Dhoot Transmission IPO opens today: Should you subscribe? Check price band, GMP & reviews
Dhoot Transmission is selling its shares in the price band of Rs 829-871 apiece, applied for a minimum of 17 shares and its multiples to raise Rs 3,067 crore between August 10-12.
- Aug 10, 2026,
- Updated Aug 10, 2026 9:49 AM IST
The initial public offering (IPO) of Dhoot Transmission opens for bidding on Monday, August 10. The electrical and electronics player is offering its shares in the range of Rs 829-871 apeice and investors can apply for minimum 17 equity shares and its multiples thereafter. The issue will close for bidding Wednesday, August 12. The Rs 3,067 crore-IPO of Dhoot Transmission includes a fresh share sale of Rs 1,100 crore and an offer-for-sale (OFS) of up to 1.91 crore equity shares worth Rs 1,667 crore. The net proceeds from the fresh issue shall be utilized towards repayment of debt, investments in select subsidiaries, settling up a new wiring harness manufacturing plant and general corporate purposes. Incorporated in April 1998, Pune-based Dhoot Transmission is one of India's leading electrical and electronics companies engaged in the design, engineering, manufacturing, and supply of wiring harnesses and electrical distribution systems for automotive and non-automotive applications. It offers a diversified product portfolio. Ahead of its IPO, Dhoot Transmission raised Rs 918.27 crore from 72 anchor investors as it allocated 1,05,42,657 equity shares for Rs 871 apiece. Its anchor book included names like SBI MF, ISIF Equity Long-Short Fund, ICICI Prudential AMC, Bandhan MF, HDFC MF, Axis MF, Abu Dhabi Investment Authority, Mirae Asset MF, Nippon India MF, Pictet Indian Equities, Amundi, Franklin India and more. Dhoot Transmission reported a net profit of Rs 396.84 crore, with a revenue of Rs 4,563.70 crore for the financial year ended on March 31, 2026. The company clocked a net profit of Rs 353.89 crore with a revenue of Rs 3,472.24 crore for the financial year 2024-25. At the current valuations, Dhoot Transmission commands a market capitalization of close to Rs 17,816.14 crore. Dhoot Transmission has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors will get 35 per cent of the reservation in the issue. Last heard, the company was commanding a grey market premium of Rs 250-260 apeice, suggesting a listing pop of 29-30 per cent for the investors. Axis Capital, Jefferies India, Kotak Mahindra Capital, Nomura Financial Advisory (India), SBI Capital and 360 One WAM are the book running lead managers for Dhoot Transmission IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on August 17, Monday. Here's what a host of brokerage firms say about the IPO of Dhoot Transmission:ICICIDirect Research Rating: Subscribe Dhoot Transmission is a prominent, global Tier-I automotive component supplier. It comes across as a quality franchise with a long runway of growth and is a direct beneficiary of strong premiumisation and electrification trend domestically. The issue is valued at 45 times P/E & 4 times P/S on FY26, said ICICIDirect Research. "The valuation is justified given Dhoot's leadership in the 2W & 3W wiring harness market, increasing EV exposure, diversified product portfolio, long-standing OEM relationships and technology-led expansion strategy. We therefore assign a 'subscribe' rating to the issue," it added.Anand Rathi Share & Stock Brokers Rating: Subscribe for long-term Dhoot Transmission is well positioned to benefit from the structural growth in India’s automotive and EV ecosystem. It benefits from rising EV penetration, premiumisation, and higher wiring harness content. Its long-standing relationships with its top customers, reflect strong customer integration, engineering capabilities, and high switching costs, supporting revenue visibility, said Anand Rathi. "Capacity expansion at Hosur for wiring harnesses and Chakan for battery manufacturing is expected to further strengthen its capabilities and enable the company to capture emerging opportunities in EVs and automotive electronics. It is seeking a P/E of 44.9 times, making the issue appears to be fairly priced. We assign a 'subscribe for long term' rating for the issue," it adds.Choice Institutional Equities Rating: Subscribe Dhoot Transmission is India's clear leader in 2W and 3W wiring harnesses, with a 41.03 per cent combined