Dhara Rail Projects is entering the public markets through SME IPO with an issue size of ₹50.20 crore. The issue consists of a fresh issue of equity shares. The shares are proposed to be listed on NSE & SME.
The IPO subscription window opens on December 23, 2025 and will remain open until December 26, 2025. The company plans to list its shares on December 31, 2025. Being an SME IPO, the issue may appeal to investors familiar with lower liquidity listings.
Dhara Rail Projects Limited IPO Timeline
IPO Quick Facts
This section covers the main IPO details of Dhara Rail Projects that investors generally review before applying.
IPO Details at a Glance
| Company Name | Dhara Rail Projects |
|---|---|
| IPO Segment | SME |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Price | ₹120 – ₹126 Per Share |
| Lot Size | 1,000 Shares |
| Face Value | ₹10 Per Share |
| Exchange | NSE & SME |
Investor Category & Share Allocation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 204,000 | 5.12% |
| Qualified Institutional Buyers (QIB) | 1,889,000 | 47.41% |
| — Anchor Investor | 1,133,000 | 28.44% |
| — QIB (Ex Anchor) | 756,000 | 18.98% |
| NII (HNI) | 567,000 | 14.23% |
| — bNII > ₹10L | 378,000 | 9.49% |
| — sNII < ₹10L | 189,000 | 4.74% |
| Retail | 1,324,000 | 33.23% |
| Total Shares Offered | 3,984,000 | 100.00% |
Dhara Rail Projects IPO Important Dates
The following table highlights the key dates for the Dhara Rail Projects IPO, covering the subscription period and the expected listing timeline.
| IPO Opening Date | 23 Dec 2025 |
|---|---|
| IPO Closing Date | 26 Dec 2025 |
| Allotment Finalization | 29 Dec 2025 |
| Initiation of Refunds | 30 Dec 2025 |
| Credit of Shares | 30 Dec 2025 |
| IPO Listing Date | 31 Dec 2025 |
Dhara Rail Projects IPO Size & Structure
| Total IPO Size | ₹50.20 Crore |
|---|---|
| Fresh Issue | ₹50.20 Crore |
Dhara Rail Projects IPO Lot Size & Minimum Investment
The table below shows the lot size and investment amount for the Dhara Rail Projects IPO, calculated using the cut-off price. The price band for this IPO ranges from ₹120 to ₹126 per share.
Investors can apply for the IPO with a minimum of 1000 shares. Applications must be made in multiples of 1000 shares.
- Retail investors can apply from 2 lot to 2 lots.
- Small HNI (SHNI) investors must apply for at least 3 lots.
- Big HNI (BHNI) investors need to apply for a minimum of 8 lots.
This information helps investors understand the minimum investment required before applying for the IPO.
Note: Retail investors generally apply at the cut-off price, which is ₹126 per share.
| Category | Lots | Shares | Price | Amount |
|---|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹126 | ₹252,000 |
| Retail (Max) | 2 | 2,000 | ₹126 | ₹252,000 |
| S-HNI (Min) | 3 | 3,000 | ₹126 | ₹378,000 |
| S-HNI (Max) | 7 | 7,000 | ₹126 | ₹882,000 |
| B-HNI | 8 | 8,000 | ₹126 | ₹1,008,000 |
Dhara Rail Projects IPO GMP (Grey Market Premium)
The latest Dhara Rail Projects IPO GMP (Grey Market Premium), along with Kostak rates and Subject to Sauda rates, helps in understanding market sentiment. The current Dhara Rail Projects IPO GMP is ₹15 (11.90%), compared to the IPO issue price of ₹126. Based on the current GMP, the expected listing price is around ₹141. The Lowest GMP was ₹0 on 20 Dec 2025, while the highest GMP reached ₹24 on 27 Dec 2025.
Dhara Rail Projects IPO was listed on the stock exchange on 31 Dec 2025. The IPO was subscribed 73.81 times. The first reported GMP was ₹0 (0%), while the latest recorded GMP stood at ₹15 (11.9%).Listing Details:
- Issue Price: ₹126 per share.
