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Sat, 15 Aug 2026
04:04:07 pm
Sat, 15 Aug 2026
04:04:07 pm
Rudransh Sangwan
Published at: August 11, 2026, 5:47 AM
Synopsis
Dhoot Transmission IPO is open from August 10 to August 12, 2026. Check IPO price band, GMP, subscription status, allotment date, listing date, financials and valuation.
The Dhoot Transmission IPO is open for subscription from August 10 to August 12, 2026, with the company seeking to raise up to ₹3,066.89 crore through a combination of fresh issue and offer for sale. The IPO has a price band of ₹829 to ₹871 per share and a lot size of 17 shares, making the minimum retail investment ₹14,807 at the upper price band. On Day 2, the issue was subscribed 1.09 times, with the NII category subscribed 2.27 times and the retail portion subscribed 1.17 times. The IPO is scheduled to list on BSE and NSE on August 17, subject to the proposed timetable.
The company operates in the automotive electrical and electronics segment, with products including wiring harnesses, battery packs, sensors, electronic controllers, switches, terminals and connectors. Its consolidated revenue rose 31% to ₹4,563.70 crore in FY26, while profit after tax increased to ₹396.84 crore from ₹353.89 crore in FY25. The company has a 41% market share in India's two wheeler and three wheeler wiring harness market and nearly 70% share in electric two wheeler and three wheeler wiring harnesses, according to the supplied information. The IPO is also being watched because the company plans to use part of the proceeds for debt repayment and new manufacturing plants.
The IPO is a bookbuilding issue comprising a fresh issue of 1,60,80,445 shares worth ₹1,400 crore and an offer for sale of 1,91,37,602 shares worth up to ₹1,666.89 crore. The total issue size is stated as ₹3,066.89 crore. The price band has been fixed at ₹829 to ₹871 per share, while the company is expected to have a market capitalisation of ₹17,816.14 crore at the upper price band.
| IPO detail | Information |
|---|---|
| IPO size | ₹3,066.89 crore |
| Fresh issue | ₹1,400 crore |
| Offer for sale | ₹1,666.89 crore |
| Price band | ₹829 to ₹871 |
| Face value | ₹2 |
| Lot size | 17 shares |
| Minimum retail investment | ₹14,807 |
| Listing | BSE and NSE |
| IPO opening date | August 10, 2026 |
| IPO closing date | August 12, 2026 |
| Allotment | August 13, 2026 |
| Refund | August 14, 2026 |
| Share credit | August 14, 2026 |
| Proposed listing date | August 17, 2026 |
The issue had received total subscription of 1.09 times by August 11 at 10:43 AM. Demand was strongest in the NII segment, which was subscribed 2.27 times. The retail portion was subscribed 1.17 times, while the QIB category excluding anchor investors was at 0.63 times. The employee portion was subscribed 1.81 times, with total applications reaching 6,87,025.
| Investor category | Subscription |
|---|---|
| QIB excluding anchor | 0.63x |
| NII | 2.27x |
| bNII | 1.96x |
| sNII | 2.91x |
| Retail | 1.17x |
| Employee | 1.81x |
| Total | 1.09x |
The grey market remains positive for the Dhoot Transmission IPO ahead of its closing date on August 12, 2026. As of August 11, 2026, the latest Dhoot Transmission IPO GMP stands at ₹250, against the upper price band of ₹871 per share. Based on the latest GMP, the estimated listing price is ₹1,121, implying a potential premium of around 28.70% over the upper issue price.
The IPO opened for subscription on August 10 and has received a total subscription of 1.09 times as of August 11 at 10:43 AM. The latest GMP indicates continued grey market interest, although GMP is unofficial and can change before listing.
Disclaimer: GMP is sourced from grey market dealers and is indicative only. It is unofficial and should not be considered a guarantee of listing performance. Investors should conduct their own due diligence before investing.
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Profit per Lot |
|---|---|---|---|---|
| 11 Aug 2026 | ₹871 | ₹250 ➖ | ₹1,121 (28.70%) | ₹4,250 |
| 10 Aug 2026 | ₹871 | ₹250 ▼ | ₹1,121 (28.70%) | ₹4,250 |
| 09 Aug 2026 | ₹871 | ₹259 ➖ | ₹1,130 (29.74%) | ₹4,403 |
| 08 Aug 2026 | ₹871 | ₹259 ⬆️ | ₹1,130 (29.74%) | ₹4,403 |
| 07 Aug 2026 | ₹871 | ₹247 🔻 | ₹1,118 (28.36%) | ₹4,199 |
| 06 Aug 2026 | ₹871 | ₹259 ⬆️ | ₹1,130 (29.74%) | ₹4,403 |
| 05 Aug 2026 | ₹871 | ₹253 ➖ | ₹1,124 (29.05%) | ₹4,301 |
| 04 Aug 2026 | ₹871 | ₹253 ⬆️ | ₹1,124 (29.05%) | ₹4,301 |
| 03 Aug 2026 | ₹0 | ₹146 ➖ | ₹146 (0.00%) | ₹0 |
Note: Estimated listing price is calculated as the upper IPO price band of ₹871 plus the reported GMP. Estimated profit per lot is based on the 17 share lot size. GMP figures are unofficial and may change before listing.
