Dhara Rail Projects Ltd. has opened its Initial Public Offering (IPO) on the NSE SME platform. The public issue is being offered through the book-building route and follows the timelines and structure disclosed in the company’s offer documents.
Dhara Rail Projects Ltd. is engaged in executing contractual railway projects and related services, including annual maintenance contracts, repair services, and supply, installation, testing, and commissioning of electrical and mechanical equipment for rolling stock and railway infrastructure. The company’s operations encompass maintenance and servicing for electrical systems, HVAC and interior systems of passenger coaches, power car equipment, overhead equipment maintenance vehicles, and other rail-linked assets.
The company primarily undertakes projects either through direct competitive tenders issued by the Ministry of Railways, Government of India, or through arrangements with original equipment manufacturers.
The Dhara Rail Projects Ltd. IPO subscription status reflects bids received across investor categories during the public issue period. The IPO opened for subscription on 23rd December 2025 and is scheduled to close on 26th December 2025.
The issue has been set with a price band of ₹120–₹126 per equity share.
Based on exchange data available, the IPO recorded an overall subscription of 1.96× by the end of Day 1. Within this, Qualified Institutional Buyers (QIB) subscribed 4.55×, Non-Institutional Investors (NII) subscribed 1.02×, while Retail Investors (RII) stood at 1.04×
| Investor Category | Subscription Status (As of 4:00 PM on Day 1) |
|---|---|
Qualified Institutional Buyers (QIB) |
4.55× |
Retail Individual Investors (RII) |
1.04× |
Non-Institutional Investors (NII) |
1.02× |
Total |
1.96× |
The Dhara Rail Projects IPO subscription Day 1 saw participation coming in steadily across investor categories. Qualified institutional buyers accounted for most of the early activity, followed by non-institutional bidders, while retail interest remained limited at this stage
On the second day of bidding, Dhara Rail Projects Ltd. IPO was subscribed 4.10× overall. Qualified Institutional Buyers (QIB) showed strong demand, while Retail Individual Investors (RII) and Non-Institutional Investors (NII) also contributed significantly to the subscription.
| Investor Category | Subscription (Times) |
|---|---|
Qualified Institutional Buyers (QIB) |
4.55× |
Retail Individual Investors (RII) |
3.82× |
Non-Institutional Investors (NII) |
4.15× |
Total |
4.10× |
The Dhara Rail Projects Ltd. IPO continues to show robust demand, especially from QIBs, with RII and NII participation following suit. This trend indicates strong investor confidence as the IPO progresses.
The price band and lot structure for the Dhara Rail Projects Ltd. IPO are as follows:
Price Band: ₹120 – ₹126 per equity share
Face Value: ₹10 per equity share
Lot Size: 1,000 equity shares per application
At the upper end of the price band:
Minimum Investment Value: 2 lots (2,000 shares) = ₹2,52,000
Retail Application Limits: As per SEBI and SME IPO norms
For detailed issue information, refer to the Dhara Rail Projects Ltd. IPO section on Bajaj Markets.
The key milestones for the Dhara Rail Projects Ltd. IPO are outlined below, subject to revisions based on official announcements:
| Event | Date | Description |
|---|---|---|
IPO Opening Date |
23rd December 2025 |
Public subscription begins |
IPO Closing Date |
26th December 2025 |
Subscription window ends |
Basis of Allotment Finalisation |
29th December 2025 (Tentative) |
Registrar finalises allotment |
Refunds Initiation / Shares Credited to Demat |
30th December 2025 (Tentative) |
Funds refunded or shares credited |
Listing Date (Tentative) |
31st December 2025 |
Shares proposed to list on NSE SME |
These dates are important for you to track the IPO process, check allotment status, and prepare for listing.
Applications for the Dhara Rail Projects Ltd. IPO can be submitted using standard mechanisms including ASBA and UPI through authorised banks and broker/trading platforms.
Step 1: To apply via ASBA, follow the steps below:
Step 2: Ensure you have a Demat account and a bank account linked to a Self Certified Syndicate Bank (SCSB)
Step 3: Log in to your net banking portal
Step 4: Navigate to the IPO / ASBA section
Step 5: Select Dhara Rail Projects Ltd. IPO. Enter your bid details (lot size, number of lots) and Demat account information
Step 6: Confirm your application. The amount gets blocked (not debited) until allotment
Step 7: If shares are allotted, the account is debited; otherwise, blocked funds are released back
If you prefer applying through a broker or trading app, follow these steps:
Step 1: Log in to your broker/trading app
Step 2: Go to the IPO or ‘Bids’ section. Select Dhara Rail Projects Ltd. IPO
Step 3: Enter the lot quantity and your UPI ID. Ensure the quantity is a multiple of 1,000 shares
Step 4: Submit your bid. A mandate request will pop up in your UPI app. Approve it
Step 5: The application amount will be blocked via UPI. It will be debited only if shares are allotted; otherwise, the block is released after the issue closes
Both methods are accepted under current regulations. Using ASBA or UPI allows applications to be submitted with funds remaining blocked until the allotment process is completed.
Check other Upcoming IPOs here: Upcoming IPO
The information provided above is based on publicly available data from the Dhara Rail Projects Ltd. offer documents and exchange disclosures. Subscription figures are subject to updates as released by the stock exchange during the IPO period.
Sources
LiveMint — IPO News and Updates, https://www.livemint.com/market/ipo
Economic Times — IPO News: Latest IPO News, Upcoming IPO, https://economictimes.indiatimes.com/markets/ipo
Financial Express — IPO News, https://www.financialexpress.com/market/ipo-news/
NDTV Profit — IPOs, https://www.ndtvprofit.com/ipos
Business Today — IPO Corner: Latest IPO News & Analysis, https://www.businesstoday.in/markets/ipo-corner