Dhara Rail Projects SME IPO Subscription Status
Dhara Rail Projects SME IPO closed on 26 December 2025 with an overall subscription of 112.01x based on shares applied. QIB demand came in at 71.30x, NII at 199.78x, and retail at 97.66x.
Allotment will be finalised on 29 December 2025. The stock is scheduled to list on NSE and BSE on 31 December 2025.
Issue Price
Rs 126.00
GMP Today
Rs 17.00 (+13.49%)
Overall Subscription
112.01x
Issue Size
₹47.63 Cr
Allotment Date
29 Dec 2025
Listing Date
31 Dec 2025
Dhara Rail Projects SME IPO Subscription by Amount
Category-wise subscription based on amount applied at issue price Rs 126.00
| Category | Amount Offered | Amount Applied | Subscription |
|---|---|---|---|
| QIB | Rs 9.53 Cr | Rs 679.22 Cr | 71.30x |
| FII | - | Rs 122.13 Cr | - |
| DFI | - | Rs 71.35 Cr | - |
| Mutual Funds | - | - | - |
| Other | - | Rs 485.73 Cr | - |
| NII | Rs 7.14 Cr | Rs 1,427.29 Cr | 199.78x |
| bNII (above Rs 10L) | Rs 4.76 Cr | Rs 1,134.57 Cr | 238.21x |
| Corporate | - | Rs 31.55 Cr | - |
| Individual | - | Rs 1,084.52 Cr | - |
| Other | - | Rs 18.50 Cr | - |
| sNII (Rs 2L to Rs 10L) | Rs 2.38 Cr | Rs 292.72 Cr | 122.92x |
| Corporate | - | Rs 4.35 Cr | - |
| Individual | - | Rs 279.64 Cr | - |
| Other | - | Rs 8.73 Cr | - |
| IND | Rs 16.68 Cr | Rs 1,629.18 Cr | 97.66x |
| Total | Rs 33.35 Cr | Rs 3,735.69 Cr | 112.01x |
Dhara Rail Projects SME IPO Subscription by Applications
Category-wise subscription based on applications received
| Category | Applications Offered | Applications Received | Subscription |
|---|---|---|---|
| QIB | 756 | 71 | 0.09x |
| FII | - | 14 | - |
| DFI | - | 3 | - |
| Mutual Funds | - | - | - |
| Other | - | 54 | - |
| NII | 189 | 18,403 | 97.37x |
| bNII (above Rs 10L) | 126 | 10,917 | 86.64x |
| Corporate | - | 241 | - |
| Individual | - | 10,502 | - |
| Other | - | 174 | - |
| sNII (Rs 2L to Rs 10L) | 63 | 7,486 | 118.83x |
| Corporate | - | 111 | - |
| Individual | - | 7,156 | - |
| Other | - | 219 | - |
| IND | 662 | 64,650 | 97.66x |
| Total | 1,607 | 83,124 | 51.73x |
What Do These Subscription Numbers Mean?
A subscription of 112.01x by shares means the IPO received bids for 112 times the shares reserved. Allotment odds depend on application count in each category, not share volume.
Here is what each category number tells you:
QIB at 71.30x by shares: This is the strongest signal on the page. QIBs are institutional investors, mutual funds, foreign institutions, and banks. When they subscribe at 71.30x, it reflects serious institutional conviction.
NII at 97.37x by applications: NII includes high net worth individuals applying above Rs 2 lakh. Proportional allotment uses application subscription. bNII came in at 86.64x and sNII at 118.83x by applications. Share subscription was 199.78x. Allotment uses application count, not share volume.
At 97.66x subscription by applications, approximately 1 in 98 retail applicants can expect an allotment (~1% per application). Retail allotment is done by lottery when oversubscribed.
Dhara Rail Projects SME IPO Allotment Chances
Allotment odds below use application subscription (number of bids received), not share or amount subscribed.
Retail (IND)
- •Application subscription: 97.66x.
- •Allotment odds: about 1 in 98 (~1% chance per application).
- •Method: Lottery. If allotted, you receive at least one lot.
- •One application per PAN. Multiple eligible accounts in a household can improve overall family odds, not individual odds.
SHNI (Rs 2 lakh to Rs 10 lakh)
- •Application subscription: 118.83x.
- •Allotment odds: about 1 in 119 for a minimum-lot application (~1% of the applied lot on average).
- •Method: Proportional. Shares allotted are based on your bid size, not a lottery.
- •Share subscription was 122.92x. Allotment uses application count, not share volume.
BHNI (above Rs 10 lakh)
- •Application subscription: 86.64x.
- •Allotment odds: about 1 in 87 for a minimum-lot application (~1% of the applied lot on average).
- •Method: Proportional. Shares allotted are based on your bid size, not a lottery.
- •Share subscription was 238.21x. Allotment uses application count, not share volume.
Check the Dhara Rail Projects SME IPO Allotment Status page from 29 December 2025 for your allotment result.
Dhara Rail Projects SME IPO GMP After Subscription
GMP for Dhara Rail Projects SME stands at Rs 17.00 today, giving an estimated listing price of Rs 143.00 per share.
A subscription of 112.01x combined with a GMP of 13.49% is a strong combination heading into listing. QIB demand above 50x in particular tends to support listing sentiment, as institutional investors are seen as informed buyers.
