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Subscription Status · Dec 23 – Dec 26, 2025 · ₹120–126
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.
Last updated: Dec 26, 2025, 7:06 PM IST
| 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 | 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 |
| 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 |
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 IPORise 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.
New to reading subscription numbers? Read our guide on IPO subscription explained.
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.