The company raised ₹918.27 crore from anchor investors on August 7, ahead of the public issue. A total of 1,05,42,657 shares were offered to anchor investors at the upper issue price. Half of the anchor shares are subject to a 30 day lock in period ending September 12, 2026, while the remaining shares have a 90 day lock in period ending November 11, 2026.
| Anchor detail | Information |
|---|---|
| Anchor bid date | August 7, 2026 |
| Shares allocated | 1,05,42,657 |
| Amount raised | ₹918.27 crore |
| Price | ₹871 per share |
| 50% lock in ends | September 12, 2026 |
| Remaining lock in ends | November 11, 2026 |
Dhoot Transmission Limited was incorporated in April 1998 and operates in electrical and electronics products for automotive and non automotive applications. Its portfolio includes wiring harnesses, battery packs, sensors, electronic controllers, automotive switches, terminals, connectors and power supply cords. The company has a strong position in India's two wheeler and three wheeler wiring harness market, with a reported 41% market share, while its share in electric two wheeler and three wheeler wiring harnesses is nearly 70% for FY26. Around 95% of its automotive product portfolio is described as EV focused or powertrain neutral.
The company had 2,735 full time employees as of March 31, 2026. Its products are also used in commercial vehicles, off highway vehicles, farming equipment and industrial applications.
Dhoot Transmission reported higher revenue, EBITDA and profit across the financial years provided. Total income increased from ₹3,472.24 crore in FY25 to ₹4,563.70 crore in FY26, while EBITDA increased from ₹590.96 crore to ₹710.99 crore. Profit after tax rose from ₹353.89 crore to ₹396.84 crore. Net worth also increased substantially to ₹2,397.15 crore in FY26 from ₹978.18 crore in FY25.
| Financial metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | ₹2,799.32 crore | ₹3,472.24 crore | ₹4,563.70 crore |
| EBITDA | ₹512.40 crore | ₹590.96 crore | ₹710.99 crore |
| Profit after tax | ₹298.75 crore | ₹353.89 crore | ₹396.84 crore |
| Net worth | ₹741.01 crore | ₹978.18 crore | ₹2,397.15 crore |
| Total borrowing | ₹554.90 crore | ₹776.06 crore | ₹841.39 crore |
| Reserves and surplus | ₹724.74 crore | ₹961.53 crore | ₹2,360.40 crore |
| Assets | ₹1,711.70 crore | ₹2,336.23 crore | ₹4,114.83 crore |
At the upper price band, the IPO implies a post issue market capitalisation of ₹17,816.14 crore. The supplied valuation data shows a post IPO P/E of 44.9 times compared with 41.36 times on a pre IPO basis. ROE declined to 16.30% in FY26 from 35.60% in FY25, while ROCE declined to 19.14% from 29.66%. The debt to equity ratio improved from 0.78 to 0.35 during the period.
| KPI | FY25 | FY26 |
|---|---|---|
| ROE | 35.60% | 16.30% |
| ROCE | 29.66% | 19.14% |
| Debt to equity | 0.78 | 0.35 |
| RoNW | 36.18% | 16.55% |
| PAT margin | 10.19% | 8.70% |
| EBITDA margin | 17.15% | 15.71% |
| NAV | ₹68.25 | ₹149.74 |
| Price to book | 12.76x | 5.82x |
A large part of the fresh issue proceeds is planned for reducing borrowings. The company proposes to use ₹464.80 crore for repayment or prepayment of its outstanding borrowings. Another ₹301.77 crore is proposed to be invested in subsidiaries for repayment or prepayment of their borrowings. The company has also earmarked ₹150 crore for new wiring harness manufacturing plants at Jhajjar in Haryana and Shoolagiri in Hosur, Tamil Nadu.
| IPO object | Estimated amount |
|---|---|
| Repayment or prepayment of company borrowings | ₹464.80 crore |
| Investment in subsidiaries for debt repayment | ₹301.77 crore |
| New wiring harness plants | ₹150 crore |
| Inorganic growth and general corporate purposes | Balance amount |
| Total stated amount | ₹916.58 crore |
The promoters and promoter group currently hold 100% of the company before the IPO. Following the issue, their holding is expected to fall to 82.77%, while public shareholders are expected to hold 17.23%.
