Dhoot Transmission Limited, a leading Indian electrical and electronics solutions company backed by Bain Capital, has filed its Updated Draft Red Herring Prospectus (UDRHP-I) with the Securities and Exchange Board of India for an initial public offering aimed at raising ₹1,400 crore through a fresh issue of equity shares. The proposed public issue comprises a combination of a fresh issue and an offer for sale. The fresh issue consists of equity shares with a face value of ₹2 each aggregating up to ₹1,400 crore, while the offer for sale includes up to 1,63,10,733 equity shares by existing shareholders.
The offer for sale includes up to 1,31,91,900 equity shares by BC Asia Investments XV Limited and 31,18,833 equity shares by Mangalam Capital Private Limited, formerly known as Mangalam Colise Private Limited. The company plans to deploy the proceeds from the fresh issue toward debt reduction, expansion and strategic growth initiatives. Around ₹493.9 crore will be used for repayment or prepayment of certain borrowings, while ₹272.58 crore will be invested in subsidiaries including Dhoot Auto Components Private Limited, Dhoot Electrical Systems Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited for repayment of their debt obligations.
Dhoot Transmission also intends to establish new wiring harness manufacturing plants at Jhajjar in Haryana and Shoolagiri in Hosur, Tamil Nadu, with ₹150 crore earmarked for these projects. The balance funds will support acquisitions and general corporate requirements, with deployment planned across FY27 and FY28.
Founded in 1999, Dhoot Transmission has emerged as one of India’s leading manufacturers of electrical and electronic components catering to the automotive and industrial sectors. Bain Capital-backed BC Asia Investments XV Limited acquired a 49 percent stake in the company in April 2025.
The company specializes in designing and manufacturing advanced wiring harness systems integrating electronic sensors, connectors, switches, junction boxes, high-voltage interconnection systems and data cables for automotive platforms. Dhoot Transmission ranks among the top two players in India’s two-wheeler and three-wheeler wiring harness market, holding a 44.64 percent market share by value in FY25. The company also commands over 70 percent market share in the electric two-wheeler and three-wheeler wiring harness segment, underlining its strong presence in the fast-growing electric mobility ecosystem.
Its product portfolio includes battery packs, sensors, USB chargers, switches, control modules and power supply solutions designed for both internal combustion engine and electric vehicle platforms. Nearly 95 percent of its product range is either EV-focused or powertrain-neutral, reflecting the company’s alignment with the evolving automotive landscape.
As of December 31, 2025, Dhoot Transmission operated 22 manufacturing facilities, three engineering and design centers and seven warehouses across India and international markets, while four additional plants are currently under development. The company serves marquee customers including Bajaj Auto Limited, TVS Motor Company Limited, Honda Motorcycle and Scooter India Private Limited and Royal Enfield. Financially, the company reported strong growth between FY23 and FY25, with revenue rising from ₹2,125.86 crore to ₹3,444.86 crore and profit after tax increasing from ₹163.91 crore to ₹353.89 crore.
