Dhoot Transmission Limited’s IPO to Open on Monday, August 10, 2026

Price Band fixed at ₹ 829 per equity share of face value ₹2 each to ₹871 per equity share of the face value of ₹2 each (“Equity Shares”) of Dhoot Transmission Limited (the “Company”)

Anchor Investor Bidding Date – Friday, August 07, 2026

Bid /Offer Opening Date – Monday, August 10, 2026, and Bid/ Offer Closing Date – Wednesday, August 12, 2026

Bids can be made for a minimum of 17 Equity Shares of face value Rs 2 each and in multiples of 17 Equity Shares thereafter

Red Herring Prospectus (“RHP”) link:RHP Document

Dhoot Transmission Limited (the “Company”) proposes to open the initial public offering (“Offer”) of its equity shares of face value ₹2 each (“Equity Shares”) on Monday, August 10, 2026. The Anchor Investor Bidding Date is a Working Day prior to Bid/Offer Opening Date, being Friday, August 07, 2026. The Bid/Offer Closing Date is Wednesday, August 12, 2026.

The Price Band of the Offer has been fixed from ₹ 829 per Equity Share of face value ₹2 each to ₹ 871 per Equity Share of face value of ₹2 each. Bids can be made for a minimum of 17 Equity Shares of face value ₹2 each and multiples of 17 Equity Shares of face value ₹2 each thereafter. The Floor price and the Cap Price are 414.50 times and 435.50 times the face value of the equity shares, respectively. The Price to Earnings ratio (“P/E”) based on diluted EPS for Fiscal 2026 for our company at the lower end of the price band (i.e. floor price) is 33.98 times and at the upper end of the price band (i.e. cap price) is 35.70 times as compared to the average industry peer group P/E Ratio of 55.31 times. A discount of ₹80 per equity share is being offered to eligible employees bidding in the employee reservation portion. The weighted average return on net worth for last three fiscal years is 27.06%.

The Offer comprises a fresh issue of Equity Shares aggregating up to ₹1400 Crores (the “Fresh Issue”) and an Offer for Sale of up to 1,91,37,602 Equity Shares by certain existing shareholders including up to 16,018,769 Equity Shares of face value ₹2 each by BC Asia Investments XV Limited (“Promoter Selling Shareholder”) and up to 3,118,833 Equity Shares of face value ₹ 2 each by Mangalam Capital Private Limited (formerly known as Mangalam Coils Private Limited) (“Promoter Group Selling Shareholder”, together with Promoter Selling Shareholder, the “Selling Shareholders”).

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (“QIB Portion”), provided that our Company, in consultation with the Book Running Lead Managers may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which 33.33% shall be reserved for domestic Mutual Funds and 6.67% shall be reserved for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (“Net QIB Portion”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds, subject to valid Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to all QIBs.

Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. One-third of the Non-Institutional Portion shall be available for allocation to Non-institutional Bidders with a Bid size of more than ₹0.20 million and up to ₹1.00 million and two-thirds of the Non-Institutional Portion shall be available for allocation to Non-Institutional Bidders with a Bid size of more than ₹1.00 million provided that under-subscription in either of these two sub-categories of the Non-Institutional Portion may be allocated to Non-Institutional Bidders in the other sub-category of Non-Institutional Portion in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.

Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees Bidding in the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All potential Bidders (except Anchor Investors) are mandatorily required to participate in the Offer through the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID in case of UPI Bidders, as applicable, pursuant to which their corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Banks under the UPI Mechanism, as the case may be, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process.

The Equity Shares are proposed to be listed on BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). For the Offer, NSE shall be the Designated Stock Exchange.

Axis Capital Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited and 360 ONE WAM Limited are the Book Running Lead Managers.

Disclaimer

DHOOT TRANSMISSION LIMITED, is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP dated August 3,2026 with the RoC. The RHP and Abridged Prospectus shall be available on the website of SEBI at www.sebi.gov.in, as well as on the websites of the Stock Exchanges i.e. BSE and NSE, respectively, on the website of the Company at www.dhoottransmission.com and on the websites of the BRLMs, i.e. Axis Capital Limited, Jefferies, Kotak Mahindra Capital, Nomura, SBI Capital Markets and 360 ONE WAM Limited.

Any potential Bidders should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” on page 24 of the RHP. Potential Bidders should not rely on the UDRHP-I filed with SEBI and the Stock Exchanges for making any investment decision and should instead rely on the RHP, when filed, for making an investment decision.