market share in FY26 and close to 70 per cent share in the electric 2W and 3W segments, positioning it as the primary beneficiary of an addressable market, with the EV harness sub-segment alone growing at 33-35 per cent, said Choice Institutional Equities. "Dhoot has delivered a 28.6 per cent revenue CAGR and 34.3 per cent PAT CAGR over FY23-26, comfortably ahead of the peer average of 18.4 per cent and supported by a 4-year average RoCE of 27.4 per cent. The issue is valued at 44.9 times P/E, a 30 per cent discount to the peer average of 58.5 times, despite it delivering superior growth and the highest margin," it said with a 'subscribe' tag.Swastika Investmart Rating: Subscribe Dhoot Transmission has delivered a faster 3-year revenue CAGR compared to the legacy auto ancillary market growth rate of 12–15 per cent. A Top-2 player in 2W/3W wiring harnesses with a dominant position in the EV segment. It is well-positioned to benefit from rising EV penetration, premiumisation, and higher wiring harness content per vehicle, said Swastika Investmart. "High customer concentration and execution of expansion projects remain key monitorables. Investors can 'subscribe for long-term' growth potential and potential listing gains. However, the valuation is fairly priced, making disciplined position sizing advisable," it added.Marwadi Financial Services Rating: Subscribe We assign a 'subscribe' rating to this IPO, supported by Dhoot's leadership position in India's 2W and 3W wiring harness market, marquee customer base, and diversified business mix, said Marwadi Financial Services. "It is available at reasonable valuation considering the growth potential of the company," it adds.BP Equities Rating: Subscribe Dhoot Transmission IPO valued at a P/E multiple of 35.7 times based on FY26 diluted EPS of Rs. 24.4, said BP Equities. "Considering its market leadership, established customer relationships, strong growth prospects, healthy financial performance, and favourable long-term industry outlook, we believe the valuation is fair. We assign a 'subscribe' rating to the issue," it adds.Ventura Securities Rating: Subscribe Dhoot Transmission is a leading automotive electrical and electronics player, specialising in wiring harnesses, sensors and high-voltage systems. It is among the top two players in India’s 2W and 3W wiring harness market and has a strong presence in electric vehicles. It delivered strong growth in FY26, supported by higher wiring harness sales and rapid EV product expansion, said Ventura. "With a global manufacturing footprint and backward-integrated operations, Dhoot serves leading domestic and international OEMs. Dhoot is focusing on premiumisation, electrification, battery packs and advanced driver-assistance systems to drive higher content and sustain long-term growth," it added with a 'subscribe' rating.Equivision Rating: Subscribe Dhoot Transmission has maintained 13-year average relationships with its top five customers, supported by deep engineering integration and localization initiatives, ensuring revenue visibility and high switching costs, said Equivision Its capacity expansions in wiring harnesses and battery manufacturing are expected to strengthen its position in the growing EV and automotive electronics market. Backed by market leadership, strong OEM relationships, and capacity expansion, Dhoot is well positioned to capitalize on the long-term growth in India's automotive and EV ecosystem," it added with a 'subscribe' tag.Sushil Finance Rating: Subscribe Dhoot Transmission merits a Subscribe, anchored by category leadership and a clean electrification tailwind. With 70 per cent share in the fast-growing electric 2W/3W harness segment and 95 per cent of its product portfolio powertrain-agnostic, Dhoot is structurally positioned to ride India's 2W electrification curve without needing to defend a legacy ICE-only book, said Sushil Finance with 'subscribe' rating.Kunvarji Wealth Solutions Rating: Subscribe for long-term "We recommend to subscribe this with a medium to long term view. It is a leading manufacturer of automotive wiring harnesses and electrical & electronic components. It is well positioned to capitalize on India's growing automotive and EV market, supported by strong OEM relationships, a diversified product portfolio, and ongoing capacity expansion," said Kunvarji Wealth Solutions.
