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Subscription Status · Dec 23 – Dec 26, 2025 · ₹120–126
Dhara Rail Projects IPO subscribed 112.01 times — as of Dec 26, 2025
The Dhara Rail Projects IPO subscription has recorded exceptional investor demand with an overall subscription of 112.01× as of Dec 26, 2025, indicating that investors applied for 112.01 times the number of shares on offer. All investor categories — institutional, HNI, and retail — have participated actively, making this one of the closely watched IPO openings.
As of December 26, 2025
| Category | Shares Offered | Shares Bid For | Times Subscribed | Applications |
|---|---|---|---|---|
|
QIB
Qualified Institutional Buyers
|
756,000 | 53,906,000 |
71.30×
|
71 |
|
NII
Non-Institutional Investors
|
567,000 | 113,277,000 |
199.78×
|
18,403 |
|
bNII
Bids above ₹10L
|
378,000 | 23,232,000 |
61.46×
|
7,483 |
|
sNII
Bids below ₹10L
|
189,000 | 90,045,000 |
476.43×
|
10,917 |
|
Individual
Individual Investors
|
1,324,000 | 129,300,000 |
97.66×
|
64,650 |
|
Total
|
2,647,000 | 296,483,000 |
112.01×
|
101,524 |
How subscription built up across investor categories over time
Snapshot of each day's bidding activity
| Category | Offered | Bid For | Times | Applications |
|---|---|---|---|---|
| QIB | 756,000 | 53,906,000 | 71.30× | 71 |
| NII | 567,000 | 113,277,000 | 199.78× | 18,403 |
| bNII | 378,000 | 23,232,000 | 61.46× | 7,483 |
| sNII | 189,000 | 90,045,000 | 476.43× | 10,917 |
| Individual Investors | 1,324,000 | 129,300,000 | 97.66× | 64,650 |
| Total | 2,647,000 | 296,483,000 | 112.01× | 101,524 |
| Category | Offered | Bid For | Times | Applications |
|---|---|---|---|---|
| QIB | 1,889,000 | 3,441,000 | 1.82× | 2 |
| NII | — | 1,331,000 | — | 144 |
| bNII | — | 1,074,000 | — | 60 |
| sNII | — | 257,000 | — | 84 |
| Individual Investors | — | 1,920,000 | — | 960 |
| Total | 1,889,000 | 20,111,000 | 10.65× | 1,250 |
As of December 26, 2025, the Dhara Rail Projects IPO has been subscribed 112.01 times overall. The IPO is fully subscribed with strong investor demand indicating extremely high interest. A total of 101,524 applications received across all categories.
The Dhara Rail Projects IPO subscription window was open from December 23, 2025 to December 26, 2025. Investors could apply through their demat account or ASBA facility.
The Dhara Rail Projects IPO has a price band of ₹120 to ₹126 per share, with a lot size of 1,000 shares. Minimum retail investment: ₹120,000 (lower band) or ₹126,000 (upper band).
The QIB category has been subscribed 71.30 times. QIBs were offered 756,000 shares. Strong QIB subscription indicates high institutional confidence.
Overall NII: 199.78×. bNII (>₹10L): 61.46×, sNII (<₹10L): 476.43×. NII includes HNIs and corporate entities investing above ₹2 lakh.
Basis of allotment is on December 29, 2025. Check via the registrar's website — Bigshare Services Private Limited using your PAN number, application number, or DP/Client ID. You can also check on BSE/NSE websites or through your broker's app.
Dhara Rail Projects IPO is expected to list on December 31, 2025. Shares will list on NSE SME platform. Allotted shares are credited to your demat account 1 business day before listing.
A subscription multiple of 112.01× means investors have bid for 112.01 times the total shares available. Since the IPO is oversubscribed, not every applicant will receive shares — allotment happens via lottery (for retail) or proportionately (for other categories). Higher multiples generally reduce allotment probability.
Based on the current retail subscription of data pending, the estimated allotment probability for retail investors is Very Low. Only 1 lot likely via lottery if selected. If final subscription stays below 1×, all applicants are likely to get full allotment.
You can apply for Dhara Rail Projects IPO through: (1) ASBA (Application Supported by Blocked Amount) via your bank's net banking or mobile app, (2) UPI-based application through your broker's app (Zerodha, Groww, Angel One, etc.), or (3) directly via your demat account. The amount is blocked in your account and deducted only upon allotment. Applications were accepted from Dec 23 to Dec 26, 2025.
The grey market premium (GMP) reflects unofficial pre-listing trading sentiment. For the latest Dhara Rail Projects IPO GMP data, check the IPO Rise GMP page. Note: GMP is unofficial, speculative, and not a guaranteed indicator of listing price — use it only as a sentiment signal alongside official subscription data.
The Dhara Rail Projects IPO subscription tracks how many times each investor category has subscribed relative to their reserved quota. As of Dec 26, 2025, the overall subscription stands at 112.01× — Massively Oversubscribed.
QIBs include domestic mutual funds, FIIs/FPIs, banks, insurance companies, and SEBI-registered venture capital funds. They are allocated up to 50% of the net offer (75% for SME IPOs). For Dhara Rail Projects IPO, QIB subscription is at 71.30×. High QIB subscription signals strong institutional conviction and is considered a positive indicator for post-listing performance.
NIIs are high-net-worth individuals (HNIs) and corporate bodies applying for more than ₹2 lakh. SEBI further divides this into bNII (bids above ₹10 lakh) and sNII (bids between ₹2–10 lakh), each with a separate allotment bucket. For Dhara Rail Projects IPO: bNII at 61.46×, sNII at 476.43×. Very high NII subscription (>50×) often signals leveraged HNI bidding, suggesting a strong listing expectation.
Retail investors apply for up to ₹2 lakh. They are reserved 35% of the net offer (in most mainboard IPOs). If oversubscribed, allotment is via computerised lottery — each applicant (regardless of lot count) has an equal probability.
Price band: ₹120–₹126 per share. Lot size: 1,000 shares. Minimum retail investment at upper band: ₹126,000. Applications must be in multiples of 1,000 shares.
Stock exchanges (BSE/NSE) publish subscription data multiple times a day during the subscription window. The figures shown here represent the latest available snapshot. "Shares Offered" is the quota reserved for each category; "Shares Bid For" is the total demand received; "Times Subscribed" is the ratio of demand to supply.
Subscription Opens Done
Dec 23, 2025Subscription Closes Done
Dec 26, 2025Basis of Allotment Done
Dec 29, 2025Listing on NSE Done
Dec 31, 2025Only 1 lot likely via lottery if selected.
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Higher subscription = lower allotment probability. Progress bars compare each category relative to the highest-subscribed category.