The Dhoot Transmission IPO legal teams comprised four law firms — Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co, Khaitan & Co, and Latham & Watkins — advising different parties on one of India’s most closely watched mainboard listings of 2026. The Dhoot Transmission IPO was a ₹3,066.89 crore book-building issue, comprising a fresh issue aggregating to ₹1,400.00 crore and an offer for sale aggregating to approximately ₹1,666.89 crore. The Offer was subscribed 74.21 times and the QIB portion was subscribed 212.92 times.
Introduction
Cyril Amarchand Mangaldas advised Dhoot Transmission Limited, a Bain-controlled entity, as the Indian legal counsel to the company in its initial public offering of 35,218,047 equity shares aggregating to ₹30,668.85 million. Shardul Amarchand Mangaldas & Co acted as legal counsel to Bain Capital (BC Asia Investments XV Limited), the Corporate Promoter Selling Shareholder, in connection with the IPO, which included 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.
Deal Value
The Dhoot Transmission IPO was a ₹3,066.89 crore book-building issue, comprising a fresh issue of ₹1,400.00 crore and an offer for sale of approximately ₹1,666.89 crore. The issue was priced at ₹871 per share. The IPO was oversubscribed 74.21 times overall, and the equity shares listed at a premium of approximately 38% over the IPO price.
Legal Teams Involved
Cyril Amarchand Mangaldas — Advised Dhoot Transmission Limited (Issuer)
Capital markets team:
- Manan Lahoty — Partner, Head – Capital Markets
- Abhiroop Lahiri — Partner
- Amitpal Singh — Partner
- Dhawal Nirash — Senior Associate
- Vatsala Parashar — Associate
- Krishanu Paul — Associate
- Simran Sharma — Associate
General corporate aspects:
- Rohan Roy — Partner
- Shefali Murthy — Senior Associate
- Amartya Mukherjee — Associate
Employment aspects:
- Bharath Reddy — Partner
- Dipti Khatri — Principal Associate
Shardul Amarchand Mangaldas & Co — Advised BC Asia Investments XV Limited (Bain Capital), Promoter Selling Shareholder
- Nikhil Naredi — Partner
- Manjari Tyagi — Partner
- Jheel Bhargava — Senior Associate
- Bhumika Panigrahi — Associate
Khaitan & Co — Advised the Book Running Lead Managers
Advised 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.
- Subhayu Sen — Partner
- Aayush Mohata — Partner
- Johann Valladares — Principal Associate
- Sarjana Das — Senior Associate
- Aayush Virani — Senior Associate
- Harshit Singh — Associate
- Hrishi Kapadia — Associate
- Aryan Agarwal — Associate
Latham & Watkins — International Legal Counsel to the BRLMs
Capital markets team:
- Rajiv Gupta — Partner
- Dominik Sklenar — Partner
- Esha Goel — Counsel
- Kay Howe Lee — Associate
- Neha Sahgal — Foreign Legal Consultant
- Jayati Arora — Foreign Legal Consultant
Tax matters:
- Enrique Rene de Vera — Partner
- Sam Yang — Associate
- Ethan Lee — Associate
Significance and Impact
Dhoot Transmission is one of India’s leading electrical and electronics companies that designs, engineers, manufactures and supplies critical wiring harnesses, switches, terminals, connectors, junction boxes, high-voltage interconnection systems and data cables, and is amongst the top two players in the wiring harnesses for two-wheelers and three-wheelers in India. The company 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 transaction is notable for its four-firm legal architecture, spanning Indian domestic counsel on both the issuer and promoter-selling-shareholder sides, dedicated BRLM counsel, and a separate international counsel mandate — a structure increasingly common in large-cap Indian IPOs with significant PE participation. The exceptional institutional response, with the QIB portion subscribed 212.92 times, underscores strong investor confidence in the offering. For a detailed view of deal activity and league table rankings, see the Deal Meter.
The Dhoot Transmission IPO opened for bidding on 10 August 2026, closed on 12 August 2026, with allotment finalised on 13 August 2026, and shares listed on both NSE and BSE on 17 August 2026. The transaction reinforces the prominence of India’s top-tier capital markets practices and marks a significant Bain Capital exit event in the Indian public markets. Further details on individual counsel mandates were not disclosed beyond what appears above.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
