- Bain Capital-backed auto-component major fixes IPO band at ₹829-871; subscription opens on Monday, August 10
- ₹1,400 crore fresh capital earmarked for debt reduction, new plants and strategic expansion
- EVs, electronics and global scale drive Dhoot’s next growth chapter as FY25 revenue hits ₹3,472 crore
- Anchor Investor Bidding Date – Friday, August 07, 2026
- Investors can bid for a minimum of 17 shares and in multiples thereof
R MANICKAVASAGAM
AHMEDABAD, AUG 5
Can a company be built around the humble wiring harness become a serious play on India’s accelerating automotive-electronics and EV transition? Dhoot Transmission Ltd is asking investors to consider precisely that proposition as the Bain Capital-backed auto-component maker shifts into IPO overdrive with a ₹3,067-crore public issue and a strategy increasingly extending beyond conventional wiring into electronics, EV systems and advanced mobility technologies.
Dhoot Transmission has fixed the price band for its IPO at ₹829-871 per equity share, with the issue opening for public subscription on August 10 and closing on August 12. The anchor-investor portion will open on August 7, while the shares are expected to list on August 17.
At the upper end of the band, Dhoot Transmission is expected to command a post-issue market capitalisation of about ₹17,816 crore, placing the IPO among the more closely watched mainboard offerings in the current primary-market pipeline.
The issue comprises a fresh issue of equity shares aggregating up to ₹1,400 crore and an Offer for Sale (OFS) of up to 1.91 crore shares by BC Asia Investments XV Ltd, an entity of private equity major Bain Capital, and Mangalam Capital Private Ltd.
₹1,400 cr fresh capital: Debt out, capacity up
The fresh issue is designed to simultaneously strengthen Dhoot Transmission’s balance sheet and fund its next phase of capacity expansion.
A substantial portion of the proceeds will go towards repayment or prepayment of outstanding borrowings, while funds will also be invested in subsidiaries for debt repayment. The company plans to establish new wiring-harness manufacturing plants at Jhajjar in Haryana and Hosur in Tamil Nadu, besides allocating capital for inorganic acquisitions and other strategic initiatives. The UDRHP had earmarked ₹150 crore for the two new manufacturing facilities.
The IPO comes as Dhoot simultaneously seeks to deepen its presence in higher-value automotive electronics. In April, the company acquired Bengaluru-based MULTILINK, an electrical and electronics products maker serving two- and three-wheeler OEMs, in a move aligned with rising electrification, premiumisation and electronic content in vehicles.
“MULTILINK is a strategic fit for Dhoot, given the complementary product portfolio and longstanding customer relationships,” said Rahul Dhoot, Managing Director, Dhoot Transmission.
“This acquisition strengthens our position in the fast-evolving two and three-wheeler segments, where electrification and increasing electronic content are driving structural growth.”
The company has also entered the advanced-mobility space through a partnership with Israel-based RideVision for Advanced Driver Assistance Systems (ADAS), signalling an ambition to expand from components into next-generation automotive electronics and intelligent mobility technologies.
From wires to EVs: Dhoot’s bigger bet
Founded in 1999 by Rahul Dhoot, the company has evolved from a wiring-harness manufacturer into an electrical and electronics platform supplying products including wiring harnesses, electronic sensors and controllers, automotive switches, power cords, cables, connectors and terminals.
Its products serve two-wheelers, three-wheelers, commercial vehicles, off-road vehicles, earth movers, farm equipment, medical devices and domestic appliances, giving it exposure well beyond a single vehicle category.
The company has manufacturing operations spanning India, the UK, Slovakia, Thailand, Japan and South Korea, while its customer base includes major OEMs such as Bajaj Auto, TVS Motor Company, Honda Motorcycle & Scooter India and Royal Enfield.
The company’s positioning in the two-wheeler and three-wheeler wiring-harness segment is particularly strong. Its UDRHP says Dhoot was among the top two players in India’s 2W and 3W wiring-harness market, with a 44.64% market share by value in FY25.
The strategic direction is increasingly clear: capture more value as vehicles become more electronic.
For Bain Capital, the focus is equally on scaling the platform and broadening its electronics capabilities. Bain Capital Partner Saahil Bhatia said the MULTILINK acquisition was part of a strategy to build a “scaled and future-ready platform in the automotive components space”, with integration expected to unlock synergies through procurement, manufacturing and supply-chain optimisation.
Revenue rises, profits strengthen
Dhoot Transmission’s financial trajectory provides the IPO’s fundamental backdrop.
The company reported ₹3,472.24 crore revenue and ₹353.89 crore net profit in FY25, compared with ₹2,799.32 crore revenue and ₹298.75 crore profit in FY24.
For the nine months ended December 31, 2025, revenue stood at ₹3,279.24 crore, while profit after tax reached ₹301.46 crore.
As of December 31, 2025, the company’s net worth stood at ₹1,277.21 crore, against total borrowings of ₹822.49 crore.
That balance-sheet profile explains why debt reduction features prominently in the IPO’s use of proceeds: the offering is not merely a liquidity event but also a means of creating additional financial headroom for expansion.
₹17,816-cr valuation puts investors on the spot
At the upper price band of ₹871, the post-issue market capitalisation is estimated at about ₹17,816 crore, while at ₹829 it would be around ₹17,025 crore.
The IPO has reserved 50% of the issue for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs) and 35% for retail investors. Equity shares worth up to ₹6 crore have been reserved for eligible employees, who will receive a ₹80-per-share discount.
Investors can bid for a minimum of 17 shares and in multiples thereof.
The Equity Shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited.
The book-running lead managers are Axis Capital, Jefferies India, Kotak Mahindra Capital, Nomura Financial Advisory, SBI Capital Markets and 360 ONE WAM, with KFin Technologies as registrar.
