Auto components major joins growing manufacturing-led listing pipeline as revenues, global footprint expand
Bengaluru, NFAPost: Dhoot Transmission Ltd, an auto components manufacturer backed by global private equity firm Bain Capital, has filed draft papers with the Securities and Exchange Board of India (Sebi) under the confidential pre-filing route, signalling preparations for a potential initial public offering.
Founded over two decades ago by promoter Rahul Dhoot, the company is a key supplier to leading automotive OEMs across two-wheelers, passenger vehicles and commercial vehicles. Its product portfolio includes wiring harnesses, automotive switches, electronic sensors and controllers, connectors, cables, power cords and battery packs, catering to automotive, industrial and consumer durables applications.
The company has built a growing international presence, with customers across eight countries and operations spanning three continents. Its overseas expansion includes the setting up of a UK engineering and marketing office in 2012 and acquisitions in the UK, Scotland, Slovakia and Europe between 2017 and 2019.
According to CRISIL Ratings, Dhoot Transmission is among the largest players in the automotive wire harness and cables segment, supplying to all major OEMs, including Bajaj Auto, TVS Motor Company, Honda Motorcycle & Scooter India and Royal Enfield. The agency highlighted the company’s strong promoter track record, diversified customer base and continued investments in capacity and product development.
The company’s consolidated revenue rose to ₹2,653 crore in FY24 from ₹1,550 crore in FY22, with overseas operations contributing 15–20% of revenues. Its financial profile remains comfortable, with net worth improving to ₹598 crore as of March 31, 2024, gearing at 0.59 times and interest coverage strengthening to 9.3 times.
Bain Capital holds a 49% stake in the company following the consolidation of promoter-held entities into Dhoot Transmission.
The filing comes amid sustained investor interest in India’s auto components sector, with recent listings such as ASK Automotive and Motherson Sumi Wiring India and a growing pipeline of auto ancillary and EV-linked manufacturers tapping capital markets, driven by localisation, electrification and export-led growth themes.
