E to E Transportation SME: Check IPO Date, Live Subscription and Key Details
E To E Transportation Infrastructure Limited, established in 2010, is an ISO 9001:2015 certified system integrator and engineering solutions provider for the railway sector. The company specializes in Signaling and Telecommunications (S&T), Overhead Electrification (OHE), and turnkey track projects. It serves Zonal Railways, Metro rail projects (Hyderabad, Nagpur, Mumbai), and private industrial sidings. As of September 2025, the company maintains a robust order book of 50 ongoing contracts valued at approximately ₹401.10 Crores.
Price Range
₹164.0 - ₹174.0
Issue Size
₹79.97 Cr
Lot Size
800 shares
IPO Type
NSE SME
GMP
₹162(+93.10%)
Est. Listing Price
₹336
Estimate Profit
₹2,59,200
Retail Portion
33.26%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
11.27
P/E Ratio
15.44
RoNW
12.39%
ROE
15.72%
Debt to Equity
0.57
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Timeline
IPO Opens
26 Dec
IPO Closes
30 Dec
Allotment
31 Dec
Listing
2 Jan
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 26 December 2025 | Subscription starts |
| IPO Close Date | 30 December 2025 | Subscription ends |
| Allotment Date | 31 December 2025 | Allotment |
| Listing Date | 2 January 2026 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,78,400 |
SHNI (Min) | 3 | ₹4,17,600 |
SHNI (Max) | 7 | ₹9,74,400 |
BHNIAbove ₹10,00,000 | 8 | ₹11,13,600 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 47.45% |
| NII (Non-Institutional Investor) | 14.25% |
| SHNI (Small Non-Institutional Investor) | 4.74% |
| BHNI (Big Non-Institutional Investor) | 9.50% |
| Retail | 33.26% |
| Market Maker | 5.04% |
| Total | 100.00% |
IPO Objectives
- To meet working capital requirements (₹70.00 Cr).
- General Corporate Purposes.
Strengths
- The company possesses End-to-End Project Execution capabilities, managing activities from design to commissioning, which ensures superior control and operational efficiency.
- It has a Diversified Order Book with over ₹400 Crores in unexecuted contracts, providing clear revenue visibility for the next 18-24 months.
- The business employs an Asset-Light Model by utilizing subcontractors for machinery, allowing for significant operational flexibility and lower capital lock-in.
- The company operates in a Specialized Niche, with expertise in complex signaling (CBTC) and Metro rail infrastructure, which are high-growth segments in India's infrastructure push.
- It is led by Experienced Leadership and a skilled technical workforce with established, long-term relationships across Indian Railways and various Metro agencies.
Weaknesses
- The company reported an H1 FY26 Loss of ₹7.49 Cr, which raises significant concerns regarding margin sustainability and recent operational performance.
- Projects are subject to Execution and Regulatory Delays, as railway and urban transit works are prone to site-clearance issues that can disrupt cash flows.
- The business is Working Capital Intensive, with ₹70 Cr of the IPO proceeds required specifically to bridge the gap in upfront capital needs.
- There is high Customer Concentration and reliance on government contracts, where payment cycles are often extended and subject to bureaucratic processes.
- The company has faced Negative Operating Cash Flows in previous years, primarily due to high levels of inventory and slow receivables collection.
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Financial Performance
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 310.84 | 295.44 | 200.89 | 145.16 |
| Revenue (₹ Cr.) | 112.78 | 253.82 | 172.5 | 135.7 |
| PAT (₹ Cr.) | -7.49 | 13.99 | 10.26 | 8.15 |
| Net Worth (₹ Cr.) | 108.7 | 116.05 | 66.86 | 57.15 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| E to E Transportation | 1.86 | 15.44 | 15.72% | 108.7 |
| Texmaco Rail & Engineering | 1.92 | 27.34 | 7.37% | 2,830 |
| KEC International | 3.45 | 28.53 | 12.11% | 5,347 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 2.25x | 6.32x | 236.3x |
| NII | 8.56x | 181.85x | 872.09x |
| S-HNI | 9.89x | 149.28x | 562.86x |
| B-HNI | 7.89x | 198.11x | 1,026.44x |
| RII | 9.89x | 169.58x | 544.28x |
| Total | 7.42x | 125.58x | 526.56x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 9,19,200 | 21,72,11,200 | 3,779.47 |
| NII | 6,89,600 | 60,13,94,400 | 10,464.26 |
| Small NII | 2,29,600 | 12,92,32,800 | 2,248.65 |
| Big NII | 4,60,000 | 47,21,61,600 | 8,215.61 |
| RII | 16,09,600 | 87,60,70,400 | 15,243.62 |
| Total | 32,18,400 | 1,69,46,76,000 | 29,487.36 |
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Company Details
- E to E Transportation Infrastructure Ltd.
- 10th Floor, Sattva Galleria, Survey Nos. 19/2 and 20/1, Bellary Road, Byatarayanapura, Bangalore North, Bangalore-560092, Karnataka
- +91-22-4918 6270
- srilakshmi.surendran@etoerail.com
- https://etoerail.com/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- etoetransportation.smeipo@in.mpms.mufg.com
- https://linkintime.co.in/Initial_Offer/public-issues.html
Frequently Asked Questions
What is the business focus of E to E Transportation Infrastructure?
E to E Transportation is a specialized rail engineering and system integrator. It provides end-to-end solutions for signaling, telecommunication, track electrification, and Metro rail infrastructure across India.
When does the E to E Transportation IPO open and close?
The IPO opened on December 26, 2025, and is scheduled to close on December 30, 2025.
What is the IPO price band and minimum retail investment?
The price band is fixed at ₹164 to ₹174 per share. A retail investor needs to apply for a minimum of 2 lots (1,600 shares), costing ₹2,78,400.
What is the current Grey Market Premium (GMP) for the IPO?
As of December 28, 2025, the GMP is approximately ₹145, suggesting an estimated listing price of ₹319 (a potential listing gain of ~83%).
How was the subscription status after Day 1?
The IPO saw a strong response, getting subscribed 7.42 times on the first day, with the retail and NII portions leading the demand at nearly 10x each.
Where will the shares be listed and what is the allotment date?
The shares will list on the NSE SME platform. Allotment is expected on December 31, 2025, with a tentative listing date of January 2, 2026.
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