How it has done since the IPO
Closing prices since listing: 21 Oct ₹135.20, 22 Oct ₹135.00, 23 Oct ₹125.00, 27 Oct ₹130.00, 28 Oct ₹126.00, 30 Oct ₹125.00, 3 Nov ₹122.00, 4 Nov ₹128.00, 5 Nov ₹125.00, 6 Nov ₹133.95.
| Listing day | 31 Dec 2025 |
| Open / high / low / close | ₹150.00 / ₹157.50 / ₹142.60 / ₹157.50 |
| Shares traded on NSE | 23,20,000 |
| Market value at the listing-day close | ₹238 cr |
Dhara Rail Projects share price, live chart and technicals →
The IPO's journey
Anchor22 Dec
Opens23 Dec
Closes26 Dec
Allotment29 Dec
In demat30 Dec
Listing31 Dec
Lock-in 50%27 Jan
Lock-in rest28 Mar
Subscription
Shares offered and bid, by group
| Investor category | Shares bid for |
|---|
| Institutions (QIB) | 34,41,000 |
| HNI / NII | 42,88,000 |
| HNI, above ₹10 lakh | 35,51,000 |
| HNI, ₹2–10 lakh | 7,37,000 |
| Total | 77,29,000 |
NSE does not publish the shares offered to each category for this issue, so times subscribed cannot be shown. NSE and BSE bids together, as of 24 Dec 2025 17:00.
Who the issue was for
Bids by price
Top price ₹126 99.78%Lower prices 0.2%
Applications from individual investors
64,650 applications in the individual investors' category (bidding for the minimum 2 lots).
NSE does not publish the shares set aside for this category for SME issues, so the chance of allotment cannot be worked out exactly. Winners are picked by lottery.
Lot size by investor type
| Application | Lots | Shares | Amount |
|---|
| Individual investor (minimum) | 2 | 2,000 | ₹2,52,000 |
| HNI (minimum) | 3 | 3,000 | ₹3,78,000 |
At ₹126 a share. In SME IPOs individuals must bid for at least 2 lots.
Anchor investors
| Anchor bid date | 22 Dec 2025 |
| Anchor shares | 11,33,000 |
| Raised from anchors | ₹14.28 cr |
| Lock-in ends for the first 50% (30 days) | 27 Jan 2026 |
| Lock-in ends for the remaining 50% (90 days) | 28 Mar 2026 |
Anchor investors are large funds that buy the day before the IPO opens. SEBI locks in half their shares for 30 days from the allotment and the rest for 90 days; they can sell from the next trading day. Traders watch these dates because extra selling can come in.
Financials and valuation
| At issue price | Now |
|---|
| Market value | ₹190 cr | ₹202 cr |
| P/E (last 12 months' profit) | – | – |
| Revenue, last 12 months | – |
| Profit, last 12 months | – |
| Return on equity | – |
| Debt to equity | – |
From results the company filed with NSE (latest period to 31 Mar 2026). Twelve-month figures need four quarters of results, so they fill in over the first year after listing.
Other recent IPOs: Diversified Commercial Services