Xtranet Technologies' initial public offering has been oversubscribed 1.11 times after the second day of bidding, indicating sustained investor interest in the Indian IT solutions provider.
The issue, which opened on July 23 and runs through July 27, has already cleared its full subscription target, with shares priced in a band of ₹120 to ₹127 per share.
Grey market premiums are currently hinting at a 6% listing gain, suggesting that secondary market participants expect the stock to open above the upper price band when trading begins on the Bombay Stock Exchange and National Stock Exchange on July 30.
This positive sentiment aligns with broader trends in the Indian primary market, where recent listings have tested the depth of current demand.
The strong subscription comes as a series of Indian companies, including Lohia Corp and Indo-MIM, have also seen robust grey market premiums ahead of their listings.
This cluster of activity points to renewed vigor in the region's equity markets, despite global macroeconomic uncertainties.