Dhoot Transmission announces its initial public offer, aiming to raise ₹3,067 crore, with a focus on expanding capacity and strengthening its foothold in India’s evolving EV wiring segment amidst a volatile auto market.
Dhoot Transmission is preparing to open its initial public offering on August 10, with the three-day sale due to close on August 12, in what could be one of the larger auto components listings in the market this year. The automotive wiring harness maker has set a price band of ₹829 to ₹871 a share and is targeting a total raise of about ₹3,067 crore, according to the company’s offer documents and market reports. The deal combines a fresh issue of ₹1,400 crore with an offer for sale of ₹1,667 crore.
The company plans to direct most of the proceeds from the new shares towards reducing debt, a move that should strengthen its balance sheet. It has also set aside money for expanding production capacity, with the rest earmarked for general corporate use and possible strategic acquisitions. According to updated draft papers reported by Mint and IPO tracking sites, Dhoot runs 22 manufacturing facilities, three engineering and design centres and seven warehouses across India and overseas markets.
Dhoot has built a strong position in wiring harnesses for two-wheelers and three-wheelers, a segment that matters as India’s electric vehicle market expands. Market research cited in the filings suggests wiring harnesses account for the bulk of revenue, while EV-linked sales have risen sharply over recent years, climbing from just over 8% in FY23 to around a quarter of revenue by FY25. The company says roughly 24% of current sales come from EV applications, underscoring its exposure to an area that typically needs more complex electrical systems than conventional vehicles.
At the top end of the price range, Dhoot would be valued at about ₹17,816 crore, implying a FY26 price-to-earnings multiple of roughly 43 times, according to the company’s offer terms. That places the listing squarely in comparison with peers such as Motherson Sumi Wiring and Minda Corporation, while also leaving investors to weigh the appeal of its EV exposure against the risks of a cyclical auto market, raw material cost swings and the challenge of scaling without pressuring margins. The shares are tentatively due to list on the BSE and NSE on August 17.
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