The Equity Shares offered in the Offer have not been and

Bain Capital-Backed Dhoot Transmission Partners Israel’s RideVision to Localize ADAS, Drive India’s Intelligent Mobility Future

• Partnership aims to strengthen Dhoot’s advanced electronics capabilities, expand its presence in intelligent mobility solutions, and accelerate localization of ADAS technologies for India

Dhoot Transmission Limited (“Dhoot Transmission” or “Dhoot”) has entered a partnership with Israel-based company RideVision (RV) for Advanced Driver Assistance Systems (ADAS) solutions, marking a milestone in the company’s journey toward Advanced Technology and Automotive Electronics Solutions.

This partnership represents Dhoot’s entry into intelligent mobility and safety technologies, aiming to further strengthen and complement its existing electronics portfolio while reflecting Dhoot Transmission’s long-term vision of expanding into next-generation automotive electronics and creating innovative solutions for safer and smarter transportation.

The collaboration aims to bring globally proven ADAS technologies to India, tailored for Indian road conditions and mobility requirements.

Speaking on the occasion, Mr. Naveen Kumar, CEO – India (Wiring Harness and Electronics) of Dhoot Transmission said “We believe this is the right time to bring intelligent safety technologies to India. Our partnership with RideVision combines global ADAS expertise with our deep understanding of the Indian market to develop solutions specifically engineered for Indian road and operating conditions. Together, we aim to make mobility in India safer, smarter, and future-ready.”

Mr. Uri Lavi, Founder and CEO - RideVision, said “India stands at the precipice of a fascinating new era of smart mobility—one that will have a profound, measurable impact on saving lives every single day. Through this collaboration with our partner Dhoot Transmission, we are bringing advanced ADAS capabilities directly to the heart of the Indian market. By localizing this cutting-edge technology, we aim to democratize life-saving safety solutions for all.”

The partnership is expected to focus on localization, technology integration, and development of intelligent safety solutions designed specifically for India’s evolving mobility ecosystem.

Additionally, as part of the initiative to strengthen and expand the electronics product business, Dhoot Transmission, through one of its subsidiaries, Dhoot Automotive Systems Private Limited, has recently entered into a business transfer agreement with Bangalore-based Multilink, aiming to enhance Dhoot Transmission’s capabilities and position it for future growth in advanced technology and electronics solutions.

About Dhoot Transmission Limited

Dhoot Transmission is one of India’s leading electrical and electronics (“E&E”) companies. The company designs, engineers, manufactures, and supplies critical wiring harnesses that integrate electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems, and data cables, delivering application-specific architectures across platforms.

Dhoot serves both automotive and non-automotive applications, supporting stringent performance, safety, and reliability requirements for OEMs. In line with the industry’s shift in powertrain technologies, the company caters to the full spectrum of powertrain architectures across customer segments and end markets.

Dhoot manufactures wiring harnesses and electrical distribution systems for both internal combustion engine (“ICE”) vehicles and electric vehicles (“EVs”). Its offerings also include battery packs, switches, sensors (such as ABS sensors and lean angle sensors), controllers (such as USB chargers and light control modules), and power supply cords.

As of December 31, 2025, the company operates 22 manufacturing facilities in India and internationally, located in key original equipment manufacturer (“OEM”) hubs.

About RideVision Israel

Ride Vision is the global market leader in Advanced Rider Assistance Systems (ADAS) and AI-driven collision avoidance technology. Trusted by riders, OEMs, and industry partners worldwide, Ride Vision’s patented technology is uniquely engineered around real rider behaviour and motorcycle dynamics, transforming two-wheelers into smart, highly aware connected vehicles.

Ride Vision’s patented technology leverages edge AI, predictive analytics, machine learning, and intelligent event fusion to enhance rider safety, improve situational awareness, provide collision alerts, and detect risky riding patterns.

Bain Capital-Backed Dhoot Transmission Merges Subsidiary with FourFront to Scale Automotive Electronics

Dhoot Transmission Limited (“Company”), one of India’s leading electrical and electronic companies, today announced a partnership, pursuant to which FourFront Limited (“FourFront”), a Tier-1 supplier of customized electro-mechanical and electronic solutions to Original Equipment Manufacturers (“OEMs”), headquartered in Pune, will merge with one of the Company’s subsidiaries.

FourFront will become part of Dhoot Transmission’s automotive electronics and electrical platform, enabling the Company and its team to continue serving its existing customer base while moving towards the next phase of growth. The combined platform brings together complementary product capabilities, manufacturing depth, and long-standing OEM relationships to support the increasing electronics content and electrification requirements of the automotive industry.

FourFront is a trusted supplier to leading Passenger Vehicle (“PV”) and Commercial Vehicle (“CV”) OEMs in India, with a strong portfolio spanning electromechanical switches, power electronics products and electric vehicle (“EV”) products. With the rapid evolution of vehicle architectures and rising adoption of electric vehicles, FourFront is well poised to benefit from EV tailwinds, supported by its capabilities in power electronics, engineering depth, and focus on quality and reliability.

