E to E Transportation IPO Day 2: Subscription Surges, Bumper Listing Expected

E to E Transportation Infrastructure's SME IPO is experiencing strong investor demand, aiming to raise Rs 84 crore. On its second day, the issue was subscribed over 14 times, driven by retail and non-institutional investors.

The SME IPO of E to E Transportation Infrastructure continued to generate strong buzz on its second day of bidding on Monday, December 29, with grey market trends pointing to a sharp debut on the bourses. The public issue, which opened on December 26, will remain open for subscription till December 30. The company is looking to raise Rs 84 crore through a completely fresh issue and plans to list on the NSE SME Emerge platform.

Grey market premium signals big listing gains

Market participants said the company's shares were commanding a Grey Market Premium (GMP) of around Rs 145. Based on the upper price band of Rs 174, this suggests a potential listing gain of over 83 per cent for successful allottees.

Subscription remains strong on Day 2

Investor response remained upbeat across categories. By 10:22 am on the second day of bidding, the IPO had been subscribed 14.72 times overall.

The retail portion was booked a massive 29.60 times, while the non-institutional investors (NII) segment was subscribed 31.22 times. The qualified institutional buyers (QIB) category, however, saw relatively muted interest at 0.90 times.

Key dates, price band and lot size

E to E Transportation Infrastructure has fixed the price band for the issue at Rs 164 to Rs 174 per share. Each lot comprises 800 shares, making the minimum application size relatively high for retail investors.

The company is likely to finalise the basis of allotment on December 31, while listing is expected on January 2, 2026.

Who's managing the issue?

MUFG Intime India Private Limited has been appointed the registrar to the issue, while Hem Securities Limited is acting as the book running lead manager for the IPO.

How is the company performing?

On the financial front, the company reported a solid performance in FY25. Revenue grew 47 per cent year-on-year, while profit after tax rose 36 per cent.

As of March 31, 2025, E to E Transportation Infrastructure posted a return on equity of about 12.75 per cent and a return on capital employed of around 15.70 per cent. Its debt-to-equity ratio stood at 0.57, while EBITDA margins were reported at 10.60 per cent.