Dhara Rail Projects IPO
Dhara Rail Projects is an NSE SME IPO listed on the NSE SME platform, priced at ₹120–₹126 per share. The stock debuted at ₹150, delivering a listing gain of 19.0%. The IPO had a lot size of ₹1000 shares and a minimum investment of ₹2,52,000.
Dhara Rail Projects Limited IPO
- IPO Dates
- Dec 23, 2025 – Dec 26, 2025
- Price band
- ₹120-126 per equity share
- Minimum Investment
- ₹2,52,000
- Issue size
- ₹50.2 Cr
- Lot size
- 1000
- Allotment Date
- Dec 29, 2025
- Listing
- Dec 31, 2025
- Listing At
- NSE SME
IPO timeline
-
Dec 23, 2025
Open Date
Completed
-
Dec 26, 2025
Close Date
Completed
-
Dec 29, 2025
Allotment Date
Completed
-
Dec 31, 2025
Listing Date
Completed
Dhara Rail Projects IPO Subscription Details
View Subscription DetailsDhara Rail Projects IPO subscription status shows demand across QIB, NII, and retail categories, helping investors understand participation levels.
Last updated:Dhara Rail Projects IPO Essentials
Dhara Rail Projects IPO Details
Dhara Rail Projects IPO is priced at ₹120-126 per share with a total issue size of 50.2 crore. The IPO has a lot size of 1000 shares and is listed on NSE SME.
- Issue price
- ₹120-126 per equity share
- Lot size
- 1000 shares
- Face value
- ₹10 Per Equity Share
- Issue size
- 39,84,000 shares(agg. up to ₹50.20 Cr)
- Total issue size
- 39,84,000 shares
(aggregating up to ₹50.2 crore) - Fresh issue
- 39,84,000 shares
(aggregating up to ₹50.2 crore) - Listing at
- NSE SME
- List price
- 150.0
- Listing date
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead manager
-
Hem Securities Ltd.
Market Lot Size
Investors can bid for a minimum of 2000 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual (min) | 2 | 2000 | ₹2,52,000 |
| Individual(max) | 2 | 2000 | ₹2,52,000 |
| sHNI(min) | 3 | 3000 | ₹3,78,000 |
| sHNI(max) | 7 | 7000 | ₹8,82,000 |
| sHNI(min) | 8 | 8000 | ₹10,08,000 |
Dhara Rail Projects IPO Reservation
Dhara Rail Projects IPO reservation details show category-wise allocation of shares. Out of the total 3984000 shares, approximately 18.98% are reserved for QIB, 14.23% for NII, 33.23% for retail investors, 5.12% for market maker, and 28.44% for anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 1133000 (28.44%) | |
| Market Maker Shares Offered | 204000 (5.12%) | |
| QIB Shares Offered | 756000 (18.98%) | |
| NII (HNI) Shares Offered | 567000 (14.23%) | |
| bHNI > ₹10L | 378000 (9.39%) | 126 |
| sHNI < ₹10L | 189000 (4.85%) | 63 |
| Individual Shares Offered | 1324000 (33.23%) | 662 |
| Total Shares Offered | 3984000 (100%) |
Dhara Rail Projects IPO Analytics
Dhara Rail Projects IPO category-wise subscription trends show day-wise participation across QIB, NII, and retail investors.
Dhara Rail Projects IPO Subscription Status
Dhara Rail Projects IPO subscription status shows demand across retail, NII, and QIB categories, helping investors understand overall participation trends.
The IPO is currently subscribed 111.98x, indicating strong demand across investor categories.
| As on | QIB |
NII
bHNI
sHNI
|
Individual | Total |
|---|---|---|---|---|
| Shares Offered / Reserved | 7,56,000 |
5,67,000
3,78,000
1,89,000
|
13,24,000 | 26,47,000 |
|
Day 1
23-12-25 05:00 PM
|
4.55 x |
2.35x
2.84x
1.36x
|
1.46 x | 2.53 x |
|
Day 2
24-12-25 05:00 PM
|
4.55 x |
7.57x
9.39x
3.92x
|
4.32 x | 5.08 x |
|
Day 3
26-12-25 05:00 PM
|
71.30 x |
199.77x
238.21x
122.87x
|
97.61 x | 111.98 x |
|
Total No. of Applications
|
bHNI | sHNI | Individual |
|---|---|---|---|
| 83088 (Approx) | 86.64x | 118.78x | 97.61x |
Dhara Rail Projects Valuations
Returns
- ROE
- 67.85%
- ROCE
- 25.59%
- RoNW
- 50.66%
- PAT Margin
- 14.67%
Fundamentals
- Debt / Equity
- 1.66
- Price / Book
- 10.85
- Market Cap
- 190.06 Cr.
