The queue is set for E to E Transportation Infrastructure Limited (ETIL), a specialist in rail engineering solutions, as its Initial Public Offering (IPO) opens for public subscription this week. The ₹84.22 crore issue, which is entirely a fresh issuance of equity shares, marks a significant step for the company on the NSE SME platform.
For investors looking to place their bets on the expanding rail infrastructure story in India, this IPO presents a clear, focused opportunity. The company has carved out a niche as a system integrator, delivering end-to-end services from design to commissioning across mainline railways, urban metros, and private industrial sidings. The crucial bidding window is a short one, starting on December 26, 2025, and closing on December 30, 2025.
Price Band and Minimum Investment Details
A key detail for prospective investors is the fixed price band for the book-built issue. ETIL has set the price between ₹164 and ₹174 per equity share, with a face value of ₹10 each. The total issue size aggregates up to 48,40,000 equity shares.
The structure of the SME IPO mandates a specific lot size, which dictates the minimum investment. The lot size has been set at 800 shares. However, retail individual investors (RIIs) must apply for a minimum of two lots, bringing the minimum application quantity to 1,600 shares. At the upper end of the price band (₹174), the minimum investment for retail investors stands at ₹2,78,400.
- IPO Open Date: December 26, 2025
- IPO Close Date: December 30, 2025
- Price Band: ₹164 to ₹174 per share
- Minimum Retail Investment: 1,600 shares (₹2,78,400)
- Total Issue Size: ₹84.22 crore (48.40 lakh shares)
The Business Proposition: A Focus on Rail Systems
What exactly does E to E Transportation Infrastructure do? The company is essentially a full-service rail engineering and system integration firm. They manage the entire lifecycle of complex railway projects, including Signalling and Telecommunication (S&T), Overhead Electrification (OHE), track works, and civil infrastructure. Their client list is robust, including Indian Railways, various Public Sector Undertakings (PSUs), and major corporate entities requiring private sidings.
Projects they’ve executed range from CBTC (Communication Based Train Control) signalling systems for metro networks to electronic interlocking upgrades for mainline railway sections. This integrated, end-to-end approach, combined with an asset-light model in project execution, is a core competitive advantage they highlight in the prospectus.
Financial Health and Order Book Visibility
The company’s recent financials show a healthy growth trajectory. Revenue from operations has seen a strong uptick, growing from ₹172.50 crore in FY2024 to ₹253.82 crore in FY2025. Profit After Tax (PAT) also rose significantly over the same period, reaching ₹13.99 crore in FY2025. This consistent performance indicates an ability to capitalize on the increasing pace of infrastructure development in the country.
Crucially, as of September 30, 2025, ETIL reported a strong and diversified order book with a pending execution value of over ₹401 crore. For a company operating in the project-driven infrastructure space, this order book provides significant revenue visibility for the short to medium term, acting as a crucial de-risking factor for investors.
Funding Utilisation and Timeline
Since the issue is entirely a fresh issue, all proceeds are channeled directly into the company. A significant portion of the capital being raised—₹70.00 crore—is earmarked to meet the working capital requirements. The remainder of the funds will be used for general corporate purposes. This capital infusion is necessary to support the faster execution of their large order book and scale up operations.
Key Dates to Track
Once the bidding closes, the timeline moves quickly:
- Basis of Allotment Finalization: December 31, 2025
- Initiation of Refunds: January 1, 2026
- Credit of Shares to Demat Account: January 1, 2026
- Tentative Listing Date (NSE SME): January 2, 2026
The listing will take place on the NSE SME platform, introducing a new player focused on modern rail system integration to the public markets. Investors should carefully review the company’s business model, financial track record, and the prevailing market sentiment for SME listings before applying.
Frequently Asked Questions (FAQs)
What is the minimum application size for the E to E Transportation IPO?
The minimum application for a retail investor is 2 lots, which totals 1,600 shares. At the maximum price of ₹174 per share, the minimum investment is ₹2,78,400.
What is the total issue size and structure of the IPO?
The total issue size is ₹84.22 crore, consisting entirely of a fresh issue of 48,40,000 equity shares. There is no Offer for Sale (OFS) component.
Where will E to E Transportation Infrastructure Limited be listed?
The equity shares of E to E Transportation Infrastructure Limited are proposed to be listed on the NSE SME exchange.
Disclaimer: This article is for informational purposes only. It is not investment advice. Investors are advised to consult a qualified financial advisor before making any investment decisions in the stock market.
