Summary: Dhoot Transmission, a leading Indian wiring harness and electrical distribution systems maker, opens its IPO on August 10, 2026, at a price band of ₹829–₹871 per share. The ₹3,067 crore bookbuilding issue combines a ₹1,400 crore fresh issue with a ₹1,667 crore offer for sale, closes on August 12, and lists tentatively on August 17 on BSE and NSE.
Introduction
Founded in 1998, Dhoot Transmission counts itself among the top two players in India's two-wheeler and three-wheeler wiring harness segment, supplying both combustion engine and electric vehicle platforms. The company has posted steady growth through FY26 heading into this listing. Below is a full breakdown of the offer, the business itself, and what is worth weighing before the bidding window closes.
Dhoot Transmission IPO: Key highlights
| Detail | Information |
| Price band | ₹829 to ₹871 per share |
| Face value | ₹2 per share |
| Lot size | 17 shares |
| Minimum investment (retail) | ₹14,807 |
| Employee discount | ₹80 per share |
| Issue size | ₹3,067 crore |
| Fresh issue | ₹1,400 crore |
| Offer for sale | ₹1,667 crore |
| Listing at | BSE, NSE |
| Registrar | Kfin Technologies |
Dhoot Transmission IPO dates & timeline
| Event | Date |
| IPO opens | Monday, August 10, 2026 |
| IPO closes | Wednesday, August 12, 2026 |
| Basis of allotment | Thursday, August 13, 2026 |
| Refund initiation | Friday, August 14, 2026 |
| Credit of shares to demat | Friday, August 14, 2026 |
| Listing date | Monday, August 17, 2026 |
Three days of bidding, then a short runway into allotment and listing about a week later. That timeline is fairly typical for a mainboard issue this size.
Dhoot Transmission IPO price band, lot size & minimum investment
Shares carry a face value of ₹2 and are priced in the ₹829–₹871 band. Retail investors and eligible employees can bid at the cut-off price; small and big HNI categories cannot.
| Application | Lots | Shares | Amount |
| Retail (min) | 1 | 17 | ₹14,807 |
| Retail (max) | 13 | 221 | ₹1,92,491 |
| Small HNI (min) | 14 | 238 | ₹2,07,298 |
| Small HNI (max) | 67 | 1,139 | ₹9,92,069 |
| Big HNI (min) | 68 | 1,156 | ₹10,06,876 |
Employees applying under the ₹80 discount will see that reflected against the final allotment price once shares are credited.
Dhoot Transmission IPO issue size & offer structure
The total issue size comes to roughly 3.52 crore shares, aggregating up to ₹3,067 crore at the top of the price band.
| Component | Shares | Amount |
| Total issue size | 3,52,18,047 | ₹3,067 crore |
| Fresh issue | 1,60,80,445 | ₹1,400 crore |
| Offer for sale | 1,91,37,602 | ₹1,667 crore |
The OFS is split between two promoter entities: BC Asia Investments XV Ltd, offering shares worth close to ₹1,395 crore, and Mangalam Capital Pvt Ltd, contributing around ₹272 crore. The promoter holding stands at 100% pre-issue and will come down to roughly 82.77% once the public shares are allotted, with public shareholding settling at about 17.23%.
Objectives of the IPO
Only the fresh issue proceeds, ₹1,400 crore, actually flow into the company; the OFS amount goes to the two selling shareholders. Of the fresh issue, close to ₹465 crore is earmarked for repaying the company's own borrowings, with a further ₹302 crore set aside to help repay debt at four subsidiaries, including its UK arm. Another ₹150 crore is going toward a new wiring harness manufacturing plant split across Jhajjar in Haryana and Hosur in Tamil Nadu. The rest is kept open for potential acquisitions and general corporate purposes.
About Dhoot Transmission Limited
Incorporated in April 1998, Dhoot Transmission is one of India's established electrical and electronics companies, engaged in designing, engineering, manufacturing, and supplying wiring harnesses and electrical distribution systems for both automotive and non-automotive uses. Its product range runs from wiring harnesses and battery packs to sensors, electronic controllers, automotive switches, terminals, connectors, and power supply cords built to serve both internal combustion engine and electric vehicle platforms.