The initial public offering (IPO) of Dhoot Transmission opens for bidding on Monday, August 10. The electrical and electronics player is offering its shares in the range of Rs 829-871 apeice and investors can apply for minimum 17 equity shares and its multiples thereafter. The issue will close for bidding Wednesday, August 12. The Rs 3,067 crore-IPO of Dhoot Transmission includes a fresh share sale of Rs 1,100 crore and an offer-for-sale (OFS) of up to 1.91 crore equity shares worth Rs 1,667 crore. The net proceeds from the fresh issue shall be utilized towards repayment of debt, investments in select subsidiaries, settling up a new wiring harness manufacturing plant and general corporate purposes. Incorporated in April 1998, Pune-based Dhoot Transmission is one of India's leading electrical and electronics companies engaged in the design, engineering, manufacturing, and supply of wiring harnesses and electrical distribution systems for automotive and non-automotive applications. It offers a diversified product portfolio. Ahead of its IPO, Dhoot Transmission raised Rs 918.27 crore from 72 anchor investors as it allocated 1,05,42,657 equity shares for Rs 871 apiece. Its anchor book included names like SBI MF, ISIF Equity Long-Short Fund, ICICI Prudential AMC, Bandhan MF, HDFC MF, Axis MF, Abu Dhabi Investment Authority, Mirae Asset MF, Nippon India MF, Pictet Indian Equities, Amundi, Franklin India and more. Dhoot Transmission reported a net profit of Rs 396.84 crore, with a revenue of Rs 4,563.70 crore for the financial year ended on March 31, 2026. The company clocked a net profit of Rs 353.89 crore with a revenue of Rs 3,472.24 crore for the financial year 2024-25. At the current valuations, Dhoot Transmission commands a market capitalization of close to Rs 17,816.14 crore. Dhoot Transmission has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors will get 35 per cent of the reservation in the issue. Last heard, the company was commanding a grey market premium of Rs 250-260 apeice, suggesting a listing pop of 29-30 per cent for the investors. Axis Capital, Jefferies India, Kotak Mahindra Capital, Nomura Financial Advisory (India), SBI Capital and 360 One WAM are the book running lead managers for Dhoot Transmission IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on August 17, Monday. Here's what a host of brokerage firms say about the IPO of Dhoot Transmission:ICICIDirect Research Rating: Subscribe Dhoot Transmission is a prominent, global Tier-I automotive component supplier. It comes across as a quality franchise with a long runway of growth and is a direct beneficiary of strong premiumisation and electrification trend domestically. The issue is valued at 45 times P/E & 4 times P/S on FY26, said ICICIDirect Research. "The valuation is justified given Dhoot's leadership in the 2W & 3W wiring harness market, increasing EV exposure, diversified product portfolio, long-standing OEM relationships and technology-led expansion strategy. We therefore assign a 'subscribe' rating to the issue," it added.Anand Rathi Share & Stock Brokers Rating: Subscribe for long-term Dhoot Transmission is well positioned to benefit from the structural growth in India’s automotive and EV ecosystem. It benefits from rising EV penetration, premiumisation, and higher wiring harness content. Its long-standing relationships with its top customers, reflect strong customer integration, engineering capabilities, and high switching costs, supporting revenue visibility, said Anand Rathi. "Capacity expansion at Hosur for wiring harnesses and Chakan for battery manufacturing is expected to further strengthen its capabilities and enable the company to capture emerging opportunities in EVs and automotive electronics. It is seeking a P/E of 44.9 times, making the issue appears to be fairly priced. We assign a 'subscribe for long term' rating for the issue," it adds.Choice Institutional Equities Rating: Subscribe Dhoot Transmission is India's clear leader in 2W and 3W wiring harnesses, with a 41.03 per cent combined market share in FY26 and close to 70 per cent share in the electric 2W and 3W segments, positioning it as the primary beneficiary of an addressable market, with