Bain-Backed Indian Auto Parts Maker Is Said To Consider 2026 IPO

Indian auto-components maker Dhoot Transmission Pvt. is considering an initial public offering in Mumbai that could raise at least $250 million, according to people familiar with the matter.

Backed by Bain Capital LP, the company has invited investment banks to pitch for roles in arranging the share sale, the people said, requesting anonymity due to the private nature of the discussions. The IPO, expected to launch next year, will include a fresh issue of shares and offers from existing investors, they said.

Deliberations are ongoing and key details, including the deal size and valuation, are still under discussion, they said. A spokesperson for Dhoot Transmission declined to comment.

Dhoot joins a growing roster of Indian companies tapping into the country’s increasingly active IPO market. Total funds raised by Indian IPOs have reached more than $7.2 billion since January, according to data compiled by Bloomberg. 

Companies are expected to raise more than $30 billion in the next 12 months, according to an estimate by Kotak Mahindra Capital Co. Among the entities in the pipeline include Tata Capital Ltd., ICICI Prudential Asset Management Co., and LG Electronics Inc.’s Indian unit. 

In January, Bain bought a “significant minority stake” in Dhoot Transmission Group, according to a statement from Dhoot at the time. The Boston-based investment firm’s involvement would help Dhoot “scale globally,” it said.

Dhoot manufactures wiring harnesses and electric vehicle components, along with parts for other industries. It operates more than 20 manufacturing facilities across India, the UK, Slovakia and Thailand, employing over 10,000 people globally, it said.