Xtranet Technologies IPO Day 2: Issue subscribed 1.11x so far. GMP hints 6% listing gain. Apply or avoid?

Xtranet Technologies IPO was subscribed 1.11 times on day 1, with retail portion at 1.37x, NIIs at 75 percent and QIBs at 91 percent. Grey market premium stands at about Rs 8, indicating an estimated listing price of Rs 135, about 6.30 percent above the upper price band of Rs 127. The Rs 166.8 crore fresh issue runs until 27 July with tentative listing on 30 July; SBI Securities assigned a Neutral rating citing customer concentration risks, while Swastika Investmart recommended subscribing for medium-term investors.