Indian automotive components manufacturer Dhoot Transmission, backed by US private equity giant Bain Capital, is weighing an IPO that could raise around USD 250 million (~INR 2,200 crore) in 2026, according to some industry reports.
Dhoot Transmission is an Aurangabad-headquartered company and a leading producer of wiring harnesses and a growing force in electric vehicle (EV) components. The company has invited investment banks to pitch for roles in arranging the share sale. The offering is expected to include a fresh issue of shares as well as a secondary sale from existing investors, though deal size, valuation, and final structure remain under discussion.
Bain Capital’s Strategic Backing
Bain Capital acquired a significant minority stake in Dhoot Transmission in early 2025 at a valuation reportedly exceeding USD 1 billion (~INR 8,750 crore). The investment, supported by a USD 136 million (~INR 1,192 crore) buyout loan from a consortium of banks including DBS and HSBC, was aimed at accelerating Dhoot’s global expansion through acquisitions, partnerships, and organic growth.
“Bain’s global automotive expertise will be instrumental in scaling Dhoot internationally,” said Rahul Dhoot, founder and CEO, when the deal was announced. Bain has previously indicated it would help the company pursue emerging opportunities, enhance exports, and broaden its global manufacturing footprint.
A Growing Global Footprint
Founded in 1999, Dhoot Transmission has evolved from a wiring harness specialist for two- and three-wheelers to a diversified auto component major. Today, its product portfolio includes:
- ICE and EV wiring harnesses for two-wheelers, three-wheelers, light and heavy commercial vehicles, off-highway vehicles, and farm equipment
- Electronic sensors & controllers
- Automotive switches & connection systems
- EV-specific components, charging guns, inlets, off-board chargers, residual current devices (RCDs), high- and low-voltage wiring harnesses, lithium-ion battery assembly
The company has over 20 manufacturing facilities across India, UK, Slovakia and Thailand and employs over 10,000 people globally.
Recent growth has been driven by strategic acquisitions like Bengaluru-based San Electromec and UK-based Parkinson Harness Technology, and a joint venture with US-based Carling Technologies to produce electrical and electronic components in India.
Solid Financial Performance
In FY24, Dhoot Transmission reported INR 2,653 crore in revenue (~USD 318 million) and a net profit of INR 211.4 crore (~USD 25 million). This financial performance, combined with Bain’s backing, positions the company well to tap into strong investor appetite in India’s buoyant capital markets.
IPO Market Momentum
India’s IPO market has been on a tear in 2025, with companies raising more than INR 61,891 crore by 39 mainboard listings so far this year. Market experts are expecting over INR 2.62 lakh crore to be raised in the next 12 months, with high-profile offerings lined up from Tata Capital, Tenneco India, ICICI Prudential Asset Management, and LG Electronics India.
Dhoot’s planned float would place it among the most significant manufacturing-sector listings of the year, potentially boosting investor exposure to India’s fast-growing EV supply chain.
What’s Next
The Dhoot Transmission IPO is expected to launch next year, but bankers say market conditions, global EV demand trends and India’s auto growth will decide the timeline. With Bain’s deep pockets, expanding global footprint and exposure to both ICE and EV, Dhoot Transmission is looking like a good bet for those looking to invest in the Indian auto components space.
If successful, this will be a big milestone for Dhoot in its 25-year journey and will further solidify India as a global auto manufacturing hub.
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