• IPO proceeds deployment: Dhoot Transmission is raising over Rs 3,000 crore at a price band of Rs 829 to Rs 871 per share to repay its entire Rs 850 crore debt and fund future growth, following a Rs 421 crore cash acquisition in South India.
• Growth and margins: Management expects annual revenue growth of 27% to 28% to sustain, with EBITDA margins normalizing to a sustainable 15% to 16% range following an FY24 peak of 18.3% driven by temporary cost tailwinds.
• Three-year revenue mix: Over the next three years, EV revenue is projected to rise from about 25% to 35% and international sales from under 10% to 15%, while non-wiring harness products are targeted to expand to 31% of total revenue.
• Bain Capital divestment: Retaining an over 40% stake after the offer for sale, Bain Capital plans a gradual full exit over the next five to seven years as relationships with anchor investors mature.