The initial share sale of railway infrastructure firm E to E Transportation Infrastructure Ltd. has kicked off on a robust note, witnessing strong investor appetite on its very first day. The company's initial public offering (IPO) opened for subscription today, December 26, 2025, and will close on December 30, 2025.
Strong Investor Response and Grey Market Buzz
By the afternoon of the first day of bidding, the public issue had already been subscribed more than 2.00 times. A closer look at the category-wise data reveals an overwhelming response from retail individual investors (RIIs), who subscribed their portion 4.03 times. Non-institutional investors (NIIs) also showed keen interest, filling their segment 3.30 times. The qualified institutional buyers (QIBs) portion saw a subscription of 0.40 times at that time.
The IPO has generated significant pre-listing excitement, as reflected in the unofficial grey market premium (GMP). Market observers report that shares of E to E Transportation Infrastructure are commanding a hefty premium of ₹134 in the grey market today, indicating strong demand and positive sentiment ahead of the listing.
IPO Details: Price, Size, and Key Dates
The company aims to raise ₹84 crore through this public issue, which consists entirely of fresh equity shares. The funds will be used for the company's growth objectives. The price band for the IPO has been fixed at ₹164 to ₹174 per share.
Investors can apply in lots, with one lot comprising 800 shares of the company. Hem Securities Limited is the Book Running Lead Manager for this issue, and MUFG Intime India Private Limited is the official registrar.
The allotment of shares is tentatively scheduled for December 31, 2025. Following this, the equity shares of the company are expected to get listed on the NSE SME Emerge platform on January 2, 2026.
Financial Performance and Fundamentals
The company's recent financial track record appears to be a key driver behind the investor interest. In the financial year 2024-25 (FY25), E to E Transportation Infrastructure reported a substantial 47% year-on-year growth in revenue. Its profit after tax (PAT) also saw a healthy increase of 36% YoY.
As of March 31, 2025, the company's key financial ratios presented a stable picture. The Return on Equity (RoE) stood at approximately 12.75%, while the Return on Capital Employed (RoCE) was around 15.70%. The company maintains a moderate leverage level with a debt-equity ratio of about 0.57. Its EBITDA margin was reported at 10.60% for the same period.
The strong subscription numbers on day one, coupled with a significant grey market premium, set an optimistic tone for the conclusion of E to E Transportation Infrastructure's IPO process. All eyes will now be on the final subscription figures and the eventual listing performance in the new year.
