Dhara Rail Projects IPO
smelistedAbout the company
Dhara Rail Projects is engaged in the execution of contractual railway projects and allied services for Indian Railways. Its core offerings include supply, installation, testing and commissioning (SITC) of electrical equipment across various categories of rolling stock, along with annual maintenance contracts (AMC), repair, inspection and periodic servicing of railway assets. The company undertakes maintenance and repair of train lighting systems for all rolling stock, including Vande Bharat trains, as well as services for overhead equipment (OHE) maintenance vehicles (tower wagons), power car equipment and HVAC systems. It delivers these services to the Ministry of Railways through competitively tendered contracts or pre-bid arrangements with OEMs. Its total order book stands at ₹202.52 crore as on the date of RHP, with outstanding orders worth ₹143.78 crore. The company has been associated with Indian Railways since its incorporation and has built a long-term relationship with Indian Railways, with 74.60% of revenue generated from sales through direct contracts and 25.40% from sales by pre-bid arrangements with various OEMs. Region-wise, Central Railway contributed 22.22% of revenue, Western Railway 15.59%, East Coast Railway 13.85%, Eastern Railway 10.88% and North Central Railway 9.46% as of September 2025.
Strengths
Risks
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed23 Dec 2025Bidding starts for all investor categories
IPO Closes
Completed26 Dec 2025Last day to place your bid
Basis of Allotment
Completed29 Dec 2025Share allotment finalised
Refund Initiation
Completed30 Dec 2025Refunds credited for non-allottees
Credit to Demat
Completed30 Dec 2025Allotted shares credited to demat account
Listing on Exchange
Completed31 Dec 2025Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1000 | ₹126,000 | 1 | ₹126,000 | 1 lot only |
| HNI | 2 | 2000 | ₹252,000 | 2 | ₹252,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,032,521 | 25 | 0 | 0.00x | 100% |
| NII | 15% | 609,756 | 7.5 | 0 | 0.00x | 100% |
| Retail | 35% | 1,422,764 | 17.5 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
