E to E Transportation Infrastructure was incorporated on March 09, 2010. The company is an ISO 9001:2015 certified rail engineering system integrator providing end-to-end solutions across signaling, telecom, electrification, and turnkey rail infrastructure projects in India and select international markets. It serves Indian Railways, PSUs, manufacturers, and infrastructure developers with integrated services spanning design, consultancy, procurement, system integration, installation, and operations & maintenance, with a focus on signal modernization and automation
| Bidding Dates |
|---|
| 26 Dec 2025 - 30 Dec 2025 |
| Subscription |
|---|
| 490.57x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,62,400 | 2 | 2 | 800 | 4.8 M | ₹164 - ₹174 | 32.21 % | ₹793.8 M - ₹842.2 M | RHP DOC |
E to E Transportation IPO SUBSCRIPTION STATUS
30 Dec '25E to E Transportation IPO overall subscription rate was 490.57 times the total available shares
E to E Transportation IPO retail subscription rate was 725.66 times in the retail segment
E to E Transportation IPO non-institutional investor subscription rate was 1159.02 times in the non-institutional investor category
E to E Transportation IPO Qualified Institutional Bidder subscription rate was 125.47 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
30 Dec 2025 (Day 3) | 725.66x | 1159.02x | 125.47x |
29 Dec 2025 (Day 2) | 213.31x | 239.88x | 3.35x |
26 Dec 2025 (Day 1) | 12.71x | 11.25x | 1.2x |
E to E Transportation FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 111.0 | -7.3 | -37.4 | -38.0 | -3.5% |
| FY25 | 250.8 | 14.4 | -9.1 | -12.8 | 10.6% |
| FY24 | 170.2 | 9.7 | 7.2 | 4.9 | 10.8% |
| FY23 | 134.6 | 7.8 | -1.0 | -2.1 | 9.9% |
E to E Transportation IPO SUBSCRIPTION STATUS DETAILS
E to E Transportation had 4.8 M shares on offer
E to E Transportation IPO offer price was in the range ₹164 - ₹174
E to E Transportation IPO minimum Investment was ₹262400
E to E Transportation IPO issue size was ₹ 793.8 M - ₹ 842.2 M
E to E Transportation had a minimum lot size of 800 Shares per application
E to E Transportation NUMBER OF SHARES ON OFFER
E to E Transportation IPO IMPORTANT DATES
| Issue Open Date | 26 Dec 2025 |
| Issue close Date | 30 Dec 2025 |
| Allotment Date | 31 Dec 2025 |
| Refund Date | 01 Jan 2026 |
| Demat Account Credit Date | 01 Jan 2026 |
| Listing Date | 02 Jan 2026 |
| Listing on Exchange(s) | NSE |
| E to E Transportation Allotment Status | Exchange/ Registrar |
E to E Transportation IPO subscription opened on 26 Dec 2025, and closed on 30 Dec 2025
IPO allotment for E to E Transportation was finalized on Wednesday, 31 Dec 2025
IPO listing for E to E Transportation was on NSE on Friday, 02 Jan 2026
E to E Transportation IPO LISTING GAINS
| Issue Price (adjusted) | 174.0 |
| Listing Open Price | 330.6 |
| Listing Close Price | 327.8 |
| Listing Gain% | 90.0% |
| Current Gain% | 51.1% |
E to E Transportation Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| E to E Transportation Infrastructure Ltd. | 263 | 453.8 | 27 | 1.6 | 1.2 | 8.2 | 3 | 384.1 | 51.3 | 16.8 | 16.9 | 9.7 | 16.9 |
| ABB India Ltd. | 7649.5 | 162099.3 | 54.3 | 11.9 | 21.3 | 12.2 | 13555.1 | 8.1 | 1668.3 | -10.9 | 141 | ||
| Hitachi Energy India Ltd. | 36050 | 160683.5 | 139.7 | 1.1 | 17.5 | 19.1 | 8.2 | 8387.6 | 30.2 | 987.8 | 157.3 | 258.1 | 127.7 |
| Bharat Heavy Electricals Ltd. | 409 | 142416.4 | 58.5 | 0.1 | 4 | 6.1 | 2.1 | 34589.8 | 20.1 | 1600.3 | 199.7 | 7 | 739.4 |
| Siemens Ltd. | 3914.3 | 139396.2 | 89.6 | -2.2 | 7.8 | 19.9 | 12.9 | 25598.6 | 10.5 | 2751.6 | 1.3 | 43.7 | -40.3 |
| CG Power and Industrial Solutions Ltd. | 879 | 138482.1 | 110.8 | 4.5 | 10.8 | 15.1 | 9.5 | 12662.2 | 25.7 | 1206.3 | 23.8 | 7.9 | 24.7 |
E to E Transportation INFORMATION ON IPO ISSUE
About E to E Transportation
E to E Transportation Infrastructure was incorporated on March 09, 2010. The company is an ISO 9001:2015 certified rail engineering system integrator providing end-to-end solutions across signaling, telecom, electrification, and turnkey rail infrastructure projects in India and select international markets. It serves Indian Railways, PSUs, manufacturers, and infrastructure developers with integrated services spanning design, consultancy, procurement, system integration, installation, and operations & maintenance, with a focus on signal modernization and automation