- Listing Price: ₹150.00 (approx. 19.05% gain)
- Listing Date: 31 Dec 2025
Dhara Rail Projects IPO GMP Today - Trend Analysis
| Date | Issue Price (₹) | GMP Price (₹) | Estimated Gain (%) | Estimated Price (₹) | Estimated Profit (₹) |
|---|---|---|---|---|---|
| 31 Dec 2025 | ₹126 | ▲ ₹15 | ▲ 11.9% | ₹141 | ₹30,000 |
| 30 Dec 2025 | ₹126 | ▼ ₹14 | ▼ 11.11% | ₹140 | ₹28,000 |
| 29 Dec 2025 | ₹126 | ▼ ₹18 | ▼ 14.29% | ₹144 | ₹36,000 |
| 27 Dec 2025 | ₹126 | ▲ ₹24 | ▲ 19.05% | ₹150 | ₹48,000 |
| 26 Dec 2025 | ₹126 | ▲ ₹12 | ▲ 9.52% | ₹138 | ₹24,000 |
| 25 Dec 2025 | ₹126 | ▼ ₹10 | ▼ 7.94% | ₹136 | ₹20,000 |
| 24 Dec 2025 | ₹126 | ▲ ₹14 | ▲ 11.11% | ₹140 | ₹28,000 |
| 23 Dec 2025 | ₹126 | ▲ ₹12 | ▲ 9.52% | ₹138 | ₹24,000 |
| 22 Dec 2025 | ₹126 | ▲ ₹8 | ▲ 6.35% | ₹134 | ₹16,000 |
| 20 Dec 2025 | ₹126 | ₹0 | 0% | ₹126 | ₹0 |
| 19 Dec 2025 | ₹126 | ₹0 | 0% | ₹126 | ₹0 |
| 18 Dec 2025 | ₹126 | ₹0 | 0% | ₹126 | ₹0 |
Dhara Rail Projects IPO GMP gives retail and institutional investors an idea about short-term market expectations. Although grey market premium does not guarantee listing performance, it is still commonly referred to while analysing IPOs. Investors are advised to look at Dhara Rail Projects fundamentals along with IPO GMP data before making any investment decision.
GMP Disclaimer: GMP (Grey Market Premium) prices are unofficial and only reflect market sentiment. We neither participate in grey-market trading nor encourage it. Investors are strongly advised to review the company’s fundamentals, risks, and official documents before considering an investment in the Dhara Rail Projects IPO.
Dhara Rail Projects IPO Subscription Status
Dhara Rail Projects IPO was subscribed 73.81 times overall on the final day of bidding (as of 26 Dec 2025).The subscription opened on 23 Dec 2025. The Retail portion was subscribed 95.95 times, while QIB and NII categories were subscribed 71.3 times and 146.7 times respectively.
Subscription by Category (QIB, NII, Retail, Employee)
Daily Subscription Trend (Day-wise):
| Date | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| 23 Dec 2025 | 4.55x | 1.73x | 1.51x | — | 1.7x |
| 24 Dec 2025 | 4.55x | 5.57x | 4.38x | — | 3.4x |
| 26 Dec 2025 | 71.3x | 146.7x | 95.95x | — | 73.81x |
The Dhara Rail Projects IPO opened with strong demand on Day-1, supported by active participation from QIB and NII investors.
On Day-2, subscription levels for the Dhara Rail Projects IPO rose sharply due to heavy bidding from NII, followed by QIB investors.
By the end of the bidding period, the IPO was subscribed 73.81x overall, reflecting strong demand from key investor categories, led by NII, followed by Retail and QIB investors. Overall subscription for the Dhara Rail Projects IPO increased from 1.7x on Day-1 to 73.81x by the final day.
