Dhara Rail Projects – IPO
Dhara Rail Projects – IPO Details
| IPO Date | December 23, 2025 to December 26, 2025 |
| Listing Date | December 31, 2025 |
| Face Value | ₹ 10 / Share |
| Price Band | ₹ 120 to ₹ 126 / Share |
| Lot Size | 1000 Shares |
| Total Issue Size | 39,84,000 shares (Aggregating up to ₹50.20 Cr) |
| Fresh Issue | |
| Offer for Sale | |
| Employee Discount | |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share holding pre issue | 1,11,00,000 shares |
| Share holding post issue | 1,50,84,000 shares |
| Market Maker portion |
Dhara Rail Projects Timeline (Tentative Schedule)
Dhara Rail Projects IPO opens on December 23, 2025, and closes on December 26, 2025.
| IPO Open Date | December 23, 2025 |
| IPO Close Date | December 26, 2025 |
| Basis of Allotment | December 29, 2025 |
| Initiation of Refunds | December 30, 2025 |
| Credit of Shares to Demat | December 30, 2025 |
| Listing Date | December 31, 2025 |
| Cut-off time for UPI mandate confirmation | December 26, 2025 |
Dhara Rail Projects IPO Lot Size
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | Rs.252,000 |
| Retail (Max) | 2 | 2,000 | Rs.252,000 |
| S-HNI (Min) | 3 | 3,000 | Rs.378,000 |
| S-HNI (Max) | 7 | 7,000 | Rs.882,000 |
| B-HNI (Min) | 8 | 8,000 | Rs.1,008,000 |
| HNI (Min) |
Dhara Rail Projects IPO Promoter Holding
| Share Holding Pre Issue | 98.33% |
| Share Holding Post Issue | 72.36% |
Dhara Rail Projects IPO Reservation
Dhara Rail Projects IPO offers a total of 39,84,000 shares. Out of which 18,89,000 (47.41%) allocated to QIB, 7,56,000 (18.98%) allocated to QIB (Ex- Anchor), 5,67,000 (14.23%) allocated to NII, 13,24,000 (33.23%) allocated to RII, and 11,33,000 (28.44%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | |
|
| Market Maker Shares Offered | 2,04,000 (5.12%) |
|
| Other Shares Offered | |
|
| QIB Shares Offered | 18,89,000 (47.41%) |
|
| NII (HNI) Shares Offered | 5,67,000 (14.23%) |
|
| bNII > ₹10L | |
|
| sNII < ₹10L | |
|
| Retail Shares Offered | 13,24,000 (33.23%) |
|
| Employee Shares Offered | |
|
| Total Shares Offered | 39,84,000 (100.00%) |
Dhara Rail Projects IPO Anchor Investors Details
| Bid Date | |
| Shares Offered | |
| Anchor Portion Size (In Cr.) | |
| Anchor lock-in period end date for 50% shares (30 Days) | |
| Anchor lock-in period end date for remaining shares (90 Days) |
About Dhara Rail Projects
Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company, providing various services like annual maintenance contracts and repair services for railway rolling stock systems.
Key services:
- AMC and repairs of 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 in trains.
- Supply, Installation, Testing, and Commissioning (SITC) of electrical equipment for all types of rolling stock.
- Outsourced services for coach operations and troubleshooting.
The company mainly works with the Ministry of Railways, Government of India, by participating in tenders or collaborating with OEMs.
Competitive Strengths:
- Diversified order book of projects across India: Rs 14,409.81 lakhs as on Sep 29, 2025.
- Revenue from multiple geographies
- Assured quality services
- Experienced senior management
Key Performance Indicator
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 67.85% |
| ROCE | 25.59% |
| Debt/Equity | 1.66 |
| RoNW | 50.66% |
| P/BV | 10.85 |
| PAT Margin (%) | 14.67% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.88 | 9.37 |
| P/E (x) | 21.43 | 13.45 |
Note:
- The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
- The Pre IPO EPS is calculated based on Pre issue shareholding as on the date of RHP and the latest FY earnings as of March 31, 2025, available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2025, available in RHP.
Objects of the Issue (Dhara Rail Projects IPO Objectives)
Dhara Rail Projects Contact Details
Dhara Rail Projects Gala No. O, 196-K, |
Dhara Rail Projects IPO Registrar
Bigshare Services Pvt.Ltd.
|