Upcoming IPO: Xtranet Technologies IPO to hit Dalal Street on 23 July. GMP hints 20% listing pop. Should you buy?

Xtranet Technologies IPO is set to open on 23 July and close on 27 July, with a price band of ₹120-127 per share, aggregating about ₹166.8 crore through a fresh issue of 1.31 crore equity shares. Grey market premium of ₹26 points to an estimated listing price of around ₹153, about 20.47% above the upper band price, though SBI Securities has assigned a Neutral rating citing customer concentration and dependence on government contracts. The company reported FY26 total income of ₹366.01 crore, up 32% year-on-year, with profit after tax rising 36% to ₹40.73 crore.