Bain-Backed Dhoot Transmission appoints banks for $250 million IPO

More than $10 billion has been raised in Indian IPOs so far this year, a 16% increase from the same period in 2024, according to data compiled by Bloomberg

Dhoot Transmission Ltd. has appointed four banks to arrange its initial public offering in Mumbai, according to people familiar with the matter.

The Bain Capital-backed automotive-parts maker is working with Axis Bank Ltd., Kotak Mahindra Bank Ltd. and the Indian units of Jefferies Financial Group Inc. and Nomura Holdings Inc. on the share sale, the people said, asking not to be identified because the information is private.

The IPO, which is expected to raise about $250 million and take place next year, is likely to include a fresh issue of shares and secondary sales by existing investors at a valuation of as much as $1.5 billion, the people said. Discussions are ongoing and details such as size, timing and valuation may change.

A spokesperson for Axis declined to comment, while Dhoot, Bain and the other banks didn’t respond to requests for comment.

Bain has a 49% stake in Dhoot after investing in the firm in January. Founded in 1999, Dhoot is based in Maharashtra and makes products such as electronic sensors, automotive switches, cords and cables for a wide range of vehicles and appliances, its website shows. In addition to India, the company has manufacturing plants in the UK, Slovakia, Thailand, Japan and South Korea.

More than $10 billion has been raised in Indian IPOs so far this year, a 16% increase from the same period in 2024, according to data compiled by Bloomberg. The biggest were by HDB Financial Services Ltd. and Hexaware Technologies Ltd., which both raised more than $1 billion.