Bain Capital-backed Dhoot Transmission Limited has filed its Updated Draft Red Herring Prospectus - 1 (UDRHP - 1) with market regulator Securities and Exchange Board of India (Sebi) for its initial public offering (IPO).

The electrical & electronics companies’ proposed public offer will be a mix of fresh issue and an offer for sale (OFS). The fresh issue consists of equity shares of face value Rs 2 each, aggregating up to Rs 1,400 crore and the OFS comprises up to 1.63 equity shares.

The OFS includes equity shares being sold by the promoter and promoter group selling shareholders. BC Asia Investments XV Limited is offering up to 1,31,91,900 equity shares and Mangalam Capital Private Limited (formerly known as Mangalam Colise Private Limited) is offering 31,18,833 equity shares.

Dhoot Transmission IPO

The company proposes to use the net proceeds mainly for repayment/prepayment of certain outstanding borrowings of the company amounting to Rs 493.9 crore, and investment in subsidiaries including Dhoot Auto Components Private Limited, Dhoot Electricals Systems Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited for repayment/prepayment of their outstanding borrowings amounting to Rs 272.58 crore.

The proceeds will also be used to set up new wiring harness manufacturing plants at Jhajjar, in Haryana, and Hosur in Tamil Nadu, with Rs 150 crore allocated for this purpose.

Additionally, the company plans to use funds for unidentified acquisitions and general corporate purposes. The net proceeds are proposed to be deployed over FY27 and FY28.

About Dhoot Transmission

Founded in 1999, Dhoot Transmission is one of India’s leading electrical and electronics companies. The promoters of the company are BC Asia Investments XV Limited and Rahul Radhavallabh Dhoot.

BC Asia XV acquired a 49% stake in the Company in April 2025. The company designs, engineers, 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 UDRHP claimed company is 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 FY25. It is also a market leader in the electric two-wheeler and three-wheeler wiring harness segment, commanding over 70% market share in FY25, reflecting its strong positioning in both traditional and electric mobility platforms.

The company serves both automotive and non-automotive applications, with products designed to meet stringent OEM performance, safety and reliability standards.

As on December 31, 2025, the company had 22 operational manufacturing facilities, three engineering and design support centres and seven warehouses across India and key international locations, providing access to major automotive clusters in India and globally. They have four under construction plants in India.

The company’s marquee clients include Bajaj Auto, TVS Motor Company, Honda Motorcycle and Scooter India Private, Customer 4, and Royal Enfield, a unit of Eicher Motors.

Dhoot Transmission financials

During the nine months ended December 31, 2025 and fiscals 2025, 2024 and 2023, the company had 477, 466, 436 and 453 customers, respectively

The company has demonstrated strong FY23–FY25 growth momentum, with revenue from operations rising 62% from Rs 2,125.86 crore in FY23 to Rs 3,444.86 crore in FY25, while PAT more than doubled from Rs 163.91 crore to Rs 353.89 crore. EBITDA also strengthened from Rs 298.68 crore in FY23 to Rs 590.96 crore in FY25, with EBITDA margin improving from 14.05% to 17.15%, while PAT margin expanded from 7.69% to 10.19% for the same period.

Wiring harnesses remain the core revenue driver, contributing Rs 2,687 crore, or 78% of FY25 revenue, and Rs 2,505.42 crore, or 77.15%, for the nine months ended December 31, 2025.

IPO lead managers

Axis Capital Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited and 360 ONE WAM Limited are the bankers to the issue.

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