Dhoot Transmission Limited successfully procured ₹3,066.885 crore through an initial public offering (IPO) consisting of 35,218,047 equity shares. This offering included a fresh issue and an offer for sale, notably featuring shares from BC Asia Investments XV Limited, an affiliate of Bain Capital.
Renowned law firm Cyril Amarchand Mangaldas advised Dhoot Transmission on this significant IPO. The transaction’s execution was spearheaded by distinguished legal professionals including Manan Lahoty, Partner and Head of Capital Markets, along with Partners Abhiroop Lahiri and Amitpal Singh. They were supported by Senior Associate Dhawal Nirash and Associates Vatsala Parashar, Krishanu Paul, and Simran Sharma. Additionally, Rohan Roy, another Partner, along with Senior Associate Shefali Murthy and Associate Amartya Mukherjee, provided guidance on general corporate matters related to the IPO. Employment aspects were addressed by Partner Bharath Reddy, aided by Principal Associate Dipti Khatri.
On the other hand, Khaitan & Co played a pivotal role in advising the book running lead managers for the IPO, which included 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. The adept transaction team was led by Partners Subhayu Sen and Aayush Mohata, with significant contributions from Principal Associate Johann Valladares, Senior Associates Sarjana Das and Aayush Virani, and Associates Harshit Singh, Hrishi Kapadia, and Aryan Agarwal.
International legal counsel was provided by Latham & Watkins, who advised the book running lead managers on the global aspects of the transaction. The international legal team was headed by Partners Rajiv Gupta and Dominik Sklenar, with support from Counsel Esha Goel, Associate Kay Howe Lee, and Foreign Legal Consultants Neha Sahgal and Jayati Arora. Tax-related advice was imparted by Partner Enrique Rene de Vera, alongside Associates Sam Yang and Ethan Lee.
Dhoot Transmission stands as a prominent figure in India’s electrical and electronics sector, specializing in the design, engineering, manufacturing, and supply of critical wiring harnesses, switches, terminals, connectors, junction boxes, high-voltage interconnection systems, and data cables. The company is recognized as one of the top two players in the wiring harnesses sector for two-wheelers and three-wheelers within India. The IPO garnered substantial interest, being subscribed 74.21 times overall, with the Qualified Institutional Buyer (QIB) portion subscribed an impressive 212.92 times.
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