the EV harness sub-segment alone growing at 33-35 per cent, said Choice Institutional Equities. "Dhoot has delivered a 28.6 per cent revenue CAGR and 34.3 per cent PAT CAGR over FY23-26, comfortably ahead of the peer average of 18.4 per cent and supported by a 4-year average RoCE of 27.4 per cent. The issue is valued at 44.9 times P/E, a 30 per cent discount to the peer average of 58.5 times, despite it delivering superior growth and the highest margin," it said with a 'subscribe' tag.Swastika Investmart Rating: Subscribe Dhoot Transmission has delivered a faster 3-year revenue CAGR compared to the legacy auto ancillary market growth rate of 12–15 per cent. A Top-2 player in 2W/3W wiring harnesses with a dominant position in the EV segment. It is well-positioned to benefit from rising EV penetration, premiumisation, and higher wiring harness content per vehicle, said Swastika Investmart. "High customer concentration and execution of expansion projects remain key monitorables. Investors can 'subscribe for long-term' growth potential and potential listing gains. However, the valuation is fairly priced, making disciplined position sizing advisable," it added.Marwadi Financial Services Rating: Subscribe We assign a 'subscribe' rating to this IPO, supported by Dhoot's leadership position in India's 2W and 3W wiring harness market, marquee customer base, and diversified business mix, said Marwadi Financial Services. "It is available at reasonable valuation considering the growth potential of the company," it adds.BP Equities Rating: Subscribe Dhoot Transmission IPO valued at a P/E multiple of 35.7 times based on FY26 diluted EPS of Rs. 24.4, said BP Equities. "Considering its market leadership, established customer relationships, strong growth prospects, healthy financial performance, and favourable long-term industry outlook, we believe the valuation is fair. We assign a 'subscribe' rating to the issue," it adds.Ventura Securities Rating: Subscribe Dhoot Transmission is a leading automotive electrical and electronics player, specialising in wiring harnesses, sensors and high-voltage systems. It is among the top two players in India’s 2W and 3W wiring harness market and has a strong presence in electric vehicles. It delivered strong growth in FY26, supported by higher wiring harness sales and rapid EV product expansion, said Ventura. "With a global manufacturing footprint and backward-integrated operations, Dhoot serves leading domestic and international OEMs. Dhoot is focusing on premiumisation, electrification, battery packs and advanced driver-assistance systems to drive higher content and sustain long-term growth," it added with a 'subscribe' rating.Equivision Rating: Subscribe Dhoot Transmission has maintained 13-year average relationships with its top five customers, supported by deep engineering integration and localization initiatives, ensuring revenue visibility and high switching costs, said Equivision Its capacity expansions in wiring harnesses and battery manufacturing are expected to strengthen its position in the growing EV and automotive electronics market. Backed by market leadership, strong OEM relationships, and capacity expansion, Dhoot is well positioned to capitalize on the long-term growth in India's automotive and EV ecosystem," it added with a 'subscribe' tag.Sushil Finance Rating: Subscribe Dhoot Transmission merits a Subscribe, anchored by category leadership and a clean electrification tailwind. With 70 per cent share in the fast-growing electric 2W/3W harness segment and 95 per cent of its product portfolio powertrain-agnostic, Dhoot is structurally positioned to ride India's 2W electrification curve without needing to defend a legacy ICE-only book, said Sushil Finance with 'subscribe' rating.Kunvarji Wealth Solutions Rating: Subscribe for long-term "We recommend to subscribe this with a medium to long term view. It is a leading manufacturer of automotive wiring harnesses and electrical & electronic components. It is well positioned to capitalize on India's growing automotive and EV market, supported by strong OEM relationships, a diversified product portfolio, and ongoing capacity expansion," said Kunvarji Wealth Solutions.