Sme Frenzy Peaks As E2E Transportation Sets Record With Rs 29,500 Crore Bids

India’s SME IPO market witnessed an unprecedented milestone as E to E Transportation Infrastructure’s public issue drew the highest-ever bids in the segment. The IPO, open from December 26 to 30, 2025, was priced in the Rs 164–174 band with a lot size of 800 shares. Against its modest issue size of Rs 84.22 crore, the company received bids worth Rs 29,500 crore, setting a new benchmark for SME listings.  

The oversubscription was broad-based, with non-institutional investors leading at 871.67 times, retail investors at 541.85 times, and qualified institutional buyers at 236.30 times. Market analysts noted that the participation reflected strong confidence in the company’s rail engineering and system integration business, which aligns with India’s infrastructure growth momentum.  

The IPO also gained visibility due to the backing of ace investor Mukul Agrawal, whose involvement added credibility and attracted wider investor interest. Analysts believe the record subscription highlights the deep liquidity in SME markets and the growing appetite for infrastructure-linked opportunities.  

Key Highlights  

• Record Rs 29,500 crore bids against Rs 84.22 crore issue size  
• Oversubscription of 525.25 times across investor categories  
• Non-institutional investors subscribed 871.67 times, retail 541.85 times, QIBs 236.30 times  
• Price band set at Rs 164-174 with lot size of 800 shares  
• Strong demand driven by rail engineering and system integration theme  
• Investor Mukul Agrawal’s backing boosted visibility and confidence  

The listing is expected to be closely watched, with attention on valuation, execution, and post-listing performance. For SME investors, the episode underscores both the opportunity and risks of extreme oversubscription, where allocation remains limited but sentiment signals strong confidence in India’s infrastructure story.  

Sources: The Economic Times, The Hindu BusinessLine, The Hans India