The Dhoot Transmission IPO opened for subscription on Monday, August 10, 2026, with the Rs 3,066.89 crore issue becoming the latest auto-components listing to test investor appetite in a market where grey market premiums have run hot through the second week of August. The price band is fixed at Rs 829 to Rs 871 per share, and the issue closes August 12.
Need to Know
- Dhoot Transmission IPO opens August 10 and closes August 12, 2026, price band Rs 829–871 per share
- Issue size is Rs 3,066.89 crore: Rs 1,400 crore fresh issue plus Rs 1,666.89 crore offer for sale
- GMP stood at Rs 240 as of August 9, about 27.6% of the Rs 871 upper band, pointing to a near-28% listing pop, though the number moves daily
- Company raised Rs 918.27 crore from 72 anchor investors on August 7, including BlackRock, ADIA and SBI Mutual Fund
- FY26 total income rose to Rs 4,563.70 crore and PAT to Rs 396.84 crore, but PAT margin slipped to 8.70% from 10.67% in FY24 as revenue outgrew profit
- Bajaj Auto alone accounted for about a third of FY26 revenue, per Reuters; non-harness products, including EV components, rose to 23% of revenue from 18% in FY24
- Post-issue diluted EPS works out to Rs 19.65, implying a post-issue P/E of about 44.3x at the upper band
- Listing is scheduled for August 17, 2026 on BSE and NSE
IPO Structure: Price Band, Lot Size and Key Dates
The Dhoot Transmission IPO combines a fresh issue of 1.61 crore equity shares worth Rs 1,400 crore with an offer for sale of 1.91 crore shares worth Rs 1,666.89 crore. Under the OFS, Bain Capital-backed BC Asia Investments XV Ltd is offloading shares worth close to Rs 1,395 crore, and promoter entity Mangalam Capital Pvt Ltd is selling shares worth roughly Rs 272 crore. Face value is Rs 2 per share, and eligible employees get a Rs 80/share discount. Promoter holding will fall from 99.99% pre-issue to approximately 82.78% post-issue.
At the Dhoot Transmission IPO lot size of 17 shares, a retail investor needs a minimum of Rs 14,807 at the upper band for one lot, and can apply for up to 13 lots (221 shares) worth Rs 1,92,491. Retail quota is roughly 35% of the issue, QIBs get around 50% including the anchor portion, and NIIs get about 15%.
| Category | Detail |
|---|---|
| Issue size | Rs 3,066.89 crore |
| Fresh issue | Rs 1,400 crore (1.61 crore shares) |
| Offer for sale | Rs 1,666.89 crore (1.91 crore shares) |
| Price band | Rs 829 – Rs 871 per share |
| Face value | Rs 2 per share |
| Lot size | 17 shares |
| Min. retail investment | Rs 14,807 (1 lot) |
| Max. retail investment | Rs 1,92,491 (13 lots / 221 shares) |
| Anchor bidding date | August 7, 2026 |
| Bidding dates | August 10 – August 12, 2026 |
| Allotment date | August 13, 2026 |
| Refund/credit date | August 14, 2026 |
| Listing date | August 17, 2026 (BSE, NSE) |
| Lead managers | Axis Capital, Jefferies India, Kotak Mahindra Capital, Nomura, SBI Capital Markets, 360 ONE WAM |
| Registrar | KFin Technologies |
Dhoot Transmission IPO GMP Today: What the Grey Market Is Pricing In
GMP was Rs 240 per share in the latest August 9 update, equivalent to about 27.6% of the Rs 871 upper band, putting the indicative listing price near Rs 1,111. Tracked GMP data has ranged Rs 90–Rs 254 across 36 sessions, climbing sharply after the anchor round closed on August 7. GMP is an unofficial, non-exchange indicator that can swing right up to listing day, so read it as sentiment, not a guaranteed return.
On Day 1, Dhoot Transmission IPO subscription across QIB, NII and retail stood at 0x, typical for mainboard issues, where institutional and HNI demand usually shows up in the final one or two days.
Anchor Book: Rs 918 Crore From 72 Institutional Investors
The Dhoot Transmission IPO anchor book was finalised on August 7, with 1.05 crore shares allotted at Rs 871 apiece to 72 investors, raising Rs 918.27 crore. Domestic mutual funds took 61.27% of the book across 46 schemes run by eight fund houses, SBI MF, ICICI Prudential MF, HDFC MF, Axis MF, Mirae Asset, Nippon India, Tata MF and HSBC MF. Life insurers and pension funds took 8.74%, led by SBI Life, HDFC Life and ICICI Prudential Life. Global names include BlackRock, the Abu Dhabi Investment Authority, WhiteOak, Norway’s Government Pension Fund, Amundi and Allianz Global Investors.