Track live GMP on the Dhara Rail Projects SME IPO GMP Today page or the IPOwiz Live IPO GMP Tracker.
Dhara Rail Projects SME IPO Day-wise Subscription
| Day | QIB | NII | Retail | Overall |
|---|---|---|---|---|
| Day 1 - 23 Dec 2025 | 4.55x | 2.35x | 1.48x | 2.54x |
| Day 2 - 24 Dec 2025 | 4.55x | 7.21x | 4.35x | 5.02x |
| Day 3 - 26 Dec 2025 | 71.30x | 199.41x | 97.61x | 111.90x |
Dhara Rail Projects SME IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | 23 December 2025 |
| IPO Close Date | 26 December 2025 |
| Allotment Date | 29 December 2025 |
| Refund Initiation | 30 December 2025 |
| Share Credit to Demat | 30 December 2025 |
| Listing Date | 31 December 2025 |
| Minimum Investment | Rs 2,52,000.00 |
| Lot Size | 1000 shares |
About Dhara Rail Projects SME
No company information available
Understanding Subscription Categories
QIB - Qualified Institutional Buyers
Includes foreign institutional investors, domestic financial institutions, mutual funds, and other qualified institutions. QIB demand is considered the most reliable indicator of institutional confidence in an IPO.
NII - Non-Institutional Investors
High net worth individuals applying above Rs 2 lakh. Divided into bNII (above Rs 10 lakh) and sNII (Rs 2 lakh to Rs 10 lakh). NII allotment is proportional.
IND - Individual Investors
Investors applying up to Rs 2 lakh per PAN. Allotment is by lottery when oversubscribed. Minimum one lot per successful applicant.
Dhara Rail Projects SME IPO GMP Today
Live GMP, listing price estimate, and listing gain
Dhara Rail Projects SME IPO Allotment Status
Check allotment result on allotment date
Dhara Rail Projects SME IPO Details
Financials, peers, strengths, and review
All IPO Subscription Status
Subscription for all active IPOs
Dhara Rail Projects SME IPO Subscription FAQs
What is Dhara Rail Projects SME IPO subscription status today?
Dhara Rail Projects SME IPO subscription closed on 26 December 2025 with overall subscription of 112.01x (by shares) as of 27 June 2026, 2:01 AM IST. QIB 71.30x, NII 97.37x, IND 97.66x.
What is the overall subscription of Dhara Rail Projects SME IPO?
Dhara Rail Projects SME IPO is subscribed 112.01x overall by shares at close on 26 December 2025. QIB 71.30x, NII 97.37x, and IND 97.66x.
What is Dhara Rail Projects SME IPO QIB subscription?
Dhara Rail Projects SME IPO QIB (Qualified Institutional Buyers) subscription is 71.30x by shares. QIB includes mutual funds, FIIs, banks, and other institutions.
What is Dhara Rail Projects SME IPO IND subscription?
Dhara Rail Projects SME IPO IND subscription is 97.66x by applications. Minimum retail bid is up to Rs 2 lakh per PAN.
What is Dhara Rail Projects SME IPO NII subscription?
Dhara Rail Projects SME IPO NII (Non-Institutional Investors) subscription is 97.37x by applications. NII covers bids above Rs 2 lakh.
What are allotment chances in Dhara Rail Projects SME IPO for retail?
At 97.66x subscription by applications, approximately 1 in 98 retail applicants can expect an allotment (~1% per application). Allotment is done by lottery.
When is Dhara Rail Projects SME IPO allotment date?
Dhara Rail Projects SME IPO allotment date is 29 December 2025. Check Dhara Rail Projects SME IPO Allotment Status on IPOwiz from that day using your PAN.
When does Dhara Rail Projects SME IPO subscription close?
Dhara Rail Projects SME IPO subscription closed on 26 December 2025. No new applications are accepted after the close.
What is Dhara Rail Projects SME IPO GMP today?
Dhara Rail Projects SME IPO GMP is ₹17 today (+13.49% over issue price ₹126). See live GMP on the Dhara Rail Projects SME IPO GMP Today page.
What is Dhara Rail Projects SME IPO issue price and lot size?
Dhara Rail Projects SME IPO issue price is ₹126 per share. Lot size is 1000 shares. Minimum investment is ₹2,52,000 per lot (minimum 2 lots for SME). Issue size: ₹47.63 Cr.
When is Dhara Rail Projects SME IPO listing date?
Dhara Rail Projects SME IPO listing date is 31 December 2025 on NSE and BSE. Allotment is on 29 December 2025.
How does subscription affect Dhara Rail Projects SME IPO allotment?
Allotment odds in Dhara Rail Projects SME IPO depend on application subscription in each category, not share volume. Retail uses lottery when oversubscribed. NII proportional allotment at 97.37x by applications means roughly 1 in 97 for minimum-lot bids; bNII at 86.64x (~1 in 87). At 112.01x overall, competition is very high.
For allotment results from 29 December 2025, visit the Dhara Rail Projects SME IPO Allotment Status page. For listing day updates on 31 December 2025, download the IPOwiz App.
Reviewed by Dinesh Agrawal
15+ years in Indian capital markets and IPO research. Subscription data verified before publish.