Xtranet Technologies IPO

The XtraNet Technologies IPO is a book-built issue comprising a fresh issue worth up to ₹190 crores. The company filed its DRHP with SEBI on September 25, 2025. The price band and official dates of subscription and listing will be announced by the company later, and the equity shares are proposed to be listed on the BSE and NSE platforms. The book running lead manager (BRLM) to the issue is Beeline Capital Advisors Private Ltd. and the registrar to the issue is Skyline Financial Services Private Ltd.

Company Background

XtraNet Technologies Ltd. was incorporated in 2002 as a private limited company and was later converted into a public limited company in 2025 in preparation for its proposed public listing. With over two decades of experience in the information technology sector, the company has evolved from a small-scale IT solutions provider into a comprehensive digital transformation solutions company. It operates from Bhopal, Madhya Pradesh, and serves both government and corporate clients across India.

Operations & Product Range

XtraNet Technologies Ltd. offers a wide range of information technology services, including application development, software upgradation, and IT infrastructure management. The company is actively involved in e-governance projects, assisting various government departments in process automation and digitalization. Its core service portfolio includes ERP implementation, custom software development, and managed IT services, catering to state governments as well as private enterprises.

Facilities & Capacity

The company’s core operations are managed from its headquarters in Bhopal, which functions as the primary hub for software development and administrative activities. In addition, it maintains operational offices aligned with project requirements. As stated in the DRHP, the IPO proceeds are proposed to be utilized for establishing a new delivery center to enhance operational capacity and create a dedicated infrastructure for advanced technology projects and client support services.

Brands & Market Presence

XtraNet Technologies Ltd. operates under its brand name “XtraNet” and has established a strong presence in Central and Northern India. The company has undertaken projects requiring specialized technical certifications and holds multiple ISO certifications, reflecting adherence to quality management and information security standards, particularly for high-security government contracts.

Revenue Streams & Business Model

The primary revenue of XtraNet Technologies Ltd. is generated through service fees from software development projects and maintenance contracts. Its business model is built on a combination of project-based revenues and recurring income from annual maintenance contracts (AMC). While the company remains largely focused on domestic projects in India, it is gradually working toward diversifying its client base.

Management & Shareholding

The company is led by its promoters, Sukhbir Singh Kukreja, Jogendrapal Singh Alagh, and Shiney Sukhbir, who have been instrumental in its development since inception. Prior to the IPO, the promoters and promoter group collectively hold the majority of the company’s equity share capital. As the issue is entirely a fresh issue of shares, the promoters’ ownership will not be diluted through any offer for sale component.

Board & Key Management

The leadership team of XtraNet Technologies Ltd. is headed by Managing Director Sukhbir Singh Kukreja, Whole-Time Director Jogendrapal Singh Alagh, and Non-Executive Director Shiney Sukhbir. The financial and compliance functions are overseen by CFO Chetan Anand and Company Secretary Kavita Malik. The Board of Directors also includes independent directors who contribute to corporate governance, transparency, and regulatory compliance.