Bain Capital-Backed Dhoot Transmission Files Revised DRHP with Sebi for ₹1,400 Crore IPO

Dhoot Transmission Files Updated Draft Papers for ₹1,400 Crore IPO

Dhoot Transmission, an auto component manufacturer backed by private equity firm Bain Capital, has filed updated draft papers with the capital market regulator Sebi for its proposed initial public offering (IPO). The company had filed preliminary papers with the Securities and Exchange Board of India (Sebi) through the confidential route on February 6 and received the regulator's observation letter, considered as an approval to float its IPO, on May 10, 2026.

Details of the Public Offer

The proposed IPO comprises a fresh issue of equity shares worth ₹1,400 crore, along with an offer for sale (OFS) of up to 1.63 crore equity shares by promoter selling shareholders. Under the OFS component, US-based Bain Capital, through its affiliate BC Asia Investments XV Ltd, will offer up to 1.32 crore equity shares of face value ₹2 each, while Mangalam Capital Pvt Ltd (formerly known as Mangalam Colise Pvt Ltd) will sell 31.18 lakh shares of face value ₹2 each.

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The promoter, BC Asia XV, acquired a 49% stake in the company in April 2025, according to the draft papers. The company's shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Axis Capital Ltd, Jefferies India, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India) Pvt Ltd, SBI Capital Markets, and 360 ONE WAM are the book-running lead managers for the IPO.

Use of Proceeds

Out of the net proceeds from the fresh issue, ₹493.9 crore will be used by the firm to repay its debt, while ₹272.58 crore will be invested in subsidiaries, which include Dhoot Autocomponents, Dhoot Electricals Systems, Dhoot Automotive Systems, and Dhoot Transmission UK Ltd, for repayment of their borrowings. Additionally, the auto component maker plans to use funds worth ₹150 crore to set up new wiring harness manufacturing facilities in Jhajjar, Haryana, and Shoolagiri, Hosur, Tamil Nadu. The proceeds will also be used for inorganic growth through acquisitions and general corporate purposes.

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About the Company

Founded in 1999, Dhoot Transmission Ltd designs, manufactures, and supplies critical wiring harnesses that integrate electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems, and data cables, delivering application-specific architectures across platforms. The company claims to be among the top two players in India's two-wheeler and three-wheeler wiring harness market, with a 44.64% market share by value in financial year 2024-25. The company's clients include Bajaj Auto, TVS Motor Company, Honda Motorcycle and Scooter India, and Royal Enfield.

Financial Performance

On the financial front, Dhoot Transmission's revenue from operations rose 62% to ₹3,444.86 crore in FY25 from ₹2,125.86 crore in FY23, while profit after tax more than doubled from ₹163.91 crore to ₹353.89 crore.