What is IPO Grey Market Premium (GMP)?

IPO Grey Market Premium (GMP) is an unofficial, over-the-counter premium over the issue price that dealers and investors pay prior to official listing on NSE/BSE.

How is estimated IPO listing price determined?

Estimated Listing Price = Cut-off / Issue Price + Current Grey Market Premium (GMP). For example, an issue price of ₹100 with ₹40 GMP yields an estimated listing price of ₹140 (+40%).

What is Kostak rate in an IPO?

Kostak rate is the fixed profit earned by selling an IPO application before allotment, irrespective of whether the application is allotted shares or not.

What is Subject to Sauda in IPO trading?

Subject to Sauda is an informal contract where payment is made only if the seller receives share allotment in the IPO.

Is IPO Grey Market Premium (GMP) regulated by SEBI?

No. Grey Market transactions are non-exchange over-the-counter commitments and are not officially regulated or endorsed by SEBI. Investors should treat GMP as an informal sentiment indicator.

What is the estimated listing price for Dhara Rail Projects Limited IPO?

Based on the upper price band of ₹126 and current GMP of ₹10, the estimated listing price is ₹136 (approx. 7.9% gain).

What is the expected profit per lot for Dhara Rail Projects Limited IPO?

With a lot size of 1000 shares and current GMP of ₹10, expected profit per retail application lot is approximately ₹10,000.

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Grey Market Intelligence

Dhara Rail Projects Limited

ListedSME

Infrastructure · NSE

Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company providing comprehensive maintenance and repair services for railway rolling stock systems. The company’s offerings include annual maintenance contracts (AMC) and repairs for train lighting systems across all types of trains, including Vande Bharat, Overhead Equipment (OHE) maintenance vehicles such as Tower Wagons, Power Car equipment, and HVAC systems. It also provides supply, installation, testing, and commissioning (SITC) of electrical equipment for rolling stock, along with outsourced services for coach operations and troubleshooting. Primarily, Dhara Rail Projects collaborates with the Ministry of Railways, Government of India, through tenders and partnerships with OEMs.

Price Band

₹120 – ₹126

Issue Size

₹50.20 Cr

Lot Size

1000 shares

GMP

₹10

+7.9%

Est. Listing

₹136

at current GMP

Subscribed

112.01x

overall

Open

23 Dec 2025

26 Dec 2025

Allotment

29 Dec 2025

Refund

30 Dec 2025

Demat Credit

31 Dec 2025

Listing

31 Dec 2025

Last updated 12 days ago

Overview Live GMP Live Subscription Allotment Status

Live Grey Market Premium

Dhara Rail Projects Limited GMP Today

Last updated: 19 Oct 2026

Current Premium

₹10+7.9%

Issue Price (Upper)

₹126

Band: ₹120 – ₹126

Estimated Listing Price

₹136

Upper price + GMP

Lot Size

1000 shares

Min investment ₹1,26,000

Date	GMP (₹)	GMP %	Est. Listing
31 Oct 2026	+₹10	7.9%	₹136
30 Oct 2026	+₹10	7.9%	₹136
29 Oct 2026	+₹9	7.1%	₹135

About Dhara Rail Projects Limited Public Issue & Market Profile

Dhara Rail Projects Limited is bringing an initial public offering (IPO) in the Infrastructure sector with an aggregate issue size of ₹50.2 Crores. The shares are offered at a price band of ₹120 to ₹126 per equity share on NSE. Currently, grey market participants and retail investors are watching the bidding trend, premium movement, and anchor book demand with keen interest.

Public Issue & Pricing Context:

Prospective investors can apply in the retail quota with a minimum of 1 lot comprising 1000 shares (approx. ₹1,26,000 minimum investment). High net-worth individuals (HNI/NII) can bid in the sHNI (₹2 Lakh to ₹10 Lakh) or bHNI (above ₹10 Lakh) categories for enhanced quota allocation.

Basis of Allotment & Listing Timeline:

Allotment reconciliation will be managed by Bigshare Services Private Limited. Eligible allottees will receive credit of equity shares into their Demat accounts by 2025-12-31, while un-allotted funds or UPI block mandates will be released on 2025-12-30.

Frequently Asked Questions

What is Dhara Rail Projects Limited IPO GMP today?

The latest grey market premium for Dhara Rail Projects Limited IPO is ₹10, which indicates an expected listing price of ₹136.

What does Kostak Rate and Sauda mean in IPO GMP?

Kostak rate is the profit amount an investor earns by selling their entire IPO application in the grey market before allotment is finalized.

Is Grey Market Premium officially recognized?

No. GMP is an unofficial indicator discovered between dealers outside of SEBI-regulated exchanges. Actual listing price is determined by demand-supply discovery on NSE/BSE during the pre-open auction.