Dhara Rail Projects IPO
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Dhara Rail Projects IPO details
Schedule of Dhara Rail Projects
| Issue open date | 23 Dec 2025 |
| Issue close date | 26 Dec 2025 |
| UPI mandate deadline | 26 Dec 2025 (5 PM) |
| Allotment finalization | 29 Dec 2025 |
| Refund initiation | 30 Dec 2025 |
| Share credit | 30 Dec 2025 |
| Listing date | 31 Dec 2025 |
| Mandate end date | 11 Jan 2026 |
| Lock-in end date for anchor investors (50%) | 28 Jan 2026 |
| Lock-in end date for anchor investors (remaining) | 28 Mar 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Dhara Rail Projects
Dhara Rail Projects Limited was incorporated in April 2010 and is an ISO 9001:2015 certified company. It was originally formed as a private limited company and later converted into a public limited company in August 2025. The company is promoted by Mr Tejas Lalit Mehta, Mrs Jagruti Tejas Mehta, and Ms Dhara Tejas Mehta.
The company operates in the Indian railway infrastructure and services sector. It is engaged in executing contractual railway projects and providing specialised maintenance and repair services. Its operations include annual maintenance contracts and repair services for railway rolling stock systems, train lighting equipment, overhead equipment maintenance vehicles, power car equipment, and HVAC systems. It also undertakes supply, installation, testing, and commissioning of electrical equipment for various railway applications. Dhara Rail Projects primarily serves the Ministry of Railways, Government of India, through competitive tenders and collaborations with original equipment manufacturers. Its business model focuses on long-term service contracts, technical expertise, and compliance-driven execution. The company’s strengths lie in its experienced management, established relationships with Indian Railways, and the capability to service modern rolling stock, including advanced train systems.
Financials of Dhara Rail Projects
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Total issue size | 50.20 |
| Fresh Issue – Proceeds go to the company | 50.20 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Repayment / Pre-payment of Borrowings | 7 (13.94%) |
| Working capital requirement | 30.50 (60.76%) |
| General corporate purposes | 12.70 (25.30%) |
Strengths
- Over a decade of experience in railway maintenance and electrical services.
- ISO 9001:2015 certified with strong quality and compliance systems.
- Established relationships with Indian Railways and OEM partners.
- Capability to service modern rolling stock, including Vande Bharat trains.
- Promoter-led management with deep industry expertise.
Risks
- High dependence on Indian Railways for a significant portion of revenue.
- Exposure to changes in government policies and railway budget allocations.
- High working capital needs and dependence on timely receivables.
- A competitive tendering environment may impact profit margins.
- Non-compliance with quality or safety norms could affect future contracts.
Allotment Status for Dhara Rail Projects
To check your IPO allotment status:
- Visit the Bigshare Services IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status
Subscription Figures for Dhara Rail Projects
As per media reports (Link), the Grey Market Premium (GMP) of Dhara Rail Projects is reported at ₹12 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 05:00 PM on December 26, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 7.56 | 539.06 | 71.3x |
| NII | 5.67 | 1130.64 | 199.41x |
| Retail | 13.24 | 1292.34 | 97.61x |
| Total | 26.47 | 2962.04 | 111.9x |