Dhara Rail Projects IPO List at 19% Premium on NSE SME

Shares of Dhara Rail Projects made an impressive debut on the NSE SME platform on December 31, 2025. The stock listed at ₹150 per share, which is 19% higher than its IPO issue price of ₹126.

After listing, the share price moved higher and touched an intraday high of ₹155.

NSE SME Listing Rules

It is important to note that NSE has a price cap for SME IPO listings. The opening price cannot be more than 90% above the issue price, which helps control extreme volatility on listing day.

IPO Details and Subscription

The IPO was a fresh issue of 40 lakh equity shares, raising about ₹50.20 crore. There was no offer-for-sale in the public issue.

Priced in the range of ₹120–₹126 per share, the IPO received massive investor interest and was subscribed 111.90 times.

Investor Demand Across Categories

• Non-Institutional Investors (NIIs): Subscribed 199.41 times
• Retail Investors: Subscribed 97.61 times
• Qualified Institutional Buyers (QIBs): Subscribed 71.30 times

Investors bid for nearly 29.62 crore shares against just 26 lakh shares available.

Use of IPO Proceeds

Dhara Rail Projects plans to use the IPO funds as follows:

• ₹7 crore for repayment or prepayment of borrowings
• ₹30.5 crore to meet working capital needs
• Remaining funds for general corporate purposes

Also Read, India's 2025 IPO Fundraising Hits ₹1.6 Lakh Crore!

About Dhara Rail Projects

Founded in 2010, Dhara Rail Projects operates in the railway rolling stock services segment. The company provides maintenance, repair services, and electrical system installation for different types of trains across India.

Conclusion

Dhara Rail Projects delivered a strong debut on the NSE SME platform, backed by heavy IPO demand and solid investor confidence. The 19% listing gain reflects positive sentiment around railway-focused businesses and SME IPOs.

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