Bain Capital-backed Dhoot Transmission's $321 million initial public offering was fully subscribed on the second day of bidding on Tuesday, led by non-institutional and retail investors, as the auto components maker bets on India's shift to electric vehicles to drive growth.
The Chhatrapati Sambhajinagar, Maharashtra-based company received bids for 24.97 million shares as of 1040 am IST, against 24.96 million shares on offer, exchange data showed.
Non-institutional investors bid for 10.93 million shares, 2.03 times the number of shares set aside for them; retail investors subscribed 1.07 times, while the institutional portion was 6% subscribed.
Dhoot Transmission raised Rs 9.18 billion ($96.22 million) from 72 anchor investors, including BlackRock and Abu Dhabi Investment Authority, ahead of the IPO.
The Rs 30.67 billion IPO comprises a fresh issue of shares worth Rs 14 billion and an offer-for-sale of up to 19.14 million shares by Bain Capital's BC Asia Investments XV and Mangalam Capital.
The company expects India's shift to EVs to be its biggest growth driver as these vehicles require greater wiring-harness content than internal combustion engine vehicles, CFO Nitin Kalani told Reuters last week.
The company is expanding its EV-focused product portfolio beyond wiring harnesses to include battery assemblies, on-board chargers, DC-DC converters and charging guns. Its non-harness portfolio currently accounts for 23% of revenue, up from about 18% in fiscal 2024.
Dhoot, which makes wiring harnesses for automotive and industrial applications, gets about a third of its revenue from Bajaj Auto, India's biggest two-wheeler exporter.
Dhoot's revenue stood at Rs 45.3 billion in fiscal 2026. The company expects annual margins to remain at 15%-16%, broadly in line with current levels.
The IPO has a price band of Rs 829 to Rs 871 rupees per share and will close for subscription on August 12. Shares are expected to begin trading on August 17.
