| The initial public offer (IPO) of Dhara Rail Projects received bids for 66,92,000 shares as against 28,51,000 on offer, as per NSE data as of 17:00 hours on Tuesday (23 December 2025). The issue was subscribed 2.35 times.
The issue opened for bidding on Tuesday (23 December 2025) and it will close on Friday (26 December 2025). The price band of the IPO is fixed between Rs 120 to Rs 126 per share. The minimum order quantity is 1,000 equity shares. The equity shares will list on NSE’s SME platform.
The IPO comprises fresh issue of 39,84,000 equity shares. The promoter and promoter group shareholding will dilute to 72.36% from 98.33% pre-issue.
About 2,04,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 37,80,000 equity shares. The issue and the net issue will constitute 26.41% and 25.06%, respectively of the post-issue paid-up equity share capital of the company.
The company intends to utilize the net proceeds for repayment or pre-payment, in full or part, of borrowing availed by the company, to meet working capital requirements of the company and general corporate purposes.
Ahead of the IPO, Dhara Rail Projects on 22 December 2025, raised Rs 14.27 crore from anchor investors. The board allotted 11.33 lakh shares at Rs 126 per share to 8 anchor investors.
Dhara Rail Projects is engaged in the execution of various contractual railway projects and related services, including Annual Maintenance Contracts (AMC) and repair services for a wide range of railway rolling stock systems. Its services include annual maintenance and repair of train lighting equipment across all rolling stock categories, including the latest Vande Bharat trains, as well as maintenance and repair of Overhead Equipment (OHE) maintenance vehicles (tower wagons), power car equipment and HVAC systems. In addition to maintenance services, the company undertakes the supply, installation, testing and commissioning (SITC) of various electrical equipment across all types of rolling stock. It provides services to the Ministry of Railways, Government of India, either through contracts awarded directly via competitive tendering or through pre-bid arrangements with various OEMs. As of 31 October 2025, the company employed 1,019 full-time employees.
The company recorded revenue from operations of Rs 28.37 crore and net profit of Rs 7.06 crore for the period ended 30 September 2025.
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