Xtranet Technologies' initial public offering has accelerated sharply, reaching a four-times subscription level by the third day of bidding.
The mainboard issue, which opened to investors on July 23, is set to close for bidding on Monday, July 27, marking a significant step up from the 1.11-times oversubscription recorded after the second day.
Grey market indicators are also pointing to positive sentiment, with a premium of ₹8 reported for the issue.
The surge in demand reflects growing investor confidence in the Indian IT services sector, even as broader primary market conditions remain selective.
Xtranet, founded in 2002, operates as an integrated IT solutions provider, positioning itself to capture demand from enterprises seeking digital transformation and infrastructure support.
The company’s ability to attract sustained interest across all investor segments suggests that its valuation and growth narrative have resonated with current market sentiment.
Grey market indicators are also pointing to positive sentiment, with a premium of ₹8 reported for the issue.