The company holds a position among the top two players in India's two-wheeler and three-wheeler wiring harness segment, a niche that has grown alongside the broader shift toward EV adoption in that category. Manufacturing is based out of Chakan near Pune, with the new plants planned in Haryana and Tamil Nadu set to add further capacity. Promoters BC Asia Investments XV Ltd and Rahul Radhavallabh Dhoot have steered the company through this scale-up, and the IPO marks its first move into the public markets.
Financial performance
Dhoot Transmission's numbers have climbed steadily across the last three fiscal years.
| Metric | FY24 | FY25 | FY26 |
| Total income | ₹2,799.32 Cr | ₹3,472.24 Cr | ₹4,563.70 Cr |
| Profit after tax | ₹298.75 Cr | ₹353.89 Cr | ₹396.84 Cr |
| EBITDA | ₹512.40 Cr | ₹590.96 Cr | ₹710.99 Cr |
| Net worth | ₹741.01 Cr | ₹978.18 Cr | ₹2,397.15 Cr |
| Total borrowings | ₹554.90 Cr | ₹776.06 Cr | ₹841.39 Cr |
| Key ratio | FY25 | FY26 |
| ROE | 35.60% | 16.30% |
| ROCE | 29.66% | 19.14% |
| RoNW | 36.18% | 16.55% |
| Debt/equity | 0.78 | 0.35 |
| Post-issue P/E | — | 44.9x |
Revenue and profit both grew through FY26, and debt has come down relative to equity. Return ratios like ROE and RoNW dropped compared to FY25, largely a function of the sharp jump in net worth, worth keeping in mind rather than reading as a decline in underlying performance.
Strengths of Dhoot Transmission
- A top-two position in India's two-wheeler and three-wheeler wiring harness segment, with exposure to both ICE and EV platforms.
- Consistent revenue and profit growth across the past three fiscal years.
- Debt-to-equity has come down to 0.35 in FY26, a healthier balance sheet position than the year before.
- A diversified product range spanning harnesses, battery packs, sensors, and connectors, reducing reliance on a single product line.
- Planned capacity expansion through new manufacturing plants in Haryana and Tamil Nadu, backed directly by IPO proceeds.
Risks investors should know
- Post-issue P/E of 44.9x is not cheap, and return ratios like ROE and RoNW have eased year-on-year.
- The offer for sale makes up more than half the issue, meaning a large share of proceeds goes to existing shareholders rather than the business.
- Two-wheeler and three-wheeler demand cycles can be uneven, and the company's fortunes are tied closely to that segment.
- A sizeable portion of fresh issue proceeds goes toward repaying debt, both at the parent and across subsidiaries, rather than funding new growth directly.
- Execution risk around the new manufacturing plants, since capacity expansion does not always translate cleanly into matching demand.
Should you track the Dhoot Transmission IPO?
There is a reasonable case for keeping an eye on this one. The company holds real market position in a segment tied closely to the shift toward electric two- and three-wheelers, and its financial growth over the past three years has been consistent rather than a one-off spike. Falling debt-to-equity ahead of the IPO also points to some balance sheet discipline.
That said, the valuation at 44.9x post-issue earnings is demanding, and the drop in ROE and RoNW this year is worth factoring in alongside the growth numbers. The OFS-heavy structure means a large chunk of this listing benefits existing shareholders rather than funding fresh expansion outright, even with real capital going toward new plants and debt reduction. Where this fits depends on how much weight an investor puts on the EV-linked growth story against the price being asked for it.
Latest Dhoot Transmission IPO subscription updates
- Bidding has not opened yet; subscription numbers begin once the public issue window starts on August 10.
- QIB is capped at 50% of the net issue, while retail is guaranteed at least 35%. Both are worth tracking once the book opens.
- Employees applying within their reserved limit get the ₹80 per share discount along with cut-off pricing.
- Category-wise figures will update through the three-day bidding window, August 10 to August 12.
Conclusion
Dhoot Transmission brings an established wiring harness and EV components business to market at ₹829–₹871 a share, with bidding running August 10 to 12 and listing set for August 17. Growth through FY26 has been steady, and the balance sheet looks healthier heading into the issue, though the valuation and OFS-heavy structure deserve a closer look. The days ahead of bidding, and the listing itself, will show how the market weighs that trade-off.
