Dhoot Transmission, an auto component manufacturer, has submitted updated draft documents to the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The proposed IPO consists of a fresh equity share issue valued at ₹1,400 crore alongside an offer for sale (OFS) of up to 1.63 crore equity shares by selling shareholders affiliated with the company, as detailed in the updated draft red herring prospectus (UDRHP) filed recently.
In the OFS, Bain Capital, via its affiliate BC Asia Investments XV Ltd, intends to sell approximately 1.32 crore equity shares, while Mangalam Capital Pvt Ltd, previously known as Mangalam Coils Pvt Ltd, will sell 31.18 lakh shares.
The company plans to allocate approximately ₹493.9 crore of the fresh equity proceeds for debt repayment, while ₹272.58 crore will be directed to its subsidiaries—Dhoot Autocomponents, Dhoot Electricals Systems, Dhoot Automotive Systems, and Dhoot Transmission UK Ltd—to help with their borrowing obligations. Additionally, Dhoot Transmission aims to invest ₹150 crore in establishing new wiring harness manufacturing facilities located in Jhajjar, Haryana, and Shoolagiri, Hosur, Tamil Nadu. The funds will also support strategic acquisitions and general corporate purposes.
Originally, Dhoot Transmission had filed preliminary documents through a confidential pre-filing process to raise $250 million (about ₹2,258 crore) via an IPO, securing SEBI’s approval earlier this month for its public offering.
Established in 1999, Dhoot Transmission specializes in designing, manufacturing, and supplying critical wiring harnesses that integrate electronic sensors, controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems, and data cables, offering tailored architectures across various platforms. The firm claims to hold a significant position as one of the top two players in India’s two-wheeler and three-wheeler wiring harness market, boasting a market share of 44.64 percent by value in FY25.
Dhoot Transmission’s clientele includes prominent industry names such as Bajaj Auto, TVS Motor Company, Honda Motorcycle and Scooter India, and Royal Enfield. Financially, the company’s revenue from operations surged by 62 percent, increasing from ₹2,125.86 crore in FY23 to ₹3,444.86 crore in FY25, while profit after tax also more than doubled from ₹163.91 crore to ₹353.89 crore.
The company’s shares are expected to be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The book-running lead managers for the IPO include Axis Capital Ltd, Jefferies India, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India) Pvt Ltd, SBI Capital Markets, and 360 ONE WAM.
Published on May 23, 2026.