About Dhoot Transmission: Inside India’s No. 2 Wiring Harness Maker
Dhoot Transmission was incorporated on April 28, 1998, per its Registrar of Companies filing (CIN U31300PN1998PLC131629), and is led by Managing Director Rahul Radhavallabh Dhoot, who has more than 27 years in the auto sector.
The company began as a Tier-2 subcontractor before Bajaj Auto spotted its work in 2002 and brought it on to develop wiring harnesses for the Chetak scooter, a relationship that has since grown into its largest revenue source.
The company designs and manufactures wiring harnesses, battery packs, sensors, electronic controllers, automotive switches, terminals, connectors and power supply cords, and is described in company and press materials as headquartered in Chhatrapati Sambhajinagar (formerly Aurangabad), Maharashtra.
The company holds a 41% share by value of India’s 2W/3W wiring harness market in FY26 and close to 70% share in electric 2W/3W harnesses specifically. Two-wheelers contributed 65.47% of FY26 revenue from operations (Rs 2,962.70 crore) and three-wheelers 12.86% (Rs 581.78 crore); a year earlier the split was 66.91% and 12.50%, showing the customer mix has stayed broadly stable even as the product base diversifies.
That diversification is the bigger trend: wiring harnesses fell to 77.08% of revenue from operations in FY26, down from 81.93% in FY24, as the company scales EV-specific components. Reuters reported on August 6 that Dhoot’s broader non-harness portfolio — automotive electronics and EV components — rose to 23% of revenue from about 18% in FY24. CFO Nitin Kalani told Reuters electrification will be the company’s biggest growth driver going forward, with premiumisation close behind, and that Dhoot has spent roughly Rs 1,000 crore on capex over the past four to five years, with similar spending expected ahead.
Customer concentration is the clearest risk in that growth story. Top five customers contributed 71.56% of FY26 revenue from operations, up from 66.17% in FY24, and top ten customers accounted for 80.93% in FY26. Within that, Bajaj Auto alone made up about a third of FY26 revenue by Reuters’ count, with other reporting citing a company breakdown of roughly 32% Bajaj Auto, 20% TVS Motor, 11% Honda Motorcycle and Scooter India, and 4% Royal Enfield. The company has no firm, long-term volume commitments from these OEMs.
Its design, engineering and R&D team grew to 237 people as of March 31, 2026, up from 155 in FY24, within a total workforce of over 2,681 as of December 2025. Manufacturing spans India, the UK, Slovakia and Thailand, with some filings citing additional facilities in Japan and South Korea — NiftyTrader is flagging this as a source variance on exact facility count rather than confirming one number.
Financial Performance and Peer Comparison
The Dhoot Transmission IPO comes on the back of total income growing from Rs 2,799.32 crore in FY24 to Rs 3,472.24 crore in FY25 to Rs 4,563.70 crore in FY26, roughly 63% over three years, while revenue from operations rose from Rs 2,797.73 crore to Rs 3,444.86 crore to Rs 4,524.95 crore over the same period. PAT rose from Rs 298.75 crore to Rs 353.89 crore to Rs 396.84 crore, and EBITDA came in at Rs 710.99 crore in FY26.
The growth-versus-margin picture is worth flagging clearly: PAT grew roughly 33% over three years against revenue growth of roughly 63%, meaning PAT margin actually compressed — from about 10.67% in FY24 to about 8.70% in FY26 on a total-income basis. Net worth jumped from Rs 741.01 crore in FY24 to Rs 2,397.15 crore in FY26, largely reflecting a BC Asia Tranche 2 equity infusion completed in March 2026, while total borrowings rose more gradually, from Rs 554.90 crore to Rs 841.39 crore.
| Company | Revenue from ops (Rs cr) | EPS (Rs) | RoNW (%) |
|---|---|---|---|
| Dhoot Transmission | 4,524.96 | 24.40 | 16.55 |
| Minda Corporation | 6,185.34 | 15.31 | 13.63 |
| Uno Minda | 19,657.59 | 20.78 | 17.53 |
| Motherson Sumi Wiring India | 11,477.58 | 0.94 | 28.92 |
| Sona BLW Precision Forgings | 4,475.15 | 10.30 | 10.70 |
On valuation, pre-issue EPS of Rs 24.40 implies a P/E of 33.98x at the floor and 35.70x at the cap against a stated industry average of 55.31x. But pre-issue EPS doesn’t account for the new shares from the fresh issue: on post-issue diluted EPS of Rs 19.65, the effective P/E at the Rs 871 upper band works out to roughly 44.33x — a more accurate read of what IPO investors are actually paying, and closer to a separate market estimate of 44.9x against a 56.8x peer average. Either way, the issue prices at a discount to listed wiring-harness and auto-component peers on headline P/E. Post-issue market cap works out to roughly Rs 17,816 crore at the upper band.
