Bain Capital-backed Dhoot Transmission Secures SEBI Approval for Initial Public Offering

Auto components manufacturer Dhoot Transmission has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The company supplies wiring harnesses, automotive switches, electronic sensors, and battery packs to original equipment manufacturers. Its product applications span across two wheelers, three wheelers, passenger and commercial vehicles, off road vehicles, and domestic appliances.

Earlier in February, Autocar Professional had reported that the company had filed draft papers with SEBI under the confidential pre-filing route. With the clearance, the company can proceed with the subsequent steps for an IPO.

Private equity firm Bain Capital holds a 49 percent stake in the component manufacturer. According to a CRISIL Ratings report from May 2025, Dhoot Transmission recorded a consolidated revenue of Rs 2,653 crore for the 2024 financial year, scaling up from Rs 1,550 crore in FY22. In the domestic market, the company's client roster includes major automakers such as Bajaj Auto, TVS Motor Company, Honda Motorcycle and Scooter India, and Royal Enfield.

The regulatory clearance for Dhoot Transmission follows a broader trend of active capital market participation within the Indian auto components sector. Over the past three years, companies including ASK Automotive and Motherson Sumi Wiring India have listed on the exchanges. The upcoming initial public offering adds to a growing pipeline of manufacturing focused listings driven by investor interest in localization and electrification themes.