per cent respectively over FY24–26.Despite the strong subscription numbers, SBI Securities maintained a Neutral rating on the issue.The brokerage, while acknowledging reasonable valuations at 16.6x FY26 post-issue earnings, flagged customer concentration risk, with the top five customers contributing around 61 per cent of FY26 revenue, along with heavy dependence on government contracts and a receivables cycle stretching 150–210 days.It said it would watch for post-listing cash flow consistency before turning positive on the stock.Published on July 27, 2026