Dhara Rail Projects IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Dec 23 to Dec 26 2025
Price Band
₹120 - 126
Current GMP
₹150 (19.05%)
Subscription
111.90 times
IPO Details
| IPO Date | 23 to 26 Dec, 2025 |
| Listed on | Wed, Dec 31, 2025 |
| Face Value | ₹ 10 per share |
| Price Band | ₹120 to ₹126 |
| Issue Price | ₹126 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 39,84,000 shares (agg. up to ₹ 50 Cr) |
| Reserved for Market Maker | 2,04,000 shares (agg. up to ₹ 3 Cr) Hem Finlease Pvt.Ltd. |
| Net Offered to Public | 37,80,000 shares (agg. up to ₹ 48 Cr) |
| Share Holding Pre Issue | 1,11,00,000 shares |
| Share Holding Post Issue | 1,50,84,000 shares |
| NSE Symbol | DHARARAIL |
| ISIN | INE2HJL01019 |
IPO Date
23 to 26 Dec, 2025
Listed on
Wed, Dec 31, 2025
Face Value
₹ 10 per share
Price Band
₹120 to ₹126
Issue Price
₹126 per share
Lot Size
1,000 Shares
Sale Type
Fresh Capital
Issue Type
Bookbuilding IPO
Listing At
NSE SME
Total Issue Size
39,84,000 shares (agg. up to ₹ 50 Cr)
Reserved for Market Maker
2,04,000 shares (agg. up to ₹ 3 Cr) Hem Finlease Pvt.Ltd.
Net Offered to Public
37,80,000 shares (agg. up to ₹ 48 Cr)
Share Holding Pre Issue
1,11,00,000 shares
Share Holding Post Issue
1,50,84,000 shares
NSE Symbol
DHARARAIL
ISIN
INE2HJL01019
IPO Subscription Details
| Anchor Investors | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 71.30 |
| Non-Institutional Buyers*** | 199.41 |
| bNII (bids above ₹10L) | 237.67 |
| sNII (bids below ₹10L) | 122.87 |
| Individual Investors | 97.61 |
| Total ** | 111.90 |
Anchor Investors
1
Market Maker
1
QIB (Ex Anchor)
71.30
Non-Institutional Buyers***
199.41
bNII (bids above ₹10L)
237.67
sNII (bids below ₹10L)
122.87
Individual Investors
97.61
Total **
111.90
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Dec 2 3, 2025 (Day 1) | 4.55 | 2.35 | 2.84 | 1.38 | 1.48 | 2.54 |
| Dec 2 4, 2025 (Day 2) | 4.55 | 7.21 | 8.85 | 3.92 | 4.35 | 5.02 |
| Dec 2 6, 2025 (Day 3) | 71.30 | 199.41 | 237.67 | 122.87 | 97.61 | 111.90 |
DayDec 2
3, 2025 (Day 1)
QIB (Ex Anchor)4.55
NII*2.35
NII (> ₹10L)2.84
NII (< ₹10L)1.38
Individual Investors1.48
Total2.54
DayDec 2
4, 2025 (Day 2)
QIB (Ex Anchor)4.55
NII*7.21
NII (> ₹10L)8.85
NII (< ₹10L)3.92
Individual Investors4.35
Total5.02
DayDec 2
6, 2025 (Day 3)
QIB (Ex Anchor)71.30
NII*199.41
NII (> ₹10L)237.67
NII (< ₹10L)122.87
Individual Investors97.61
Total111.90
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 31-12-2025 | 126.00 | 16.5(13.10%) | 142.5 |
| 30-12-2025 | 126.00 | 16.5(13.10%) | 142.5 |
| 29-12-2025 | 126.00 | 14(11.11%) | 140 |
| 28-12-2025 | 126.00 | 18(14.29%) | 144 |
| 27-12-2025 | 126.00 | 18(14.29%) | 144 |
| 26-12-2025 | 126.00 | 20(15.87%) | 146 |
| 25-12-2025 | 126.00 | 10(7.94%) | 136 |
| 24-12-2025 | 126.00 | 10(7.94%) | 136 |
| 23-12-2025 | 126.00 | 14(11.11%) | 140 |
| 22-12-2025 | 126.00 | 12(9.52%) | 138 |
| 21-12-2025 | 126.00 | 8(6.35%) | 134 |
| 20-12-2025 | 126.00 | 0(0.00%) | 126 |
| 19-12-2025 | 126.00 | 0(0.00%) | 126 |
| 18-12-2025 | 126.00 | 0(0.00%) | 126 |
Date31-12-2025
Price126.00
GMP16.5(13.10%)
Estimate List Price142.5
Date30-12-2025
Price126.00
GMP16.5(13.10%)
Estimate List Price142.5
Date29-12-2025
Price126.00
GMP14(11.11%)
Estimate List Price140
Date28-12-2025
Price126.00
GMP18(14.29%)
Estimate List Price144
Date27-12-2025
Price126.00
GMP18(14.29%)
