Bain Capital-backed Dhoot Transmission’s IPO drew overwhelming investor interest, raising ₹918 crore amid expectations of a premium listing, as the company’s plans to expand and repay debt take centre stage on Dalal Street.
Dhoot Transmission is set to arrive on Dalal Street on Monday, with its shares indicated to list at a premium in the unlisted market, although that signal can change quickly and often proves unreliable. The automotive wiring harness maker, backed by Bain Capital, drew strong demand for its initial public offering, which opened on 10 August and closed on 12 August, according to the company’s market materials and IPO trackers.
The issue was subscribed 74.21 times overall, with bids for 185.20 crore shares against 2.50 crore on offer. Qualified institutional buyers drove most of the interest, with their portion covered 212.92 times, while non-institutional investors subscribed 51.93 times and retail investors 8.12 times, according to the issue data. The company also raised ₹918.27 crore from 72 anchor investors, including a broad mix of domestic and global funds such as SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, BlackRock and the Abu Dhabi Investment Authority.
The IPO was priced in a band of ₹829 to ₹871 a share, valuing the company at ₹3,066.89 crore at the top end, according to the issue documents. LiveMint reported earlier that the float comprised a fresh issue worth ₹1,400 crore and an offer for sale of up to 16.3 million shares. The company plans to use much of the new money to repay borrowings, with additional funds earmarked for its subsidiaries, new manufacturing capacity in Haryana and Tamil Nadu, and possible acquisitions.
Bain Capital, which now owns about 55% of the company, is expected to stay invested for the longer term, with management suggesting any exit would likely unfold over five to seven years rather than through an immediate sale. The private equity firm recently put about ₹2,000 crore into Dhoot Transmission, after acquiring a 49% stake in early 2025 and helping consolidate promoter-held entities. Founded in 1999, the company makes wiring harnesses, sensors, switches, cords, cables and EV parts for a wide range of vehicles, and it operates plants in India, the UK, Slovakia, Thailand, Japan and South Korea.
Dhoot Transmission reported net profit of ₹396.8 crore for FY26, up 12.1% from a year earlier, while revenue rose 31.4% to ₹4,525 crore, according to company figures cited in IPO-tracking reports.
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