Xtranet Technologies Limited's initial public offering closed on Monday with a final subscription of 12.24 times, driven by a surge in last-day institutional buying and robust demand from high-net-worth individuals.
The ₹170 crore issue, which opened for bidding on July 23, attracted significant interest from HNIs, who subscribed 26 times, according to Hindu Businessline.
The subscription momentum accelerated sharply over the course of the bidding window.
After recording a modest 1.11 times oversubscription on the second day, the issue reached a four-times level by the third day before closing at more than triple that figure.
This trajectory suggests that retail and institutional investors were waiting for the final days to commit capital, a pattern often seen in competitive Indian IPO markets.
Net proceeds from the offering are earmarked primarily for working capital requirements, totaling ₹102 crore.