Estimate List Price144
Date26-12-2025
Price126.00
GMP20(15.87%)
Estimate List Price146
Date25-12-2025
Price126.00
GMP10(7.94%)
Estimate List Price136
Date24-12-2025
Price126.00
GMP10(7.94%)
Estimate List Price136
Date23-12-2025
Price126.00
GMP14(11.11%)
Estimate List Price140
Date22-12-2025
Price126.00
GMP12(9.52%)
Estimate List Price138
Date21-12-2025
Price126.00
GMP8(6.35%)
Estimate List Price134
Date20-12-2025
Price126.00
GMP0(0.00%)
Estimate List Price126
Date19-12-2025
Price126.00
GMP0(0.00%)
Estimate List Price126
Date18-12-2025
Price126.00
GMP0(0.00%)
Estimate List Price126
IPO Important Dates
| IPO Open | Tue, Dec 23, 2025 |
| IPO Close | Fri, Dec 26, 2025 |
| Allotment | Mon, Dec 29, 2025 |
| Refund | Tue, Dec 30, 2025 |
| Credit of Shares | Tue, Dec 30, 2025 |
| Listing | Wed, Dec 31, 2025 |
IPO Open
Tue, Dec 23, 2025
IPO Close
Fri, Dec 26, 2025
Allotment
Mon, Dec 29, 2025
Refund
Tue, Dec 30, 2025
Credit of Shares
Tue, Dec 30, 2025
Listing
Wed, Dec 31, 2025
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,52,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,52,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,78,000 |
| S-HNI (Max) | 7 | 7,000 | ₹8,82,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,08,000 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares2,000
Amount₹2,52,000
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares2,000
Amount₹2,52,000
ApplicationS-HNI (Min)
Lots3
Shares3,000
Amount₹3,78,000
ApplicationS-HNI (Max)
Lots7
Shares7,000
Amount₹8,82,000
ApplicationB-HNI (Min)
Lots8
Shares8,000
Amount₹10,08,000
Key Performance Indicator
| ROE | 67.85% |
| ROCE | 25.59% |
| Debt/Equity | 1.66 |
| RoNW | 50.66% |
| PAT Margin | 14.67% |
| EBITDA Margin | 11.88% |
| Price to Book Value | 10.85 |
ROE
67.85%
ROCE
25.59%
Debt/Equity
1.66
RoNW
50.66%
PAT Margin
14.67%
EBITDA Margin
11.88%
Price to Book Value
10.85
IPO Reservation
| Market Maker Shares Offered | 2,04,000 (5.12%) |
| QIB Shares Offered | 18,89,000 (47.41%) |
| − Anchor Investor Shares Offered | 11,33,000 (28.44%) |
| − QIB (Ex. Anchor) Shares Offered | 7,56,000 (18.98%) |
| NII (HNI) Shares Offered | 5,67,000 (14.23%) |
| − bNII > ₹10L | 3,78,000 (9.49%) |
| − sNII < ₹10L | 1,89,000 (4.74%) |
| Retail Shares Offered | 13,24,000 (33.23%) |
| Total Shares Offered | 39,84,000 (100.00%) |
Market Maker Shares Offered
2,04,000 (5.12%)
QIB Shares Offered
18,89,000 (47.41%)
− Anchor Investor Shares Offered
11,33,000 (28.44%)
− QIB (Ex. Anchor) Shares Offered
7,56,000 (18.98%)
NII (HNI) Shares Offered
5,67,000 (14.23%)
− bNII > ₹10L
3,78,000 (9.49%)
− sNII < ₹10L
1,89,000 (4.74%)
Retail Shares Offered
13,24,000 (33.23%)
Total Shares Offered
39,84,000 (100.00%)
Information about company
Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company, providing various services like annual maintenance contracts, and repair services for railway rolling stock systems.
Key services:
The company mainly works with the Ministry of Railways, Government of India, by participating in tenders or collaborating with OEMs.
Competitive Strengths:
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment and/or pre-payment, in full or part, of borrowing availed by our Company 7.00 2 To Meet Working Capital Requirements of our Company 30.50 3 General Corporate Purpose 6.87
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