Rail engineering solutions provider E to E Transportation Infrastructure has closed its maiden public issue with an overwhelming 489.52 times subscription on December 30, driven by robust participation across investor categories.
The company launched its initial public offering (IPO) on December 26, offering 48.4 lakh equity shares to raise ₹84.2 crore at the upper end of the price band of ₹174 per share. The issue consisted entirely of a fresh issue.
During the three-day subscription window, investors placed bids for 169.49 crore shares against an offer size of 34.62 lakh shares, through around 6.65 lakh applications. Non-institutional investors and retail investors led the demand, subscribing their respective portions by 872 times and 544 times, while the qualified institutional buyers (QIB) segment was subscribed 236 times.
Overall, the IPO attracted bids worth nearly ₹29,492 crore, significantly higher than the company’s valuation of about ₹300 crore.
Market participants said the strong subscription was also reflected in the grey market premium (GMP), with the stock trading at an estimated premium of over 80 percent since the opening of the issue, according to market observers.
Anchor investment and utilisation of proceeds
Ahead of the public issue, E to E Transportation Infrastructure raised ₹23.97 crore through an anchor book by allotting 13.77 lakh shares. A total of 15 institutional investors participated, including Sanshi Funds, Finavenue Capital Trust, Meru Investment, India Max Investment Fund, Aarth AIF Growth Fund, Bharat Venture Opportunities Fund, SB Opportunities Fund, Tiger Strategies Fund, and Viney Growth Fund.
The company plans to utilise ₹70 crore from the IPO proceeds towards working capital requirements, while the remaining funds will be used for general corporate purposes.
Business overview and order book
Based in Bengaluru, E to E Transportation Infrastructure provides customised solutions in the railway segment, including designing, procurement, installation and testing of rail signalling and telecommunication systems, track electrification, and turnkey railway projects.
As of September 2025, the company’s order book stood at ₹401.1 crore, comprising 50 ongoing contracts across segments such as signalling and telecommunication, electrification, civil infrastructure and system integration, at various stages of execution.
Hem Securities is the book-running lead manager for the IPO.