Dhara Rail Projects IPO Final Subscription
| Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 71.3x |
| Non-Institutional Investors (NII) | 146.85x |
| Retail Investors | 97.26x |
| Total | 74.27x |
Dhara Rail Projects IPO Allotment Status
The Dhara Rail Projects IPO allotment status was released on 29 Dec 2025. Investors who applied for the IPO can now check their Dhara Rail Projects allotment status online through the official registrar website and NSE / BSE portal.
- 🗓 Allotment Date: 29 Dec 2025
- 📈 Listing Date: 31 Dec 2025
How to Check Dhara Rail Projects IPO Allotment Status Online?
Investors can check the Dhara Rail Projects IPO allotment status online through BigShare Services Private Limited and NSE websites. All platforms provide easy access to the IPO allotment details.
Just follow the below mentioned steps to check your allotment status.You can also visit
BigShare Services
to know more about the IPO registrar.
Check on BigShare Services Private Limited (IPO Registrar)
- Visit → BigShare Services Private Limited
- Select Dhara Rail Projects
- Select Application No / CAF No / Beneficiary ID / PAN Number
- Enter the relevant details and CAPTCHA to proceed further
- Click Search to view allotment status
Check on NSE (National Stock Exchange) Website
- Go to → NSE Website
- Select Equity & SME IPO Bid Details.
- Choose Dhara Rail Projects IPO.
- Enter your PAN & Application Number.
- Click on Submit button.
The National Stock Exchange (NSE) provides an online facility to check the Dhara Rail Projects IPO allotment status.
Note: Allotment status is published only on the official registrar websites. We do not collect investor data or provide allotment verification directly.
How to Apply for Dhara Rail Projects IPO?
Login to Your Trading App
Open your trading app such as Angel One, Zerodha, Upstox, Groww or any brokerage app.
Go to the IPO Section
Navigate to the IPO section in the app, search for the IPO, and enter your bid details.
Enter Your UPI ID
Provide your UPI ID that is linked to your bank account for payment authentication.
Approve the Mandate
Open your UPI app and approve the payment mandate to block the required amount.
Application Confirmation
Application submitted successfully, the funds will remain blocked until allotment is finalized.
Dhara Rail Projects IPO Listing Analysis
Below is a quick summary of the Dhara Rail Projects IPO issue price, listing price, and listing gain on BSE and NSE.
| IPO Status | Issue Price | Listing Price | Listing Gain |
|---|---|---|---|
| Listed (BSE) | ₹126 | ₹150 | ▲ 19.05% |
| Listed (NSE) | ₹126 | ₹150 | ▲ 19.05% |
Dhara Rail Projects debuted at ₹150, listing at a premium of +₹24 (+19.05%). The stock declined to ₹0, slipping -100.00% and ending -₹126 below (-100.00%). The investment fell to ₹0. Investors booked a loss of -₹126,000 per lot.
📌 IPO Issue Price and Lot Size
The IPO of Dhara Rail Projects was offered in the price band of ₹120 to ₹126 per share.
- The final issue price was fixed at ₹126.
- One lot consisted of 1000 shares.
- Minimum investment: ₹126 × 1000 = ₹126,000
- Investment after Day-1: ₹0 × 1000 = ₹0
- By the end of the listing session, investors faced a loss of -₹126,000 per lot.
📌 IPO Subscription Analysis
Backed by robust demand of 73.81× and institutional subscription of 71.3×, the IPO witnessed a bumper listing. The stock debuted at 19.05% and closed at -100.00%, highlighting exceptional investor confidence.
| Day | QIB | NNI | Retail | Total |
|---|---|---|---|---|
| Day 1 | 4.55x | 1.73x | 1.51x | 1.7x |
| Day 2 | 4.55x | 5.57x | 4.38x | 3.4x |
| Day 3 | 71.3x | 146.7x | 95.95x | 73.81x |
📌 Final Assessment
Overall Outcome: Successful IPO
- Subscription Phase: High investor participation
- Listing Phase: Strong listing performance
- Investor Experience: Negative short-term experience
IPO Financial Summary
- Total Assets changed by -2.22% in FY 2024-2025.
- Total Revenue changed by 40.23% in FY 2024-2025.
