Auto components maker Dhoot Transmission gets Sebi nod for IPO; looks to raise around ₹2,258 cr
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Auto components maker Dhoot Transmission has secured approval from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO). The company, backed by private equity major Bain Capital, had submitted its draft papers through the confidential pre-filing route in February 2026.
The company is looking to raise around $250 million (approximately ₹2,258 crore) through an initial public offering, according to industry sources. The proposed IPO is expected to comprise a fresh issue of equity shares along with an offer for sale (OFS) by existing investors, while the promoter group is not exiting the business, sources said.
Bain Capital currently owns a 49% stake in the company following the consolidation of promoter-held entities into Dhoot Transmission.
Founded more than two decades ago by promoter Rahul Dhoot, the company manufactures a wide range of products including wiring harnesses, automotive switches, electronic sensors and controllers, connectors and terminals, automotive cables, power cords, and battery packs. Over the years, the Maharashtra-based company has emerged as a key supplier to original equipment manufacturers (OEMs) in the automotive and consumer durables segments.
The company’s products are used across several categories such as two-wheelers, passenger and commercial vehicles, off-road equipment, earth movers, agricultural machinery, medical devices, and household appliances. It caters to customers across eight countries and three continents, reflecting its growing global presence.
Dhoot Transmission has steadily expanded its international footprint through acquisitions and overseas operations. In 2012, the company set up an engineering and marketing office in the United Kingdom. It later acquired Scotland-based TFC Cables, which also had a manufacturing facility in Slovakia, in 2017. This was followed by the acquisition of Parkinson Harness in the UK in 2018 and San Electromec in 2019.
The company operates an integrated manufacturing and technology platform, with all its facilities connected through SAP S/4HANA systems. It currently employs more than 12,000 people and holds several global quality and safety certifications, including ISO 9001, IATF 16949, ISO 14001, and ISO 45001.
According to a May 2025 report by CRISIL Ratings, Dhoot Transmission has built a strong position in the automotive wire harness and cables segment, supported by long-standing industry experience and continuous investments in product development and capacity expansion. The company supplies to major automotive OEMs including Bajaj Auto, TVS Motor Company, Honda Motorcycle & Scooter India, and Royal Enfield.
Financially, the company has shown strong growth over the past few years. Consolidated revenue rose to ₹2,653 crore in FY24 from ₹1,550 crore in FY22, aided by expansion across products and overseas markets. International operations contribute nearly 15-20% of total revenue, helping diversify the business.
The company has also maintained healthy financial metrics. Its net worth increased to ₹598 crore as of March 2024 from ₹387 crore a year earlier, while gearing stood at 0.59 times. Interest coverage improved to 9.3 times in FY24, indicating stronger debt-servicing capability.