Dhoot Transmission sets Rs 829-871 band for Rs 3,067 crore IPO

The Development

Dhoot Transmission Limited, a Pune-headquartered maker of automotive wiring harnesses, has set a price band of Rs 829 to Rs 871 per equity share for its initial public offering, which is scheduled to open for subscription on Monday, August 10, 2026 and to close on Wednesday, August 12, 2026. The anchor investor bidding date is Friday, August 7, 2026, per the red herring prospectus. At the upper end of the band the offer aggregates to about Rs 3,066.89 crore, placing it among the larger mainboard issues of the current window.

The company filed its red herring prospectus, dated August 3, 2026, with the Securities and Exchange Board of India, and the document is available on SEBI's website. The price band and issue dates were reported by The Economic Times on August 4. The equity shares are proposed to be listed on both BSE Limited and the National Stock Exchange, with the NSE as the designated stock exchange for the offer, per the RHP.

The issue combines a fresh issue of equity shares with an offer for sale by two selling shareholders, taking the IPO to the price-band-and-dates stage of the primary-market pipeline. Every figure below is drawn from the offer document and the announced terms.

The Company

Per the RHP, Dhoot Transmission describes itself as "one of India's leading electrical and electronics" companies, designing, engineering and manufacturing wiring harnesses that integrate sensors, controllers, switches, connectors and high-voltage interconnection systems. Its product lines span wiring harnesses, battery packs, sensors and electronic controllers, and automotive switches. The company discloses that wiring harnesses contributed 77.08% of revenue from operations in Fiscal 2026.

The company serves two-wheeler, three-wheeler, commercial-vehicle and off-highway markets as well as some non-automotive applications, and its customers include Bajaj Auto, TVS Motor Company, Honda Motorcycle and Scooter India and Royal Enfield, per the offer document. As of March 31, 2026 it operated 22 manufacturing facilities, 19 in India and three overseas in the United Kingdom, Slovakia and Thailand, the RHP states.

On financials, the company discloses restated revenue from operations of Rs 4,524.96 crore in Fiscal 2026, up from Rs 3,444.86 crore in Fiscal 2025 and Rs 2,797.73 crore in Fiscal 2024. Restated profit for the year was Rs 396.84 crore in Fiscal 2026, against Rs 353.89 crore and Rs 298.75 crore in the two preceding years, per the RHP. EBITDA stood at Rs 710.99 crore in Fiscal 2026. The company discloses that its promoters are Rahul Radhavallabh Dhoot and BC Asia Investments XV Limited, which the document states is part of the Bain Capital group.

The Offer Structure

The offer comprises a fresh issue of equity shares aggregating up to Rs 1,400 crore and an offer for sale of up to 19,137,602 equity shares of face value Rs 2 each, per the RHP. The selling shareholders are BC Asia Investments XV Limited, offering up to 16,018,769 shares as the promoter selling shareholder, and Mangalam Capital Private Limited, offering up to 3,118,833 shares as a promoter group selling shareholder. Proceeds from the offer-for-sale portion go to the selling shareholders, not to the company.

The price band is Rs 829 to Rs 871 per share, with a lot size of 17 shares, so a single retail lot at the upper band works out to Rs 14,807 as the minimum application amount. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior primary-market coverage is on the Oquilia news desk.

Per the objects of the offer set out in the RHP, the fresh-issue proceeds are earmarked for repayment or prepayment of borrowings (Rs 464.80 crore), investment in subsidiaries for their debt repayment (Rs 301.77 crore), and setting up new wiring-harness plants at Jhajjar in Haryana and Shoolagiri, Hosur in Tamil Nadu (Rs 150 crore), with the balance for inorganic growth and general corporate purposes. The book-running lead managers are Axis Capital, Jefferies India, Kotak Mahindra Capital, Nomura, SBI Capital Markets and 360 ONE WAM, and KFin Technologies is the registrar to the offer.

Risk Factors

The RHP lists a set of internal risk factors that the company was required to disclose. Among them, the company discloses heavy revenue concentration in two segments: the two-wheeler sector accounted for 65.47% and the three-wheeler sector 12.86% of revenue from operations in Fiscal 2026, largely through wiring-harness sales, so adverse changes in those sectors could affect results.

The RHP also lists customer concentration as a risk, noting that its 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, so reductions in their requirements could affect the business. Among the risk factors the company discloses, it further flags that the business is capital intensive, that certain facilities including at Hosur and Pithampur operate at high capacity utilisation, and that its auditors reported an "emphasis of matter" in the audit report for the year ended March 31, 2024. These are disclosures from the offer document itself, not an assessment by this desk.

What Happens Next

With the price band and dates now set, the standard mechanics run from the anchor investor bidding date of August 7, 2026, when anchor allocation is disclosed through an exchange circular, into the three-day public subscription window from August 10 to August 12. Category-wise bid data for qualified institutional buyers, non-institutional bidders and retail bidders is published on the NSE and BSE websites through the bidding period, with the UPI mandate end time at 5.00 p.m. on the closing date, per the RHP.

After the issue closes, the basis of allotment is finalised with the registrar, KFin Technologies, followed by refunds or the unblocking of application amounts for unsuccessful bids and the crediting of shares to successful applicants, ahead of listing on BSE and the NSE. Dates for allotment and listing will be stated in the exchange notices as the process proceeds.

FAQ

Should I apply for this IPO?

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 is the price band and lot size?

The price band is Rs 829 to Rs 871 per equity share of face value Rs 2, per the announced terms. The lot size is 17 shares, so one lot at the upper end of the band amounts to Rs 14,807, the minimum application value for a retail bid, with larger bids in multiples of 17 shares.

When does the issue open and close?

Per the RHP, anchor investor bidding is on August 7, 2026, the issue opens on August 10, 2026 and closes on August 12, 2026. The UPI mandate end time is 5.00 p.m. on the closing date.

What does the company do?

Per the offer document, Dhoot Transmission designs and manufactures automotive wiring harnesses and related electrical and electronic products, supplying customers including Bajaj Auto, TVS Motor Company, Honda Motorcycle and Scooter India and Royal Enfield.

Where can I read the RHP?

The red herring prospectus dated August 3, 2026 is available on SEBI's website and on the NSE and BSE portals. The abridged prospectus carries the salient terms, while the full document sets out the risk factors, objects of the offer and restated financials in detail.

This report is based on the red herring prospectus filed with SEBI and was surfaced via coverage in The Economic Times.