Dhoot Transmission IPO Day 2 LIVE: GMP at ₹250, Subscription Reaches 1.55x; Apply or Not?

Dhoot Transmission IPO entered its second day of bidding on Tuesday, August 11, with strong demand from non-institutional and retail investors. The ₹3,066.89 crore mainboard public issue will remain open until August 12, 2026.

According to the latest available grey-market tracker update, Dhoot Transmission IPO GMP stood at ₹250. This represents an indicative premium of approximately 28.70% over the upper price band of ₹871. Based on this GMP, the estimated listing price would be around ₹1,121 per share.

The overall issue was subscribed approximately 1.55 times by 12:01 PM. The latest category-level data available at 11:30 AM showed the retail portion subscribed 1.41 times, the non-institutional investor portion subscribed 3.01 times and the qualified institutional buyer portion subscribed 0.07 times.

These figures make the IPO an important primary-market event, but GMP and early subscription demand should not be treated as guarantees of listing gains.

What Is the Latest Dhoot Transmission IPO Day 2 Update?

The strongest demand on Day 2 has been from non-institutional investors. The NII subscription was 3.01 times and the retail demand was 1.41 times till 11.30 am. QIB participation was muted at 0.07 times during the morning session tho the institutional bids tend to pick up when the closing day nears. 

The overall subscription subsequently reached approximately 1.55 times. Investors should check the live BSE subscription data before making any decision because the numbers can change throughout the day.

How Much Is Dhoot Transmission IPO GMP Today?

Dhoot Transmission IPO GMP was reported at 250 on August 11, down from the earlier reported 259 level. The latest GMP indicates an estimated market value of ₹1,121 per share, at the higher issue price of ₹871. 

The calculation is:

₹871 upper price band + ₹250 GMP = ₹1,121 estimated listing price

The indicative premium is approximately:

(₹250 ÷ ₹871) × 100 = 28.70%

However, GMP operates in an unofficial and unregulated market. It can rise, fall or disappear before listing and should never be the sole reason for applying to an IPO.

What Is the Dhoot Transmission IPO Overview?

The offer comprises a fresh issue of ₹1,400 crore and an Offer for Sale of approximately ₹1,666.89 crore. The OFS component involves the sale of existing shares, meaning the company will not receive proceeds from that portion.

The equity shares are proposed to be listed on both the BSE and NSE. KFin Technologies Limited is the registrar, while Axis Capital, Jefferies India, Kotak Mahindra Capital, Nomura Financial Advisory and Securities, SBI Capital Markets and 360 ONE WAM are the book-running lead managers.

Who Is Dhoot Transmission Limited?

Dhoot Transmission is an automotive electrical and electronics component manufacturer established in 1998. Its product portfolio includes wiring harnesses, battery packs, automotive switches, sensors, electronic controllers, connectors and other electrical distribution products.

The company supplies components to established automotive manufacturers such as Bajaj Auto, TVS Motor Company, Honda Motorcycle and Scooter India and Royal Enfield.

According to the company’s Red Herring Prospectus, it operated 22 manufacturing plants in FY26. It was also ranked among India’s top two manufacturers of wiring harnesses for two-wheelers and three-wheelers and held close to a 70% share of the electric two-wheeler and three-wheeler wiring-harness segment in FY26.

How Strong Are Dhoot Transmission’s Financials?

Dhoot Transmission reported revenue from operations of ₹4,524.96 crore in FY26, compared with ₹3,444.86 crore in FY25. This represents year-on-year growth of 31.35%.

Profit After Tax at ₹396.84 crore in FY 26 from ₹353.89 crore in FY 25 indicates an approximate increase of 12.14%.

While revenue and profit growth is notable, profitability ratios reflect cause for concern. The EBITDA margin has contracted from 17.15% in FY 25 to 15.71% in FY 26. PAT margin has also contracted from 10.19% in FY 25 to 8.70% in FY 26. Return on capital employed contracted from 29.66% in FY 25 to 19.14% in FY 26.

In FY 26, EV related Products accounted for 24.17% of revenue from operations as against 25.22% in FY 25, which was still significantly higher than the 16.19% recorded in FY 24.

The EV business is clearly still relevant, but both growth

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How Will Dhoot Transmission Use the IPO Proceeds?

According to the SEBI-filed RHP, approximately ₹464.80 crore from the fresh issue is proposed to be used for repaying or prepaying certain company borrowings.

Another ₹301.77 crore is proposed to be invested in selected subsidiaries for debt repayment. The company also plans to use ₹150 crore to establish new wiring-harness manufacturing facilities in Jhajjar, Haryana, and Shoolagiri near Hosur, Tamil Nadu.

These remaining proceeds are likely to fund potential acquisitions and other general corporate needs. Cutting debt could improve the balance sheet, while the new plants might enable extra capacity. Still, the impact will hinge on timely execution and future demand.

Why Are Brokerages Positive About the IPO?

Several brokerages have assigned “Subscribe,” “Subscribe for Long Term” or “Apply” ratings to the issue.

The positive view is supported by Dhoot Transmission’s position in the wiring-harness market, long-standing relationships with automotive OEMs, expansion into EV components and strong revenue growth.

The company’s top five customers have maintained relationships with it for an average of around 13 years. Its product portfolio also extends beyond conventional wiring harnesses to battery packs, sensors, controllers and switches.

However, brokerage coverage has also described the valuation as fairly priced rather than inexpensive. Therefore, the company’s growth prospects may already be partly reflected in the IPO price.

What Are the Major Risks in Dhoot Transmission IPO?

Customer concentration is one of the biggest risks. Bajaj Auto contributed 31.84% of Dhoot Transmission’s FY26 revenue from operations. The company’s top five customers collectively contributed 71.56%, while the top ten accounted for 80.93%.

