Einstein Probe discovery of the short period intermediate polar EP J115415.8-501810

The X-ray transient source EP240309a/EP\,J115415.8$-$501810 was first detected by the Wide-Field X-ray Telescope (WXT) on board Einstein Probe (EP) during the commissioning phase. Subsequent optical observations confirmed it as a Cataclysmic Variable of the intermediate polar type with a 238.2\,s spinning white dwarf in a $\sim$3.76\,hr orbit. We report on the source discovery and follow-up studies made with the Follow-up X-ray Telescope (FXT) of EP. A periodic variation of 231\,s is detected in the 0.3$-$2\,keV band, while no obvious pulsation appears in the 2$-$10\,keV band. The spectral analysis shows that the X-ray emission could be described by an absorbed bremsstrahlung model with $kT$\textgreater\,11\,keV. The partial covering absorption, with an hydrogen column density $N_H$ = 2.0$\times 10^{22}\,\rm cm^{-2}$ and covering fraction around 0.9, is much larger than the interstellar absorption along the line of sight. According to the distance $d = 309.5$\,pc obtained from Gaia parallax, we estimate that the luminosity of this source in the 0.3$-$10\,keV range is $\sim 2\times10^{32}$\,erg\,s$^{-1}$. In addition, phase-resolved spectral analysis reveals that the detected periodic variation is mainly caused by the change in the absorption column density. In this scenario the spin modulation arises due to absorption from the pre-shock accretion flow of the X-ray emitting pole, while the optical radiation is modulated at the orbital side band ($\omega_{\rm spin} - \Omega_{\rm orbit}$) due to reprocessing in regions within the binary system. Due to its unusual transient behaviour for an intermediate polar, we have also searched for radio signals similar to those observed in the new class of long period transients. We derived upper limits with ASKAP (200--300\,$\mu$Jy\,beam$^{-1}$ between 800--1500 MHz) and MWA (40--90\,mJy\,beam$^{-1}$ between 80--300 MHz).