Dhara Rail Projects shares debut at 19% premium on NSE Emerge

Dhara Rail Projects made a stronger-than-expected debut in the stock market, outperforming grey market estimates that had projected listing gains of around 13%.

The company’s shares were listed at a healthy premium on the NSE Emerge platform on Wednesday, following an overwhelming response to its SME IPO, which was subscribed nearly 112 times between December 23 and December 26.

Dhara Rail Projects shares debuted at ₹150 per share, marking a premium of 19.05% over the IPO price band of ₹120–₹126. The ₹50.20-crore public issue translated into a post-listing market capitalisation of approximately ₹218.72 crore.

Dhara Rail Projects operates in a niche segment, offering railway rolling stock services and electrical system solutions. Its portfolio includes annual maintenance contracts, repair and maintenance services, as well as the supply and commissioning of electrical equipment across various train categories.