E to E Transportation IPO buzz builds as GMP hits 43% ahead of opening

E to E Transportation IPO opens on Dec 26: Check price band, lot size, GMP, timeline and other key details here

Early grey market trends suggest favourable sentiment for the initial public offering (IPO) of railway sector–based infrastructure company E to E Transportation Infrastructure, which is set to open for public subscription on Friday, December 26, 2025.

 

Through its maiden share sale, the company seeks to raise ₹84.22 crore. The bidding for anchor investors is scheduled to take place two days before the opening of the public subscription window, on Wednesday, December 24.

 

Meanwhile, sources tracking unofficial market activities revealed that the unlisted shares of E to E Transportation Infrastructure were commanding a solid premium in the grey markets on Monday. According to the sources, the unlisted shares were trading at ₹249 per share. This translates to a grey market premium (GMP) of ₹75 per share, or 43.10 per cent over the upper end of the issue price of ₹174 per share.  ALSO READ | Apollo Techno IPO opens Dec 23; GMP up 14%: Check price band, dates, more

 

Meanwhile, here are the key details of the E to E Transportation Infrastructure IPO: 

E to E Transportation Infrastructure IPO structure

The maiden share sale of E to E Transportation Infrastructure comprises an entirely fresh issue of 4.8 million equity shares worth ₹84.22 crore. The offer does not consist of any offer for sale (OFS) component.

 

The company has allocated 22,96,800 shares (nearly 47.45 per cent) to qualified institutional buyers (QIBs), 9,19,200 shares (18.99 per cent) to QIBs (ex-anchor), 6,89,600 shares (14.25 per cent) to non-institutional investors (NIIs), 16,09,600 shares (33.26 per cent) to retail individual investors (RIIs), and 13,77,600 shares (28.46 per cent) to anchor investors.

E to E Transportation Infrastructure IPO price band, lot size

 

The issue will be offered at a price band of ₹164 to ₹174 per share. The company has set the lot size at 800 shares. Thus, investors can bid for a minimum of 1,600 shares and in multiples of 800 shares thereafter.

 

A retail investor would require ₹2,78,400 to bid for the minimum 1,600 shares.E to E Transportation Infrastructure IPO timeline

 

The three-day subscription window for bids for the public issue is tentatively scheduled to conclude on Tuesday, December 30, 2025. Following this, the basis of allotment is likely to be finalised on Wednesday, December 31, 2025. Successful allottees can expect the company’s shares to be credited to their demat accounts by Thursday, January 1, 2026.

 

The company’s shares are slated to list on NSE SME tentatively on January 2, 2026.  ALSO READ | Gujarat Kidney IPO: Fair valuations, analysts cautious; should you bid?

E to E Transportation Infrastructure IPO objectives

The company proposes to utilise the proceeds from the public offering to meet working capital requirements, as well as for general corporate purposes.

E to E Transportation Infrastructure IPO registrar, lead manager

MUFG Intime India Pvt. Ltd. is the registrar of the issue, while Hem Securities is the sole book-running lead manager.

About E to E Transportation Infrastructure

E to E Transportation Infrastructure operates as a system integrator for rail engineering solutions across mainline, urban transit, and private siding segments. The company offers comprehensive rail engineering services for railway infrastructure projects, providing customised solutions for designing, procurement, installation, and testing of rail signalling and telecommunication systems, track electrification, and turnkey projects involving civil and track components, both in India and in select international markets. Its client base includes Zonal Railways, public sector undertakings (PSUs) under Indian Railways, large-scale manufacturers, corporate entities with privately owned rail sidings, and infrastructure development companies.

 

For the period ended September 30, 2025, the company’s revenue from operations stood at ₹11,099.72 crore. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) were negative at ₹388.01 crore. The company reported a net loss of ₹730.57 crore during the period, as per the Red Herring Prospectus submitted by the company.