Bumper debut! Dhara Rail Projects shares list at 19% premium on NSE SME

Dhara Rail Projects listing today: Shares of Dhara Rail Projects, a railway rolling stock systems services provider, make a bumper debut on the NSE SME platform on Wednesday, December 31, 2025, following the completion of its initial public offering (IPO). 

 

Dhara Rail Projects shares were listed at ₹150 apiece, representing a 19 per cent premium over the issue price of ₹126 per share. Post-listing the stock touched a high of ₹155 per share. 

 

Notably, the National Stock Exchange (NSE) has set a cap on SME IPO listings, restricting the opening price to no more than 90 per cent above the issue price. 

 

Dhara Rail market debut outperformed the grey market estimates. Ahead of the listing, Dhara Rail’s unlisted shares were quoted at around ₹142.5 in the grey market. This suggested a grey market premium (GMP) of ₹16.5, or approximately 13 per cent, over the issue price, according to sources tracking unofficial market activity.  ALSO READ | Apollo Techno Industries lists with 11% premium, beats IPO GMP estimates

Dhara Rail Projects IPO details

The public offering consisted entirely of a fresh issue of 4 million equity shares, raising approximately ₹50.20 crore. There was no offer-for-sale component. Priced between ₹120 and ₹126 per share, with a lot size of 1000 shares, the IPO saw exceptionally strong demand from investors. The public issue was oversubscribed by a whopping 111.90 times, according to data from the NSE.

 

Investors placed bids for 296.2 million equity shares against the 2.6 million shares on offer. The Non-Institutional Investors (NIIs) led the demand, oversubscribing their allotted quota by 199.41 times. The retail investors segment was subscribed 97.61 times, while the qualified institutional buyers (QIBs) portion received 71.30 times bids compared to the shares reserved.

 

The subscription window to bid for the Dhara Rail IPO was open from December 23 to December 26, 2025.  ALSO READ | E to E Transportation IPO allotment today; check status, GMP, listing date 

Dhara Rail Projects plans to use ₹7 crore from the net fresh issue proceeds for repayment or prepayment of debt, and ₹30.5 crore to meet its working capital requirements. The remaining funds will be used for general corporate purposes.   Established in 2010, Dhara Rail Projects operates in a specialised segment catering to railway rolling stock services and electrical systems. The company is involved in providing annual maintenance contracts, repair and upkeep services, and supply and commissioning of electrical equipment across different categories of trains.