Xtranet Technologies closes IPO gets 2x subscription

The initial public offering (IPO) of Bhopal-based Xtranet Technologies was subscribed 1.96 times against the 91.93 lakh shares on offer. The company reserved 45.96 lakh shares for Retail Individual Investors (RIIs), which were subscribed 2.50 times. The Non-Institutional Investors (NIIs) segment saw a subscription of 2.12 times, while the Qualified Institutional Buyers (QIBs) category reached a 91% subscription level.Established in 2002, the company provides integrated IT solutions, including cybersecurity, cloud computing, and digital transformation services, and maintains a proprietary product portfolio that includes platforms like Synergy and XtraTrust.The company plans to use the INR 166.8 crore raised from the fresh issue to meet working capital requirements, repay borrowings, and fund capital expenditure for system and hardware upgrades.