Dhara Rail Projects IPO Receives Exceptional Response, Subscribed 111.89x on Day 3

Dhara Rail Projects Limited's initial public offering (IPO) has demonstrated exceptional investor interest through its third day of subscription. The stock price band is set at ₹120-126 per share. The ₹50.20 crore IPO reached 111.89 times by 4:59:59 PM on day three. 

Dhara Rail Projects IPO subscription reached exceptional 111.89 times on day three. It was led by Non-Institutional Investors (199.40x), Individual Investors (97.60x), and Qualified Institutional Buyers Ex-Anchor (71.30x). Total applications reached 83,079.

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Subscription Status of Dhara Rail Projects IPO:

Here are the subscription details for Dhara Rail Projects IPO as of Day 3 (December 26, 2025, 4:59:59 PM):

Key Highlights - Day 3:

• Overall subscription reached exceptional 111.89 times, showing extraordinary improvement from day two's 5.02 times
• Non-institutional investors displaying exceptional interest at 199.40 times, building dramatically from day two's 7.21 times, indicating very strong HNI demand for this railway projects company
• Individual investors showing exceptional confidence at 97.60 times, building substantially from day two's 4.35 times, indicating very strong retail demand for this SME IPO
• Qualified institutional buyers (ex-anchor) displaying exceptional performance at 71.30 times, building dramatically from day two's 4.55 times, indicating very strong institutional appetite
• Cumulative bid amount reached ₹3,731.93 crores, significantly exceeding the net offer size of ₹47.63 crores by over 78 times

Dhara Rail Projects IPO - Day 2 Subscription at 5.02 Times

Key Highlights - Day 2:

• Overall subscription reached strong 5.02 times, showing substantial improvement from day one's 2.54 times
• Non-institutional investors displaying strong performance at 7.21 times, building substantially from day one's 2.35 times
• Qualified institutional buyers showing strong performance at 4.55 times, unchanged from day one's 4.55 times
• Individual investors displaying strong confidence at 4.35 times, building substantially from day one's 1.48 times

Dhara Rail Projects IPO - Day 1 Subscription at 2.54 Times

Key Highlights - Day 1:

• Overall subscription reached moderate 2.54 times, showing healthy initial investor interest
• Qualified institutional buyers displaying strong performance at 4.55 times, indicating strong institutional interest
• Non-institutional investors showing moderate performance at 2.35 times, indicating measured HNI appetite
• Individual investors displaying moderate confidence at 1.48 times, indicating measured retail sentiment

About Dhara Rail Projects Limited

Incorporated in 2010, Dhara Rail Projects Limited is an ISO 9001:2015 certified company, providing various services like annual maintenance contracts and repair services for railway rolling stock systems. Key services include AMC and repairs of train lighting systems across all types of trains, including Vande Bharat, AMC and repairs for overhead equipment (OHE) maintenance vehicles (tower wagons), AMC and repairs of power car equipment and HVAC systems in trains, supply, installation, testing, and commissioning (SITC) of electrical equipment for all types of rolling stock, and outsourced services for coach operations and troubleshooting.