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 current subscription status of Dhara Rail Projects Limited IPO?

Dhara Rail Projects Limited IPO has received a total subscription of 112.01 times overall.

IPO GreyPremiumLIVE

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 Subscription Status Allotment Status Filing Documents

Overall Subscription

112.01x

Total Demand

QIB Multiplier

71.30x

Institutions & Funds

NII / HNI

199.78x

High Net-Worth

Retail (RII)

97.66x

Individual Bidders

Category-Wise Subscription Breakup

Live bidding breakdown by institutional, non-institutional, and retail investors

Total 112.01x

Category	Shares Offered	Shares Applied / Bid	Times Subscribed
QIB	756,000	53,906,000	71.30x
NIB	567,000	113,277,000	199.78x
HNIs(10L +)	378,000	90,045,000	238.21x
HNIs (2-10L)	189,000	23,232,000	122.92x
RETAIL	1,324,000	129,300,000	97.66x
Total	3,214,000	409,760,000	112.01x

Application-Wise Breakup

Total unique applications received across retail and HNI tranches

Apps 119.30x

Category	Applications Reserved	Applications Received	Times Subscribed
QIB	—	71	0.00x
NIB	—	18,403	0.00x
RETAIL	662	64,650	97.66x
HNIs(10L +)	126	10,917	86.64x
HNIs (2-10L)	63	7,486	118.83x
Total Applications	851	101,527	119.30x

Day-Wise Subscription Progress

Track continuous institutional and retail bidding order books for all active issues on the ipo live subscription feed.

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.

Bidding & Quota Instructions:

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.

Allotment Reconciliation Schedule:

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 (GMP) for Dhara Rail Projects Limited IPO is ₹10 per equity share. Based on the upper price band of ₹120 to ₹126 per equity share, the estimated listing price is ₹136 (+7.9% expected listing 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, the expected profit per application lot is approx ₹10,000 (+7.9% gain). Minimum application cost is approx ₹1,26,000.

What is the issue size and price band for Dhara Rail Projects Limited IPO?

The Dhara Rail Projects Limited IPO aggregate issue size is ₹50.2 Crores with an equity price band set at ₹120 to ₹126 per equity share. The retail lot size is 1000 shares requiring a minimum capital outlay of approx. ₹1,26,000.

How can I check Dhara Rail Projects Limited IPO live subscription demand?

Live subscription figures are compiled real-time from the NSE and BSE bidding engines. Currently, overall subscription is 112.01x (Retail: 97.66x, QIB: 71.30x, NII: 199.78x). You can track live multiples directly on our dedicated subscription page.

Where and when will Dhara Rail Projects Limited IPO allotment status be published?

The basis of allotment will be published on the official registrar portal (Bigshare Services Private Limited) and the BSE status verification website on or around 2025-12-29. Investors can verify status using PAN card or application number.

When is the listing date for Dhara Rail Projects Limited IPO?

Dhara Rail Projects Limited shares are scheduled to list on NSE on 2025-12-31.