Where the IPO Money Will Go
Of the Rs 1,400 crore fresh issue in the Dhoot Transmission IPO, Rs 464.80 crore goes toward repaying or prepaying the company’s own borrowings, and Rs 301.77 crore will be invested in subsidiaries so they can repay their debt. Another Rs 150 crore is earmarked for new wiring harness plants at Sector 11, Jhajjar (Haryana), and Shoolagiri, Hosur (Tamil Nadu). The balance goes to unidentified acquisitions and general corporate purposes.
Risks Investors Should Weigh
Bajaj Auto’s roughly one-third share of FY26 revenue is the single biggest concentration risk in the Dhoot Transmission IPO; any slowdown in Bajaj’s two-wheeler volumes, a shift in sourcing, or renegotiated pricing shows up directly in Dhoot’s numbers. More broadly, top ten customers made up 80.93% of FY26 revenue, revenue stays heavily skewed to the 2W/3W segment, and the company has no firm long-term volume commitments from OEM customers. On the financial side, PAT margin has compressed even as revenue has grown quickly — meaning the post-issue P/E of roughly 44x is pricing in continued execution on both growth and margins, not growth alone.
FII/DII Activity: Institutional Mood Ahead of Listing
FIIs were net buyers of Rs 480.20 crore in the cash segment on August 7, 2026, the last full session before the Dhoot Transmission IPO opened, while DIIs added a net Rs 235.60 crore over the same session.
Track daily FII/DII flows and live IPO subscription data on the NiftyTrader dashboard to see how institutional money is moving alongside primary-market activity like this issue.
NiftyTrader Desk View
The issue is coming to market on a credible growth story: a 41% share of the 2W/3W wiring harness market, a fast-scaling EV and automotive-electronics portfolio that has taken non-harness revenue from 18% to 23% of sales, and a Rs 918-crore anchor book led by BlackRock and ADIA.
But the numbers also show growth has outpaced profitability, PAT margin slipped from roughly 10.7% to 8.7% over three years, with roughly a third of revenue riding on a single customer in Bajaj Auto. On pre-issue EPS the valuation looks like a discount to peers; on a post-issue, diluted basis it’s closer to 44x earnings, which is the more honest number for what the IPO is pricing in.
The real question isn’t whether GMP holds into listing day, it’s whether Dhoot can convert EV-led revenue growth into margin expansion once the anchor money and grey-market enthusiasm settle. Watch subscription numbers on August 11–12 for where institutional and HNI demand lands.
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FAQs
What is the price band of the Dhoot Transmission IPO?
Rs 829 to Rs 871 per share, face value Rs 2 per share.
What is the lot size and minimum investment?
Lot size is 17 shares. Minimum Rs 14,807 for one lot at the upper band; up to 13 lots (221 shares) worth Rs 1,92,491.
What is the Dhoot Transmission IPO GMP today?
Rs 240 per share in the latest August 9 update, about 27.6% of the Rs 871 upper band, implying an indicative listing price near Rs 1,111. GMP moves daily and is unofficial, so treat this as directional, not fixed.
What is Dhoot Transmission’s post-issue P/E?
On post-issue diluted EPS of Rs 19.65, P/E works out to roughly 44.33x at the Rs 871 upper band, versus 35.70x on a pre-issue basis.
How much of the Dhoot Transmission IPO company’s revenue comes from Bajaj Auto?
About a third of FY26 revenue, per Reuters, its single largest customer concentration risk.
When will shares list, and where?
Allotment August 13, refunds/credit August 14, listing on BSE and NSE on August 17, 2026.
What is the total issue size and structure of the Dhoot Transmission IPO?
Rs 3,066.89 crore, Rs 1,400 crore fresh issue plus Rs 1,666.89 crore OFS by BC Asia Investments XV Ltd and Mangalam Capital Pvt Ltd.
