Dhoot Transmission IPO Fully Subscribed on Day 2 as NII, Retail Demand Surges

The initial public offering of auto components maker Dhoot Transmission crossed the full subscription mark on the second day of bidding on Tuesday, with strong demand from non-institutional and retail investors driving the overall book past the 1x mark well ahead of the issue's closing date.

Subscription Picks Up Pace

Dhoot Transmission's mainboard IPO, which opened for bidding on Monday, August 10, was subscribed close to 2 times overall as of early Tuesday afternoon, according to bidding data from the stock exchanges. The non-institutional investor, or NII, category led the charge, having been subscribed several times over, while the retail portion also crossed full subscription comfortably. The qualified institutional buyer, or QIB, segment — which typically fills up later in an issue's bidding window as institutional investors tend to place orders closer to the closing day — remained only in the early stages of subscription by comparison.

The pickup in demand on the second day marks a notable acceleration from the opening day, when the issue had garnered more modest interest, underscoring how retail and high-net-worth investor appetite for the offer built through the week.

Issue Details

Dhoot Transmission has set a price band of Rs 829 to Rs 871 per equity share for its Rs 3,067-crore initial public offering. The issue opened on August 10 and is scheduled to remain open for bidding through August 12, giving investors one more full trading day to participate before the book closes. The company, which manufactures auto components, is tapping the primary market at a time when India's IPO pipeline has remained active through much of 2026, with a steady stream of mainboard and SME issues hitting the market even as broader secondary market sentiment has been choppy.

What Comes Next

With the issue already fully subscribed by the second day, market watchers expect subscription levels to climb further as the offer heads into its final day of bidding on Wednesday, typically the busiest session for institutional and high-value applications. Allotment and listing timelines will be confirmed once the issue formally closes, following the standard mainboard IPO process of finalising allotment within a few working days of the close and listing shares on the exchanges shortly after.

Grey market activity around the issue has also been tracked closely by investors in the run-up to listing, though such unofficial indicators are not a regulated gauge of listing performance and are typically treated by analysts as one data point among several rather than a reliable predictor of how a stock will trade once listed. Investors considering late applications are typically advised to weigh the company's fundamentals, sector positioning within the auto components space, and broader market conditions rather than subscription momentum alone.

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