E to E Transportation Infrastructure is an SME IPO that is opening today, December 26. The company aims to raise Rs 84.22 crores through an entirely fresh issue of 0.48 crore shares. The company set the IPO price band between Rs 164 to Rs 174 per equity share. The issue will close on December 30.
E to E Transportation SME IPO: Objectives of the issue
The company will be using Rs 70 crore to meet working capital requirements, and the remaining amount will be used for the general corporate purpose.
E to E Transportation SME IPO: Allotment and listing
The allotment for the IPO shares is expected to be finalised on December 31, while the listing will take place on NSE Emerger on January 02, as per the tentative schedule.
E to E Transportation SME IPO: Key financials
The company has been in profit for the past three years, rising at a CAGR of 20% from FY23 to FY25. The company posted a net profit of Rs 14 crore, while it stood at Rs 10.26 crore. The company reported a net profit of Rs 8.15 in FY23.
However, the company’s total borrowings have been rising at a CAGR of 15.4% for the past three years and stand at Rs 66.18 crore for FY25. It is to be noted that the company’s debt-to-equity ratio is under control at 0.57x.
The return on equity (ROE) is at 15.72%, while the return on capital employed (ROCE) is at 15.69%.
E to E Transportation SME IPO: Key risks
From a high concentration of top customers for revenue to Outstanding legal cases against Ircon International. There are some key risks associated with the IPO –
#1 Customer concentration
The company derives a substantial part of its revenue from a limited number of customers. These customers are particularly government entities, such as Indian Railways and its associated public sector undertakings. The top 10 customers contributed 96.63% of revenue in FY25.
#2 High working capital risk
The company’s operations are highly capital-intensive. The operations require significant funds to manage inventories and trade receivables. As of September 2025, trade receivables stood at Rs 74.31 crores, which were 66.95% of revenue.
#3 Outstanding legal and arbitration proceedings
The company is currently involved in several legal and arbitration proceedings. Notable cases include a Rs 26.10 crore arbitration claim against Gujarat Pipavav Port regarding project delays and a Rs 13.25 crore claim against Ircon International following a contract termination.
E to E Transportation SME IPO: Lot size
A retail applicant needs to apply for a minimum of 2 lots that contain 1,600 shares, amounting to Rs 2.78 lakh. The minimum lot size investment for a High Networth Individual is 3 lots of 2,400 shares, aggregating to Rs 4.17 lakh.
E to E Transportation SME IPO: Book runner and registrar
Hem Securities is the book-running lead manager for the IPO, and MUFG Intime India is the registrar of the issue. The Market Maker of the company is Hem Finlease.
About E to E Transportation Infrastructure
E To E Transportation Infrastructure is engaged in the business of providing system integration and engineering solutions for the railway sector.
Service Offerings: Signalling and Telecommunications (S&T), Overhead Electrification (OHE), Track Projects and System Integration, Private Sidings and Engineering Design and Research Centre (EDRC). Incorporated in 2010, the company operates across mainline, urban transit, and private siding segments, offering end-to-end rail engineering services including design, procurement, installation, and testing.
SECURITIES WARNING: EXTREME INVESTMENT RISK
SME IPOs constitute investments of inherently extreme risk. These securities are only suitable for investors with a sophisticated understanding of capital markets and a demonstrated capacity for total loss of principal. Due to low liquidity, investors must be prepared for severe price volatility and material difficulty in exiting the position. This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.