●
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: https://www.axiscapital.co.in/contents/Dhoot%20Transmission%20Limited-RHP-1785816054.pdf
Mumbai : 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.