Shardul Amarchand Mangaldas & Co. (SAM) acted as legal counsel to Bain Capital (BC Asia Investments XV Limited), the Corporate Promoter Selling Shareholder, as to Indian law, in connection with the initial public offering (IPO) of Dhoot Transmission Limited (Dhoot), one of India’s leading electrical and electronics companies.
The IPO comprised an issue of equity shares aggregating to approximately ₹30,668.85 million (US$321 million), including a fresh issue of approximately ₹14,000 million and an offer for sale of approximately ₹16,668.85 million by the Selling Shareholders including Bain Capital and Mangalam Capital Private Limited. The equity shares were listed on BSE Limited and the National Stock Exchange of India Limited on 17 August 2026.
The IPO was oversubscribed 74.21 times overall and the equity shares listed at a premium of approximately 38% over the IPO price.
Dhoot is amongst the top two players in wiring harnesses for two-wheelers and three-wheelers in India, with a 41% market share by value. It is also a leader in the electric two-wheeler and three-wheeler segment, with a market share of close to 70% in Fiscal 2026.
The SAM transaction team was led by Nikhil Naredi, Partner, and comprised Manjari Tyagi, Partner; Jheel Bhargava, Senior Associate; and Bhumika Panigrahi, Associate.
