Dhara Rail Projects to list on Dec 31: Here's what latest GMP hints at

Ahead of its listing, Dhara Rail's unlisted shares were trading at ₹140.5 per share, commanding a GMP of ₹14.5 or 11.5 per cent over the upper end of the price band of ₹120 to ₹126

Dhara Rail Projects IPO listing forecast: Dhara Rail Projects, a railway rolling stock systems services provider, will make its debut on the Dalal Street on Wednesday, December 31, 2025, and the grey market is indicating a positive start.

 

The SME initial public offering (IPO), worth ₹50.20 crore, comprised a fresh issue of 4 million equity shares.

 

The IPO witnessed an overwhelming response from investors, getting oversubscribed by 111.9 times overall. Investors placed bids for 296.20 million equity shares against 2.64 million shares on offer. The non-institutional investors (NIIs), whose quota was booked 199.41 times, emerged as higher bidders. The qualified institutional buyers (QIBs) and retail investors also showed solid interest, subscribing to their portions by 71.3 times and 97.61 times, respectively, according to NSE data.

 

 

The allotment for the IPO was finalised on Monday, December 29, 2025, and investors are now awaiting the listing.

 

Ahead of its listing, Dhara Rail’s unlisted shares were trading at ₹140.5 per share, commanding a grey market premium (GMP) of ₹14.5 or 11.5 per cent over the upper end of the price band of ₹120 to ₹126, as per sources tracking unofficial markets.

 

If grey market trends sustain, Dhara Rail shares could list near ₹140, signalling a positive debut for the investors. However, analysts warn that the grey market is unregulated, and the GMP is not a reliable predictor of actual listing performance.

Dhara Rail Projects IPO details

The IPO comprised a fresh issue of 4 million shares aggregating to ₹50.2 crore. The issue was available at a price band of ₹120 to ₹126 per share, with a lot size of 1,000 shares. The public issue was open for subscription from December 23 to December 26, 2025.

 

Bigshare Services is the registrar for the issue. Hem Securities is the sole book-running lead manager.

 

According to the red herring prospectus (RHP), the company 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.