Dhara Rail Projects came to market through an SME IPO that opened on 23 December 2025 and closed on 26 December 2025, and the shares listed on 31 December 2025 on NSE SME. The price band was ₹120 to ₹126 per share and one lot was 1000 shares, so the minimum application was ₹1,26,000. The issue size was ₹50.2 crore. The whole issue was fresh shares, so the money raised went to the company.
Bigshare Services Pvt.Ltd was the registrar to the issue, and Hem Securities Ltd was the lead manager.
As of 26 December 2025.
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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.
As described in the offer document.
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Tejas Lalit Mehta, Jagruti Tejas Mehta, Dhara Tejas Mehta. Promoter holding 98.33% before the issue and 72.36% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Dhara Rail Projects IPO was a ₹50.2 crore book-built issue, made up entirely of a fresh issue. It was priced at ₹120–₹126 per share with a lot size of 1,000 shares; the minimum retail application was 2,000 shares (₹2,52,000). The IPO was open from December 23 to December 26, 2025 and was subscribed 111.98x. Shares listed on NSE SME on December 31, 2025 at ₹150, a 19.0% premium to the issue price of ₹126. Bigshare Services Pvt. Ltd.
is the registrar. Hem Securities Ltd. is the book running lead manager.
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.
The allotment date of Dhara Rail Projects IPO is Dec 29, 2025.
Dhara Rail Projects IPO's final recorded GMP before listing was ₹11 per share (a 9% premium over the ₹126 upper price band). The shares listed at ₹150. GMP is unofficial and does not forecast or guarantee the actual listing price.
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 Rupix for quick and easy access.
₹120 to ₹126 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1000 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,26,000. After listing, SME shares also trade in lots rather than one share at a time.
₹1,26,000, for one lot of 1000 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 23 December 2025 and closed on 26 December 2025.
The basis of allotment was published on 29 December 2025 by Bigshare Services Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 31 December 2025 on NSE SME.
The issue size was ₹50.2 crore. The fresh issue was 39,84,000 shares (aggregating up to ₹50.2 crore).