Dhara Rail Projects Financials( In Crs.)
| 30-Sep-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 | |
|---|---|---|---|---|
| Assets | 61.73 | 46.24 | 47.29 | 33.98 |
| Revenue | 28.83 | 48.00 | 34.23 | 27.39 |
| Profit After Tax | 7.06 | 6.53 | 2.97 | 1.06 |
| Net Worth | 19.95 | 12.89 | 6.36 | 3.39 |
| Reserves & Surplus | 8.85 | 12.79 | 6.26 | 3.29 |
| Total Borrowing | 21.29 | 21.33 | 28.17 | 22.74 |
Dhara Rail Projects Company & Offer Insights
About Dhara Rail Projects
Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company that offers various services like annual maintenance contracts and repair services for railway rolling stock systems.
The key services that are included in the package are:
AMC and repairs of the train lighting systems across all types of trains including Vande Bharat.
AMC and repairs for Overhead Equipment (OHE) maintenance vehicles (Tower Wagons).
AMC and repairs of Power Car equipment and HVAC systems of trains.
SITC of Electrical Equipment for all types of Rolling Stocks.
Outsourced services involving coach operations, troubleshooting.
Basically, it undertakes tender participation or partnering with OEMs with the Ministry of Railways, Government of India.
Dhara Rail Projects Promoter(s)
Tejas Lalit Mehta, Jagruti Tejas Mehta, Dhara Tejas Mehta are the company's promoters of Dhara Rail Projects.
Dhara Rail Projects IPO Issue Objectives
- •
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company
- •
- To Meet Working Capital Requirements of our Company
- •
- General Corporate Purpose
Contact Information
Contact Details
Dhara Rail Projects
+91-22-23865040
Gala No. O, 196-K, Girgaum Gaiwadi, Girgaum, Mumbai, Maharashtra, 400004
Registrar Contact Details
Bigshare Services Pvt Ltd
+91-22-6263 8200
Frequently Asked Questions
Click any question to reveal the answer
Dhara Rail Projects IPO is a book-built IPO worth ₹50.2 crore. The price band is ₹120–₹126 per share. The IPO opens on Dec 23, 2025 and closes on Dec 26, 2025. It will be listed on NSE SME Platform. Bigshare Services Pvt. Ltd. is the registrar.
The price band of Dhara Rail Projects IPO is ₹120 to ₹126 per share.
The lot size of Dhara Rail Projects IPO is 1000 shares.
The minimum investment for Dhara Rail Projects IPO is approximately ₹2,52,000 based on the upper price band .
Dhara Rail Projects IPO opens on Dec 23, 2025 and closes on Dec 26, 2025.
The allotment date of Dhara Rail Projects IPO is Dec 29, 2025.
Dhara Rail Projects IPO is expected to be listed on Dec 31, 2025, on NSE SME Platform.
Dhara Rail Projects IPO valuation snapshot: P/E N/A, EPS ₹/-, P/B 10.85, RoNW 50.66%, and market cap 190.06 Cr.
To apply for Dhara Rail Projects IPO, open the IPO Ji app or website, select the IPO, choose your demat account, enter the quantity, and submit the application.
You can check the live subscription status of Dhara Rail Projects IPO on IPO Ji or stock exchange websites. It shows real-time demand across retail, NII, and QIB categories.
Pre-apply allows investors to submit their IPO application before the bidding period starts. The order is placed automatically when the IPO opens.
If you pre-apply for Dhara Rail Projects IPO, your order will be placed when the IPO bidding starts, and a UPI mandate request will be generated.
You can check Dhara Rail Projects IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Dhara Rail Projects IPO allotment status on IPO Ji for quick and easy access.