- Profit After Tax changed by 119.87% in FY 2024-2025.
- Reserves & Surplus changed by 104.31% in FY 2024-2025.
- Total Borrowings changed by -24.28% in FY 2024-2025.
| Metric | 2025-09-30 | 2025-03-31 | 2024-03-31 | 2023-03-31 |
|---|---|---|---|---|
| Total Assets (₹ Cr) | 61.73 | 46.24 | 47.29 | 33.98 |
| Total Revenue (₹ Cr) | 28.83 | 48.00 | 34.23 | 27.39 |
| Profit After Tax (₹ Cr) | 7.06 | 6.53 | 2.97 | 1.06 |
| Reserves & Surplus (₹ Cr) | 8.85 | 12.79 | 6.26 | 3.29 |
| Total Borrowings (₹ Cr) | 21.29 | 21.33 | 28.17 | 22.74 |
Utilisation of Proceeds
The Company proposes to utilise the net IPO proceeds of approximately ₹44.37 crore towards the following objectives:
| # | Purpose | Amount (₹ Cr) | % of Total |
|---|---|---|---|
| 1 | Repayment and/or pre-payment, in full or part, of borrowing availed by our Company | 7.00 | 15.78% |
| 2 | To Meet Working Capital Requirements of our Company | 30.50 | 68.74% |
| 3 | General Corporate Purpose | 6.87 | 15.48% |
| Total | 44.37 | 100% | |
Dhara Rail Projects IPO Promoter Holding
| Promoter(s) | Tejas Lalit Mehta, Jagruti Tejas Mehta & Dhara Tejas Mehta |
|---|---|
| Pre-Issue Holding | 98.33% |
| Post-Issue Holding | 72.36% |
Dhara Rail Projects IPO FAQs
The Dhara Rail Projects IPO is a SME Bookbuilding IPO with a total issue size of ₹50.20 crore. The issue consists of a fresh issue of ₹50.20 crore.
The IPO will open for subscription on Tue, 23 Dec 2025 and will close on Fri, 26 Dec 2025.
The shares are being offered at a price band of ₹120 to ₹126 per equity share.
Investors can apply for the IPO with a minimum lot size of 1,000 shares.
At the upper price band, the minimum investment required for one lot is approximately ₹252,000.
The shares of Dhara Rail Projects are expected to be listed on NSE & SME on Wed, 31 Dec 2025.
The Grey Market Premium (GMP) of Dhara Rail Projects IPO is ₹15.
The expected listing price of Dhara Rail Projects IPO is around ₹141 based on current GMP. This indicates a potential return of approximately 11.90% , with an estimated profit of ₹15,000 per lot, subject to market conditions.
The Dhara Rail Projects IPO was subscribed 74.27 times on the final day of subscription.
The retail portion is subscribed 95.95 times as of 26 Dec 2025.
The QIB portion is subscribed 71.3 times and the NII portion is subscribed 146.7 times .
The IPO registrar of Dhara Rail Projects is BigShare Services Private Limited. BigShare is responsible for processing IPO applications, finalizing allotment, crediting shares, and initiating refunds.
The allotment date is expected on Mon, 29 Dec 2025.
Allotment status is generally updated in the evening (6 PM – 10 PM) on Mon, 29 Dec 2025 on the registrar or exchange website.
Shares are expected to be credited by Tue, 30 Dec 2025.
Refunds for unsuccessful applicants will be initiated on Tue, 30 Dec 2025.
Investors can check refund status via:
- UPI mandate / bank account (NACH, NEFT, RTGS)
- ASBA bank portal
Dhara Rail Projects IPO is listed on NSE.
The current share price of Dhara Rail Projects Limited is ₹123.00. The stock opened at ₹123.20, hit a high of ₹125.00 and a low of ₹123.00.
Dhara Rail Projects Limited share price has decreased by ₹3.30 (2.61%) compared to the previous close. The stock has declined 18.00% from its listing price of ₹150.00 on BSE and declined 18.00% from its listing price of ₹150.00 on NSE.
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