The merger represents an important step in the Company’s journey to build a scaled, integrated automotive electronics and electrical platform, offering end-to-end solutions to OEM customers across conventional and electric vehicle programs.

Bain Capital will continue to support Dhoot Transmissions and FourFront through its global automotive experience and value-creation capabilities, as it scales its automotive electronics and electrical platform and pursues its next phase of growth. This support is expected to further strengthen the combined platform’s ability to deepen OEM partnerships, expand product offerings, and drive operational excellence in line with evolving customer requirements.

Commenting on the transaction, Rahul Dhoot, Managing Director, Dhoot Transmission Group, said, “This partnership is closely aligned with our strategy of building a differentiated automotive platform with strong capabilities in electronics and electrical systems. FourFront has developed trusted relationships with OEM customers and built meaningful expertise in power electronics. As part of the Dhoot platform, FourFront and its team will be well positioned to continue delivering the same level of quality and service levels to customers while benefiting from our scale, manufacturing depth, and long-term investment approach.”

Saahil Bhatia, Partner at Bain Capital, said, “India continues to be an economy with a strong long-term growth trajectory, supported by favourable demographics, rising domestic consumption, and sustained investment in manufacturing and infrastructure. Against this backdrop, we see a compelling opportunity to support platforms like Dhoot, and now FourFront, as they scale capabilities, deepen OEM partnerships, and build high-quality automotive solutions aligned with evolving technologies such as ADAS and increasing electronics content across vehicle segments.”

“Over the last 15+ years, FourFront has built very a strong foundation and is recognized for innovative solutions, superior design capabilities, and responsiveness towards customer demands,” said Shrikant Neurgaonkar, Chairperson and Managing Director at FourFront. “The partnership with Dhoot Transmission and Bain Capital will put us in a strong position to further enhance our product offerings and continue to invest in manufacturing facilities, R&D and people for the next phase of growth. We’re very excited to partner with Dhoot Transmission to create an electronics platform focused on technical and operational excellence.”

The partnership is expected to support growth by enabling broader product offerings, deeper customer engagement, and operational efficiencies through a shared manufacturing and supply-chain ecosystem. It also strengthens the Company’s presence across PV and CV segments, aligned with long-term industry trends, including electrification and increasing electronics penetration.

KPMG and PwC served as financial advisors, and Trilegal served as legal advisors to Dhoot Transmission. KPMG Corporate Finance and Desai & Diwanji served as advisors to FourFront

Dhoot Transmission is one of India’s leading electrical and electronics companies. They are engaged in design, engineering, manufacturing and supply of critical wiring harnesses, electronic sensors and controllers, switches, other electronic products, delivering robust, application-specific architectures across platforms. The company has a significant presence in the automotive industry, supplying to major OEMs, and has recently expanded into the EV sector. The company has 20+ manufacturing facilities globally.

Incorporated in 2007, FourFront Limited is a Tier 1 supplier of customized electro-mechanical and electronic solutions to leading OEMs in the automotive industry, with a strategic focus on the EV segment. They are engaged in the designing and manufacturing of electromechanical and power electronics products, primarily serving the automotive industry.

Bain Capital Secures $136 Mn Loan to Finance Its Minority Stake in Dhoot Transmission

Bain Capital has secured a $136 million loan to finance its acquisition of a minority stake in Dhoot Transmission Group, an Indian automotive parts manufacturer reported Business Standard. The loan is structured as a five-year facility, split into a $111 million term loan and a $25 million revolving credit facility.

DBS Group Holdings and HSBC Holdings, are managing the deal. The borrowing is being syndicated to a limited number of lenders.

Bain Capital aims to leverage its global automotive expertise to support Dhoot Transmission's growth and expansion.

Dhoot Transmission, founded in 1999 by Rahul Dhoot, specializes in electronic sensors, controllers, power cords, and automotive cables. Bain Capital's investment aligns with its broader strategy of expanding its presence in India's auto components sector.

This move could be particularly interesting to India’s precision manufacturing sector as it strengthens India’s position as a global hub for automotive electronics and wiring harnesses, and encourages foreign investments in precision manufacturing.

Dhoot Transmission’s role in automotive electronics might have implications for EV supply chains and advanced manufacturing.

Dhoot Transmission’s expertise in electronic sensors and controllers could support EV manufacturers. Bain’s backing may help scale production for electric vehicle components.

Dhoot Transmission is headquartered in Aurangabad, Maharashtra and operates 23 manufacturing facilities across India, UK, Slovakia, Thailand, Japan, and South Korea. In Acquired TFC Cables (Scotland), Parkinson Harness (UK), and San Electromec (India) to expand its footprint.