Dhara Rail Projects is set to list on the stock market on December 31, 2025, with the grey market indicating a positive debut. The company's 50.20 crore IPO, which saw overwhelming investor interest and was oversubscribed by 111.9 times, included a fresh issue of 4 million equity shares. Non-institutional investors showed the highest demand. Unlisted shares traded at a premium, suggesting a potential listing price around 140, though grey market premiums are unregulated.