The Indian primary market continues its robust momentum as Pune-based auto component major Dhoot Transmission files its UDRHP with the Securities and Exchange Board of India (SEBI). The company has a massive 44.64% market share in the Indian two-wheeler (2W) and three-wheeler (3W) wiring harness segment in FY25. Axis Capital, Jefferies India, Kotak Mahindra Capital, Nomura Financial Advisory, SBI Capital Markets, and 360 ONE WAM are the book-running lead managers in the Dhoot Transmission IPO. While Kfin Technologies is the registrar of the issue.

Dhoot Transmission IPO: Offer Structure & Details

Dhoot Transmission IPO is a mix of growth capital and promoter/investor liquidity, structured as follows:

• Fresh Issue: INR 1,400 crore
• Offer for Sale (OFS): Up to 1,63,10,733 Equity Shares (Face Value of INR 2 each)
• Pre-filing Route: The company previously filed preliminary papers via the confidential pre-filing route and received SEBI’s nod on 5 May 2026.
• Listing: Proposed on both BSE and NSE.

Read Also: List of Companies With SEBI IPO Approvals

Dhoot Transmission Public Issue: Selling Shareholders

Note: BC Asia XV (Bain Capital affiliate) currently holds a commanding 55.00% stake in the pre-offer equity share capital, while Managing Director Rahul Radhavallabh Dhoot holds 29.87%.

Shareholders Holding 1% or More (Pre-Offer)

Use of Dhoot Transmission IPO Funds

The company plans to deploy the funds to:

• Debt Repayment (Standalone): INR 493.99 crore to prepay/repay outstanding borrowings.
• Debt Repayment (Subsidiaries): INR 272.59 crore to be invested in subsidiaries (Dhoot Autocomponents, Dhoot Electricals Systems, Dhoot Automotive Systems, and Dhoot Transmission UK) for debt reduction.
• Capex for New Facilities: INR 150 crore earmarked for setting up two new wiring harness manufacturing plants in Jhajjar (Haryana) and Shoolagiri, Hosur (Tamil Nadu).
• Inorganic Growth: Remaining funds will target unidentified acquisitions and general corporate purposes.

Dhoot Transmission IPO: Business Overview

Founded in 1999, Dhoot Transmission has evolved from a single-product manufacturer into a diversified global player in automotive Electrical & Electronics (E&E) solutions. The company designs and supplies critical wiring harnesses, battery packs, sensors, electronic controllers, and switches.

What makes Dhoot’s operational KPIs stand out is its dominance in the electric vehicle space. The company holds a staggering >70% market share in the Indian electric 2W and 3W wiring harness segment (FY25). EV revenue contribution has surged from a mere 8.05% in FY23 to 25.22% in FY25, perfectly aligning with the broader industry shift in powertrain architectures.

The company operates a highly scalable network of 22 manufacturing facilities—spanning India, the UK, Slovakia, and Thailand—ensuring proximity to major OEM hubs. Their client roster includes the major automotive players such as: Bajaj Auto, TVS Motor Company, Honda Motorcycle and Scooter India, and Royal Enfield.

Customer concentration is notable but stable, with the top 5 customers accounting for 71.18% of the company’s INR 3,444.86 crore revenue in FY25. The average relationship with these top clients spans an impressive 13 years.

Dhoot Transmission IPO: Financial Highlights

Bottom Line: Dhoot Transmission’s top line grew by 62% between FY23 and FY25, while its profit after tax more than doubled. With its backwards-integrated manufacturing (producing terminals, connectors, and cables in-house) and an expanding kit value per vehicle driven by premiumization and safety automation, the company is well-positioned to capitalise on the next phase of India’s auto sector evolution.

Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.