Dhoot Transmission IPO To Open On 10 August; Price Band Fixed At ₹829-871

Dhoot Transmission, the automotive wiring harness and electrical distribution systems manufacturer backed by Bain Capital, will launch its initial public offering (IPO) worth ₹3,067 crore on 10 August, with the price band set at ₹829-871 per share.

The anchor investor book will open on 7 August, while the public issue will remain open for bidding until 12 August.

Fresh Issue and Offer for Sale Explained

The Dhoot Transmission IPO comprises a fresh issue of shares worth ₹1,400 crore, through which the company will raise new capital, alongside an offer for sale of around 1.9 crore shares by existing shareholders.

Under the offer for sale (OFS), Bain Capital-owned BC Asia Investments XV will divest shares worth approximately ₹1,395.2 crore, while Mangalam Capital will sell its entire holding worth around ₹271.65 crore, thereby exiting the company entirely. Proceeds from the OFS portion will go to the selling shareholders rather than the company itself.

Valuation and Shareholding Pattern

At the top end of the price band, Dhoot Transmission is expected to be valued at ₹17,816.14 crore. As per the updated draft red herring prospectus (DRHP), the promoters collectively held a 99.62% stake in the company. Bain Capital owned 55%, while Rahul Radhavallabh Dhoot held 29.87%.

Investors can apply for a minimum of 17 shares and in multiples thereafter, with the issue allocating 50% to qualified institutional buyers, 15% to non-institutional investors and the remaining 35% to retail investors.

Use of Proceeds and Business Overview

According to the company, a significant portion of the fresh issue proceeds, around ₹766.5 crore, will be used to repay existing debt, while ₹150 crore has been earmarked for setting up new manufacturing facilities in Haryana and Tamil Nadu. The remaining funds will support acquisitions and general corporate purposes.

Founded in 1999, Dhoot Transmission manufactures wiring harnesses, sensors, switches and electric vehicle (EV) components for a wide range of vehicles, with manufacturing operations spread across India, the UK, Slovakia, Thailand, Japan and South Korea. The company competes with listed players such as UNO Minda, Motherson Sumi Wiring India and Sona BLW Precision Forgings.

The allotment is expected to be finalised on 13 August, with the listing scheduled for 17 August. Axis Capital, Jefferies, Kotak Mahindra Capital, Nomura, SBI Capital Markets and 360 ONE WAM are managing the issue.

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