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and promoter group | 100% | 82.77% |
| Public | 0% | 17.23% |
| Total | 100% | 100% |
The promoters are BC Asia Investments XV Ltd. and Rahul Radhavallabh Dhoot. The offer for sale includes 1,60,18,769 shares from BC Asia Investments XV Ltd. and 31,18,833 shares from Mangalam Capital Pvt. Ltd., together valued at ₹1,666.89 crore at the offer price.
The company's position in two wheeler and three wheeler wiring harnesses gives it exposure to vehicle production, while its reported share in electric two wheeler and three wheeler wiring harnesses provides exposure to the shift towards electric vehicles. The company also has products that are used across automotive and industrial applications. Planned manufacturing facilities in Haryana and Tamil Nadu could increase production capacity, while the IPO's debt repayment component is expected to reduce borrowings. At the same time, investors will need to watch margins, return ratios, customer concentration, execution of new plants and the valuation implied by the IPO price.
The supplied financial data shows that revenue and profit increased in FY26, but EBITDA margin declined from 17.15% to 15.71%, while ROE and ROCE also fell from the previous year. The IPO valuation at a post issue P/E of 44.9 times leaves the issue priced at a substantial earnings multiple. The company also remains exposed to the performance of the automotive industry and the execution of its expansion plans. Investors should consider these factors alongside the reported subscription demand and unofficial GMP.
The public issue opened on August 10 and will close on August 12. The tentative allotment date is August 13, followed by refunds and share credit on August 14. The proposed listing date on BSE and NSE is August 17, 2026.
| Event | Date |
|---|---|
| IPO opens | August 10, 2026 |
| IPO closes | August 12, 2026 |
| Allotment | August 13, 2026 |
| Refund | August 14, 2026 |
| Share credit | August 14, 2026 |
| Listing | August 17, 2026 |
The Dhoot Transmission IPO combines a growing automotive electrical and electronics business with a large fresh issue aimed partly at debt repayment and new manufacturing capacity. FY26 revenue and profit increased, while the debt to equity ratio improved, although margins and return ratios declined from FY25. The issue is seeing demand across retail and NII investors, while the supplied GMP points to an estimated 28.70% premium over the upper issue price. Investors tracking the IPO should focus on the final subscription figures, the issue valuation, the use of fresh capital and the company's ability to maintain earnings growth as new manufacturing capacity is added.
As of August 11, 2026, the latest reported Dhoot Transmission IPO GMP is ₹250. Based on the upper price band of ₹871, the implied estimated listing price is ₹1,121.
Based on the latest GMP of ₹250, the estimated listing price is ₹1,121 per share, which represents an implied premium of about 28.70% over the upper IPO price of ₹871.
The Dhoot Transmission IPO has a price band of ₹829 to ₹871 per share.
The IPO lot size is 17 shares. At the upper price band of ₹871, one retail lot requires an investment of ₹14,807.
Based on the latest GMP of ₹250, the estimated listing price is ₹1,121. For a 17 share lot, the implied gain is approximately ₹4,250 if the stock lists at the estimated GMP based price.
The IPO opened on August 10, 2026 and will close on August 12, 2026.
The tentative listing date for the Dhoot Transmission IPO is August 17, 2026 on both the NSE and BSE.
As of August 11, 2026 at 10:43 AM, the IPO was subscribed 1.09 times overall. The retail portion was subscribed 1.17 times, the NII portion 2.27 times and the QIB portion 0.63 times.
No. IPO GMP is unofficial and is based on activity in the grey market. It does not guarantee the actual listing price or listing gains.
The Dhoot Transmission IPO has a total issue size of approximately ₹3,066.89 crore, comprising a fresh issue of ₹1,400 crore and an offer for sale of approximately ₹1,666.89 crore.
Dhoot Transmission operates in the electrical and electronics sector and manufactures products including automotive wiring harnesses, battery packs, sensors, electronic controllers, switches, terminals and connectors for automotive and non automotive applications.
The GMP has remained elevated in recent sessions, moving between ₹247 and ₹259 from August 6 to August 10 before being reported at ₹250 on August 11. This indicates positive grey market activity, although GMP can change quickly.
The tentative allotment date is August 13, 2026. Shares are expected to be credited on August 14, while refunds are also scheduled for August 14.
Investors can track the final subscription figures, IPO allotment, GMP movements, valuation, the company's financial performance and the expected listing on August 17. GMP should be treated only as an unofficial market indicator.
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