Object of the Issue
- To meet working capital requirements
- General corporate purpose
E to E Transportation - PROMOTERS
| Name |
|---|
| Sourajit Mukherjee |
| Zephyr Mantra LLC |
| VENTUREAST ETOE LLP |
E to E Transportation - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Sourajit Mukherjee | Whole Time Director & Chief Executive Office |
| Vinay Kunjuri Panduranga Rao | Non-Executive Director & Chairman |
| Mukul Gulati | Non-Executive Director |
| Anshul Gupta | Non-Executive Director |
| Vijay Ramvallabh Khetan | Non-Executive Independent Director |
| Ashwini Agarwal | Non-Executive Independent Director |
| Manju Gupta | Non-Executive Independent Director |
E to E Transportation Book Running Lead Manager
HEM Securities Limited
ib@hemsecurities.com
E to E Transportation Registrar to the issue
MUFG Intime India Private Limited
vividelectromech.smeipo@in.mpms.mufg.com
E to E Transportation Strengths
Asset light business model
The company has developed strong expertise across railway signalling and telecom, OHE, and turnkey railway projects, delivering end-to-end services from design and procurement to installation, testing, commissioning, and maintenance. It follows an asset-light execution model, engaging RDSO-approved vendors and subcontractors to ensure quality, compliance, flexibility, and efficient project delivery across multiple assignments
Diversified order book
The company’s order book has shown consistent growth over recent years, driven by a strong focus on service quality. This emphasis has helped build and maintain long-term client relationships
Project execution capabilities
The company operates as a turnkey system integrator for railway infrastructure projects with a strong focus on signalling and telecommunication, handling design, procurement, and project management. Over FY21 to FY25, it completed around 17 contracts across signalling, electrification, private sidings, and automation systems, building capability for larger and more complex projects
E to E Transportation Risks
Depend on bidding
The company’s business depends on winning competitive tenders, mainly from Indian Railways, metro rail corporations, and PSUs, making revenue inherently uncertain and highly competitive. The regulated tendering process is influenced by policy changes, qualification criteria, approval delays, budget constraints, retendering, disqualification risks, and broader macroeconomic or geopolitical factors
Complex railway systems integration
The company handles complex integration of signalling hardware, communication networks, and software across diverse railway zones and legacy systems, involving design, supply, installation, testing, and commissioning. Coordination with third-party vendors, OEMs, and government authorities is required to ensure compatibility, safety, and regulatory compliance, with challenges potentially leading to project delays, cost escalations, or functional and safety issues
Regulatory risks
The company operates in a highly regulated railway industry, where compliance with safety, quality, and technical standards set by authorities like RDSO and CRS is critical. Non-compliance can lead to penalties, contract cancellations, project delays, reputational damage, and loss of eligibility for future government contracts
IPO FAQs
The promoters of the company are Sourajit Mukherjee, Zephyr Mantra LLC and VENTUREAST ETOE LLP.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 164.0 - 174.0.
The IPO application opens on Dec 26, 2025 and closes on Dec 30, 2025.
The minimum lot size for the IPO is 1600. The maximum lot size for the IPO is 1600.
For all category investors, the minimum application amount for this IPO is Rs. 262,400.0, the maximum value for this IPO is Rs 278,400.0.
This IPO will be allotted on Dec 31, 2025.
The refund will be credited to your account on Jan 01, 2026.
The allotted shares will be credited to your demat on Jan 01, 2026.
E to E Transportation Infrastructure Ltd.’s shares listed on the stock exchanges on Jan 02, 2026.