Dhoot Transmission Limited, an automotive electrical and electronics manufacturer backed by Bain Capital, has filed its Updated Draft Red Herring Prospectus (UDRHP-I) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), as the company looks to strengthen its position in India’s rapidly expanding electric vehicle ecosystem.
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹1,400 crore along with an offer for sale (OFS) of up to 1,63,10,733 equity shares.
The OFS includes stake sales by promoter group entities, with BC Asia Investments XV Limited offering up to 1,31,91,900 shares and Mangalam Capital Private Limited offering 31,18,833 shares.
Founded in 1999, Dhoot Transmission has emerged as one of India’s major players in automotive wiring harnesses and electrical systems.
The company is currently among the top two firms in India’s two-wheeler and three-wheeler wiring harness market, commanding a 44.64% market share by value in FY25. More significantly, it holds over 70% market share in the electric two-wheeler and three-wheeler wiring harness segment, underlining its growing relevance in the country’s EV supply chain.
The company’s product portfolio includes integrated wiring harnesses, high-voltage interconnection systems, automotive cables, connectors, switches, sensors, controllers, battery packs, USB chargers, and IoT-enabled production monitoring solutions.
Dhoot Transmission said nearly 95% of its portfolio is either EV-focused or powertrain-neutral, enabling it to cater to both internal combustion engine (ICE) and electric vehicle platforms.
The IPO proceeds will primarily be used for debt repayment and expansion plans. Around ₹493.9 crore will go towards repayment or prepayment of outstanding 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 debt servicing.
The company also plans to establish new wiring harness manufacturing facilities at Sector 11 in Jhajjar, Haryana, and Shoolagiri in Hosur, Tamil Nadu, with ₹150 crore earmarked for these projects.
Additional funds will be allocated for potential acquisitions and general corporate purposes, with deployment planned across FY27 and FY28.
Dhoot Transmission currently operates 22 manufacturing facilities, three engineering and design centres, and seven warehouses across India and international markets.
The company also has four manufacturing plants under construction in India, reflecting its aggressive capacity expansion strategy amid rising EV demand.
Its customer base includes leading automobile manufacturers such as Bajaj Auto Limited, TVS Motor Company Limited, Honda Motorcycle and Scooter India Private Limited and Eicher Motors Limited.
The company has also reported strong financial growth over the past three fiscal years. Revenue from operations rose 62% from ₹2,125.86 crore in FY23 to ₹3,444.86 crore in FY25.
Profit after tax more than doubled to ₹353.89 crore in FY25 from ₹163.91 crore in FY23, while EBITDA increased from ₹298.68 crore to ₹590.96 crore during the same period.
EV-linked business has become an increasingly important growth driver for the company. Revenue contribution from EV segments climbed from 8.05% in FY23 to 25.2% in FY25, highlighting the accelerating electrification trend in India’s mobility sector.
Industry estimates cited in the filing indicate EV penetration in India’s two-wheeler segment could rise from 6.4% in FY26 to 20–25% by FY31.
In the three-wheeler segment, electrification is projected to increase from 23.4% in FY25 to 45–55% by FY31, positioning component manufacturers like Dhoot Transmission to benefit from the transition.
The IPO is being managed by 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.