Dhoot Transmission Ltd has officially set its price band at ₹829-871 per equity share for its initial public offering, with subscription opening on August 10, 2025. The anchor investor portion will open on August 7, while the public issue will close on August 12. At the upper end of the price band, the IPO is expected to raise ₹3,067 crore. The company has set a minimum bid lot of 17 shares and multiples thereof. The basis of allotment is expected to be finalized on August 13, with shares scheduled to debut on stock exchanges on August 17. The company will command a post-issue market capitalisation of ₹17,816 crore at the upper price band, while the valuation at the lower end will be around ₹17,025 crore.
The IPO comprises a fresh issue of equity shares worth ₹1,400 crore and an offer for sale (OFS) of around 1.91 crore shares by existing shareholders, including Bain Capital. Bain Capital currently owns around 55% of the company, while the remaining stake is held by the Dhoot family. The OFS will see Bain Capital sell up to 1.6 crore shares worth ₹1,395.2 crore and Mangalam Capital Pvt Ltd offload another 31.18 lakh shares worth ₹271.65 crore. At the upper end of the price band, Dhoot Transmission is expected to command a market capitalisation of ₹17,816.14 crore upon listing. Of the total issue size, 50% has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors. The promoters collectively held a 99.62% stake in the company as per the updated DRHP, with Rahul Radhavallabh Dhoot holding 29.87%.
Founded by Rahul Dhoot in 1999 and headquartered in Aurangabad, Maharashtra, Dhoot Transmission manufactures products such as wiring harnesses, electronic sensors and controllers, automotive switches, power cords, cables, connectors and terminals. Its offerings cater to two-wheelers, three-wheelers, commercial vehicles, off-road vehicles, earth movers, farm equipment, medical devices and domestic appliances across both internal combustion engine (ICE) and electric vehicle (EV) segments. The company operates manufacturing facilities across India, the UK, Slovakia, Thailand, Japan and South Korea. A July 2025 Crisil report described Dhoot Transmission as 'one of the largest players in the wire harness segment,' supplying manufacturers including Bajaj Auto Ltd, TVS Motor Co., Honda Motorcycle & Scooter India Pvt. Ltd and Royal Enfield. The report showed revenue increased to ₹2,653 crore in fiscal 2024 from ₹1,550 crore in fiscal 2022, with the company deriving 15-20% of revenue from overseas operations. The company competes with listed peers such as Minda Corporation, UNO Minda, Motherson Sumi Wiring India, and Sona BLW Precision Forgings.
Dhoot Transmission has reserved ₹6 crore worth of IPO shares for its employees, who will receive them at a discount of ₹80 per share to the final offer price. Investors can bid for a minimum of 17 equity shares and in multiples of 17 thereafter. The minimum investment for retail investors is ₹14,807, while the maximum investment is ₹1,92,491. The company intends to utilise ₹766.5 crore from the net fresh issue proceeds for debt repayment, ₹150 crore to set up new wiring harness manufacturing plants in Jhajjar, Haryana, and Hosur, Tamil Nadu, and the remaining funds for inorganic growth through acquisitions and general corporate purposes. Axis Capital, Jefferies India, Kotak Mahindra Capital, Nomura Financial Advisory, SBI Capital Markets and 360 ONE WAM are the book-running lead managers to the issue, while KFin Technologies is the registrar.
Dhoot Transmission's listing plans come as India's auto components sector grows more confident about tapping public markets, with companies including ASK Automotive and Motherson Sumi Wiring India having listed in recent years. In April, the company acquired Multilink Pvt. Ltd, which manufactures electronics and electrical products for India's two- and three-wheeler industry. The listing joins a growing pipeline of auto ancillary and private equity-backed companies looking to tap India's buoyant primary markets, reflecting rising investor interest in automotive suppliers.
