Dhoot Transmission Ltd. filed its preliminary papers with the capital markets regulator SEBI to raise funds via an initial public offering. The public offer will include fresh issues of shares worth Rs 1,400 crore and offer for sale of up to 1.63 crore shares.
BC Asia Investments XV Ltd. is the promoter offloading stake and Mangalam Capital Pvt. Ltd. is the promoter group selling in the OFS.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd.
Kotak Mahindra Capital Company Ltd., Nomura Financial Advisory and Securities (India) Pvt., Axis Capital Ltd., Jefferies India Pvt., SBI Capital Markets Ltd. and 360 One WAM Ltd. are the book-running lead manager for the issue and Kfin Technologies will be the registrar of the issue.
Dhoot Transmission intends to utilise Rs 494 crore of the net proceeds primarily for repayment or prepayment of all or certain outstanding borrowings and Rs 272.59 crore will be used for investment in subsidiaries for payment of certain outstanding borrowings. In addition, Rs 150 crore will be used for setting up a new wiring harness manufacturing plant in Haryana and Tamil Nadu. The remaining amount will be used for funding inorganic growth through acquisitions and general corporate purpose.
The Pune-based company primarily operates in electrical and electronics segment. The company is among the top two players in India's two-wheeler and three-wheeler wiring harness market, with a 44.64% market share by value in fiscal 2025. It is also a market leader in the electric two-wheeler and three-wheeler wiring harness segment, commanding over 70% market share in fiscal 2025, reflecting its strong positioning in both traditional and electric mobility platforms.
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