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Ajwa Projects IPO vs Dhara Rail Projects IPO

Comparison between Ajwa Projects IPO and Dhara Rail Projects IPO.

IPO Details

Ajwa Projects IPO is a SME Bookbuilding IPO proposed to list at BSE SME while Dhara Rail Projects IPO is a SME Bookbuilding proposed to list at NSE SME.

 Ajwa Projects IPODhara Rail Projects IPO
LogoAjwa Projects IPO LogoDhara Rail Projects IPO Logo
Issue CategorySMESME
Issue TypeIPOIPO
Process TypeFixed PriceBookbuilding
Listing AtBSE SMENSE SME
Lead ManagersWealth Mine Networks Pvt.Ltd.Hem Securities Ltd.
RegistrarKfin Technologies Ltd.Bigshare Services Pvt.Ltd.
Market MakerHem Finlease Pvt.Ltd.
DRHPDRHP DRHP
RHPRHP
Final ProspectusFinal Prospectus
Anchor InvestorAnchor Investor
IPO Allotment URLIPO Allotment URL

Issue Size and Price

The total issue size of Ajwa Projects IPO is up to ₹0.00 Cr whereas the issue size of the Dhara Rail Projects IPO is up to ₹47.63 Cr. The final issue price of Ajwa Projects IPO is and of Dhara Rail Projects IPO is ₹126.00 per share.

 Ajwa Projects IPODhara Rail Projects IPO
Face Value₹10 per share₹10 per share
Issue Price (Lower)₹120.00 per share
Issue Price (Upper)₹126.00 per share
Issue Price (Final)₹126.00 per share
Discount (Retail)
Discount (Employee)
Market Lot Size1000 shares
Fresh Issue Size15,00,000 shares37,80,000 shares
Fresh Issue Size (Amount)up to ₹0.00 Crup to ₹47.63 Cr
OFS Issue Size3,75,000 shares0 shares
OFS Issue Size (Amount)up to ₹0.00 Crup to ₹0.00 Cr
Issue Size Total18,75,000 shares37,80,000 shares
Issue Size Total (Amount)up to ₹0.00 Crup to ₹47.63 Cr

IPO Timetable

Ajwa Projects IPO opens on , while Dhara Rail Projects IPO opens on Dec 23, 2025. The closing date of Ajwa Projects IPO and Dhara Rail Projects IPO is , and Dec 26, 2025, respectively.

 Ajwa Projects IPODhara Rail Projects IPO
Anchor Bid DateDec 22, 2025
Issue OpenDec 23, 2025
Issue CloseDec 26, 2025
Basis Of Allotment (Tentative)Dec 29, 2025
Initiation of Refunds (Tentative)Dec 30, 2025
Credit of Share (Tentative)Dec 30, 2025
Listing date (Tentative)Dec 31, 2025
Anchor Lockin End date 1Jan 28, 2026
Anchor Lockin End date 2Mar 29, 2026

Financials & KPIs

Ajwa Projects IPO P/E ratio is , as compared to Dhara Rail Projects IPO P/E ratio of 21.43.

 Ajwa Projects IPODhara Rail Projects IPO
Financials

Company Financials (Restated)

Period Ended30 Jun 202531 Mar 202531 Mar 202431 Mar 2023
Assets26.6426.2925.6619.29
Total Income12.1536.8734.3828.80
Profit After Tax1.383.282.950.61
EBITDA2.166.345.511.81
NET Worth13.6712.298.905.95
Reserves and Surplus9.678.298.815.86
Total Borrowing7.977.9610.857.75
Amount in ₹ Crore

Company Financials (Restated Consolidated)

Period Ended30 Sep 202531 Mar 202531 Mar 202431 Mar 2023
Assets61.7346.2447.2933.98
Total Income28.8348.0034.2327.39
Profit After Tax7.066.532.971.06
EBITDA9.605.281.330.75
NET Worth19.9512.896.363.39
Reserves and Surplus8.8512.796.263.29
Total Borrowing21.2921.3328.1722.74
Amount in ₹ Crore
Promoter Shareholding (Pre-Issue)10098.33
Promoter Shareholding (Post-Issue)72.36
P/E Ratio21.43
Market Cap₹190.06 Cr.
ROE30.9967.85
ROCE49.0625.59
Debt/Equity0.651.66
EPS₹5.88
RoNW30.9950.66

Shares Offered

In the Ajwa Projects IPO Retail Individual Investors (RII) are offered 0 shares while in Dhara Rail Projects IPO retail investors are offered 0 shares. Qualified Institutional Buyers (QIB) are offered 0 shares in Ajwa Projects IPO and 7,56,000 shares in Dhara Rail Projects IPO.

 Ajwa Projects IPODhara Rail Projects IPO
Anchor Investor Reservation0 shares11,33,000 shares
Market Maker Reservation0 shares2,04,000 shares
QIB0 shares7,56,000 shares
NII0 shares5,67,000 shares
RII0 shares13,24,000 shares
Employee0 shares0 shares
Others
Total0 shares37,80,000 shares

Bids Received (Subscription)

Ajwa Projects IPO subscribed in total, whereas Dhara Rail Projects IPO subscribed 78.36x.

 Ajwa Projects IPODhara Rail Projects IPO
QIB (times)71.30x
NII (times)199.41x
Big NII (times)237.67x
Small NII (times)122.87x
RII (times)97.61x
Employee (times)
Other (times)
Total (times)78.36x

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Compare:

Ajwa Projects IPO Vs Dhara Rail Projects IPO