IPO-bound Dhoot Transmission expects India’s shift to electric vehicles to drive growth as the auto components maker ​expands its product portfolio and ties with automakers, a ‌top executive said.

Chhatrapati Sambhajinagar-based Dhoot Transmission makes wiring harnesses for automotive and industrial applications. Bajaj Auto , India’s biggest two-wheeler exporter, accounted for about a third ​of its annual revenue of 45.3 billion rupees in fiscal year ​2026.

“Electrification will be the biggest growth driver for us, ⁠with premiumization following close behind,” Nitin Kalani, chief financial officer ​at Dhoot Transmission, said in an interview ahead of the company’s $322.21 ​million initial public offering.

The Bain Capital-backed firm’s IPO, which includes the sale of fresh shares worth 14 billion-rupee, opens on Aug. 10 and closes on Aug. 12, ​with trading likely to begin on Aug. 17.

India’s EV transition is ​being led by two- and three-wheelers, as lower vehicle prices and shorter urban ‌journeys ⁠make electrification more viable in those segments.

Dhoot Transmission expects to benefit from the greater wiring-harness content in EVs compared with internal combustion engine vehicles.

Beyond harnesses, the company is building an EV-focused product ​portfolio that includes ​battery assemblies, onboard ⁠chargers, DC-DC converters and charging guns.

The shift is also reflected in Dhoot’s non-harness portfolio, which rose ​to 23% of revenue currently from about 18% ​in fiscal ⁠2024.

Dhoot has spent about 10 billion rupees on capital expenditure over the past four to five years and expects similar investment to ⁠support ​growth and capacity expansion.

Despite the investment, Kalani ​said annual margins should remain sustainable at 15%-16%, broadly in line with current levels.