Dhoot Transmission lists at Rs 1,200 on NSE against Rs 871 issue price

The Development

Dhoot Transmission Limited listed on the stock exchanges on Monday, 17 August 2026, with the equity shares opening at Rs 1,200 on the National Stock Exchange against an issue price of Rs 871, a premium of 37.77%, per NSE data. The debut followed a Rs 3,067 crore initial public offering that closed on 12 August 2026 and was subscribed 74.21 times overall, with the qualified institutional buyer category subscribed 212.92 times, per exchange figures. The listing was surfaced through coverage by Mint.

The offer was the one set out in the red herring prospectus dated 3 August 2026, filed with SEBI and available on the regulator's website. Per the RHP, the offer combined a fresh issue of up to Rs 1,400 crore with an offer for sale of up to 1,91,37,602 equity shares of face value Rs 2 each. The equity shares are listed on both the BSE and the NSE, with the NSE as the designated stock exchange for the offer.

This report covers the listing outcome and the terms of the offer as recorded in the official documents and exchange data. It does not assess the merits of the issue.

The Company

Per the RHP, Dhoot Transmission describes itself, citing a CRISIL report, as "one of India's leading electrical and electronics" companies. The company designs, engineers and manufactures wiring harnesses that integrate sensors, controllers, switches, connectors and high-voltage interconnection systems, alongside battery packs, sensors and electronic controllers, and automotive switches. Wiring harnesses contributed 77.08% of revenue from operations in Fiscal 2026, the company discloses. Its customers include Bajaj Auto, TVS Motor Company, Honda Motorcycle and Scooter India and Royal Enfield.

The company discloses that, as of 31 March 2026, it operated 22 manufacturing facilities, comprising 19 in India and three overseas in the United Kingdom, Slovakia and Thailand. Per the RHP, total income rose to Rs 4,563.70 crore in the financial year ended 31 March 2026 from Rs 3,472.24 crore in FY2025 and Rs 2,799.32 crore in FY2024. Restated profit for the year was Rs 396.84 crore in Fiscal 2026, against Rs 353.89 crore in Fiscal 2025 and Rs 298.75 crore in Fiscal 2024, per the restated consolidated financial information, with EBITDA of Rs 710.99 crore and an EBITDA margin of 15.71% in Fiscal 2026. The promoters are Rahul Radhavallabh Dhoot and BC Asia Investments XV Limited, part of the Bain Capital group, per the RHP.

The Offer Structure

Per the RHP, the offer comprised a fresh issue of equity shares aggregating up to Rs 1,400 crore and an offer for sale of up to 1,91,37,602 equity shares. The selling shareholders were BC Asia Investments XV Limited, the promoter selling shareholder, offering up to 1,60,18,769 shares, and Mangalam Capital Private Limited, a promoter group selling shareholder, offering up to 31,18,833 shares. The company does not receive the proceeds of the offer for sale. At the issue price of Rs 871, the total offer size was about Rs 3,067 crore, per exchange data.

The stated objects of the fresh issue, per the RHP, are the repayment or prepayment of borrowings of Rs 464.80 crore; investment of Rs 301.77 crore in subsidiaries Dhoot Autocomponents, Dhoot Automotive Systems and Dhoot Transmission UK for their debt repayment; Rs 150 crore towards setting up new wiring harness plants at Jhajjar in Haryana and Shoolagiri, Hosur in Tamil Nadu; and funding for inorganic growth and general corporate purposes. The book-running lead managers were Axis Capital, Jefferies India, Kotak Mahindra Capital, Nomura, SBI Capital Markets and 360 ONE WAM, with KFin Technologies as the registrar. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator; prior coverage sits on the Oquilia news desk.

Risk Factors

The RHP sets out the risks the company is required to disclose. Among the top internal risk factors, the company discloses heavy dependence on the two-wheeler and three-wheeler automotive sectors in India, which contributed 65.47% and 12.86% of revenue from operations respectively in Fiscal 2026, and on wiring harnesses, which made up 77.08% of revenue. The RHP lists customer concentration as a risk, noting that the top ten customers contributed 80.93% of revenue from operations in Fiscal 2026, and that the company does not have firm, long-term volume commitments with its OEM customers.

The offer document also flags that the business is capital intensive, with substantial capital expenditure and working capital requirements that may need additional financing. Among the risk factors the company discloses, its statutory auditors and previous statutory auditor reported an emphasis of matter in the audit report for the financial year ended 31 March 2024, and certain facilities, including at Hosur in Tamil Nadu and Pithampur in Madhya Pradesh, currently operate at high capacity utilisation.

What Happens Next

With listing completed, the primary-issue process for Dhoot Transmission is effectively closed. Per the RHP timetable, anchor investors were allotted shares on 7 August 2026, the three-day subscription window ran from 10 to 12 August 2026, the basis of allotment was finalised by the registrar, KFin Technologies, and application money was unblocked or refunded before the shares were credited to demat accounts ahead of the 17 August listing.

From here, the shares trade on the secondary market on the BSE and the NSE, and the company moves to the ordinary disclosure obligations of a listed entity, including quarterly results and other filings with the exchanges. The debut price of Rs 1,200 against the Rs 871 issue price is an exchange fact as of the listing day; subsequent price movements will be recorded in the exchange data.

FAQ

Should I apply for this IPO?

The Dhoot Transmission issue has already closed and listed, so no application window remains. More generally, Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges; read it directly before making any decision.

What was the issue price and listing price?

Per NSE data, the equity shares were issued at Rs 871 and opened at Rs 1,200 on the NSE on 17 August 2026, a premium of 37.77% over the issue price. The face value of each equity share is Rs 2, per the RHP.

How large was the IPO and how was it structured?

Per the RHP, the offer combined a fresh issue of up to Rs 1,400 crore with an offer for sale of up to 1,91,37,602 shares by BC Asia Investments XV and Mangalam Capital. At the issue price of Rs 871, the total offer was about Rs 3,067 crore, per exchange data.

How subscribed was the issue?

Per exchange figures, the issue was subscribed 74.21 times overall at close, with the qualified institutional buyer category subscribed 212.92 times. Category-wise multiples are recorded in the exchange bid data.

Where can I read the RHP?

The red herring prospectus dated 3 August 2026 is available on the SEBI website and on the BSE and NSE websites, as well as on the company's and the lead managers' websites, per the abridged prospectus.

This report is based on the red herring prospectus filed with SEBI and exchange data from the NSE. It was surfaced via coverage in Mint.