Cyril Amarchand Mangaldas (CAM), Khaitan & Co and Latham and Watkins advised on Dhoot Transmission’s INR30.6 billion (USD322 million) IPO in India.
CAM advised Bain Capital-controlled Dhoot Transmission, a global manufacturer of integrated electrical and electronic systems. Dhoot debuted on the BSE and NSE on 17 August 2026.
“The Dhoot IPO speaks volumes of what high-quality Indian manufacturing can achieve when led by a promoter as strong and resilient as Rahul Dhoot and combined with experienced senior management and a private equity powerhouse like Bain Capital,” Manan Lahoty, lead partner for CAM, told India Business Law Journal.
“The markets have loudly vindicated this unique success story. While the deal involved complex nuances, a well-coordinated and aligned deal team, particularly from Dhoot and Bain Capital made the journey almost a breeze.”
The offer comprised a fresh issue of 16,080,445 shares aggregating to INR14 billion and the sale of 19,137,602 in existing stock valued at INR16.6 billion. The offer was subscribed 74.21 times, while the qualified institutional buyer portion was subscribed 212.92 times.
“Diligence on the issuer’s large manufacturing operations and capital expansion plans was extensive and layered. The deal involved nuanced discussions on various matters, including cap table structuring and the use of proceeds,” said Lahoty.
Lahoty, partner and head of capital markets, led the transaction team along with partners Abhiroop Lahiri and Amitpal Singh, senior associate Dhawal Nirash, and associates Vatsala Parashar, Krishanu Paul and Simran Sharma.
CAM’s corporate and capital markets, and employment teams provided support.
Khaitan & Co counselled the bookrunning lead managers (BRLMs), comprising Axis Capital, Jefferies India, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India), SBI Capital Markets and 360 ONE WAM.
The Khaitan team comprised partners Subhayu Sen and Aayush Mohata, principal associate Johann Valladares, senior associates Sarjana Das and Aayush Virani, and associates Harshit Singh, Hrishi Kapadia and Aryan Agarwal.
Latham & Watkins acted as the sole international counsel to the BRLMs. Partners Rajiv Gupta in Singapore and Dominik Sklenar in Hong Kong led the team. Team members comprised Singapore counsel Esha Goel, associate Kay Howe Lee, and foreign legal consultants Neha Sahgal and Jayati Arora. Chicago partner Enrique Rene de Vera, with associates Sam Yang and Ethan Lee, advised on tax matters.
Dhoot Transmission’s integrated electrical and electronic systems are used in the automotive, electric vehicle, industrial equipment, agricultural, marine, railway, medical device and consumer sectors.
Bain Capital is a global private investment firm that partners with businesses and management teams to unlock opportunities, drive growth, and create exceptional outcomes.
