Xtranet Technologies IPO Day 3: Issue subscribed 4x so far. Should you apply or avoid?

Xtranet Technologies IPO was subscribed 4.29 times on Day 3 of bidding, with the retail portion at 4.73 times and NII at 7.17 times, while the QIB portion reached 93 percent. The issue commands a grey market premium of Rs 8, indicating an estimated listing gain of about 5.50 percent over the upper price band of Rs 127, though the GMP has weakened from a range of Rs 8 to Rs 26 over the past eight sessions. Brokerages are divided, with SBI Securities assigning a Neutral rating citing customer concentration and prolonged receivables cycle, while Swastika Investmart recommended subscribing with a medium-term horizon. The company reported revenue, EBITDA, and profit after tax CAGR of 25 percent, 83 percent, and 91 percent respectively between FY24 and FY26.