Business concentration is another concern. Approximately 65.47% of FY26 revenue came from India’s two-wheeler automotive segment, while wiring harnesses contributed 77.08% of total revenue from operations.

The company is therefore exposed to changes in two-wheeler demand, OEM production schedules, raw-material prices, technological shifts and pricing pressure from major customers.

Margins have also weakened despite strong revenue growth. In addition, the proposed manufacturing expansion brings execution, cost and capacity-utilisation risks.

Which Investors May Consider Applying?

Considering the current data, the IPO may be suitable for long-term investors who understand the automotive component industry and are comfortable with customer concentration and execution risks.

The company provides a backing of customer relationships with established OEMs, a leading position in the wiring harness segment and an opportunity in the growing segment of vehicle electrification. This provides a backing to the company’s long-term view.

Investors who aim to realize short-term gains on the listing should not expect too much from the ₹250 GMP. Grey-market trends keep changing, and the listing price will depend on the final market ordered by institutions and determined by the overall sentiment.

The equitable view is that Dhoot Transmission IPO can be considered for long-term investment after evaluating both risk and the valuation. It should not be viewed as a certain listing profit opportunity.

When Will Dhoot Transmission IPO Allotment and Listing Take Place?

The IPO is scheduled to close on August 12, 2026. The basis of allotment is expected to be finalised on August 13.

Refunds and the credit of allotted shares to demat accounts are expected around August 14. Dhoot Transmission shares are tentatively scheduled to list on the BSE and NSE on August 17, 2026.

These dates are tentative and may change following exchange or registrar updates.

What Should Investors Do Before Applying?

Investors should read the official RHP, examine the company’s customer concentration, compare its valuation with listed automotive-component companies and review the final subscription figures.

The GMP should be treated only as a sentiment indicator. A decision should be based on business quality, financial performance, valuation, risk factors and personal investment objectives.

ICFM encourages investors and market learners to understand IPO analysis, financial statements and valuation concepts before making market-related decisions. Knowledge of these factors can help investors evaluate public issues more systematically instead of depending solely on market excitement.

What Is Dhoot Transmission IPO GMP Today?

According to the latest info on August 11, 2026, Dhoot Transmission IPO GMP was around ₹250. This implied an estimated premium of around 28.70% from the upper price band, however, that number was unconfirmed and could still shift.

How Many Times Has Dhoot Transmission IPO Been Subscribed?

The IPO was subscribed approximately 1.55 times overall by 12:01 PM on Day 2. At 11:30 AM, retail subscription stood at 1.41 times, NII subscription at 3.01 times and QIB subscription at 0.07 times.

What Is the Minimum Investment in Dhoot Transmission IPO?

The minimum application is one lot of 17 shares. At the upper price band of ₹871, one lot requires an investment of ₹14,807.

When Will Dhoot Transmission Shares List?

The tentative listing date is August 17, 2026. The shares are proposed to list on both the BSE and NSE.

Should Investors Apply for Dhoot Transmission IPO?

Brokerages have generally issued positive ratings, but the IPO is more suitable for investors who understand its valuation, customer concentration and industry risks. Investors should not apply solely because of the GMP or expectations of listing gains.

Source note: This article is based on the Dhoot Transmission RHP filed with SEBI, exchange-linked subscription data, the company’s IPO disclosures and publicly reported brokerage assessments.

Disclaimer: This article is published for educational and informational purposes only. It does not constitute investment advice, an offer or a recommendation to buy or sell securities. IPO investments are subject to market risks. Readers should review official documents and consult a SEBI-registered investment adviser before making an investment decision.

Frequently Asked Questions About Dhoot Transmission IPO

What is Dhoot Transmission IPO GMP today?

The GMP for the Dhoot Transmission IPO on 11 August 2026 was around ₹250. This puts the estimated listing price at ₹1,121, which is over the upper issue price of ₹871. GMP is unofficial and doesn't guarantee the actual listing price.

How many times has Dhoot Transmission IPO been subscribed?

Dhoot Transmission IPO was subscribed approximately 1.55 times overall by 12:01 PM on Day 2. At 11:30 AM, the retail category was subscribed 1.41 times, the NII category 3.01 times and the QIB category 0.07 times.

What is the Dhoot Transmission IPO price band?

The price band has been fixed at ₹829 to ₹871 per equity share. Investors can submit bids within this range during the subscription period.

What is the minimum investment for Dhoot Transmission IPO?

The minimum lot size is 17 shares. An application for one lot at the upper price band of ₹871 requires an investment of ₹14,807.

When will Dhoot Transmission IPO close?

Dhoot Transmission IPO will close for public subscription on August 12, 2026. Investors should confirm the applicable UPI mandate and application deadlines with their broker.

When is the Dhoot Transmission IPO allotment date?

The tentative allotment date is August 13, 2026. Applicants can check their allotment status through KFin Technologies after the basis of allotment is finalised.

When will Dhoot Transmission shares list?

Dhoot Transmission shares are tentatively scheduled to list on the BSE and NSE on August 17, 2026. The listing date may change if the official IPO schedule is revised.

Is Dhoot Transmission IPO GMP an official figure?

No. GMP is obtained from an unofficial and unregulated grey market. It only reflects prevailing market sentiment and should not be considered a guaranteed indicator of listing gains.

Should investors apply for Dhoot Transmission IPO?

Brokerages have generally issued positive or long-term subscription ratings. However, investors should evaluate the company’s valuation, declining margins, customer concentration and expansion risks before applying. The decision should not be based only on GMP.

Who is the registrar of Dhoot Transmission IPO?

KFin Technologies Limited is the official registrar. It will handle allotment processing, refunds and allotment-status services for IPO applicants.