RKCPL and Dhoot Transmission File IPO Plans to Raise Growth Capital

Two companies from the infrastructure and automotive sectors are preparing for their stock market debuts, highlighting strong momentum in India’s primary market. RKCPL Ltd., a civil construction and infrastructure development firm, has filed draft papers for an initial public offering (IPO) worth up to ₹1,250 crore, while auto component maker Dhoot Transmission Ltd., backed by Bain Capital, is working on a $250 million IPO.

RKCPL’s ₹1,250 Crore IPO Filing

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According to its draft red herring prospectus, RKCPL’s IPO will include a fresh issue of shares worth ₹700 crore and an offer for sale (OFS) of ₹550 crore. Joint Managing Directors Naresh Kumar and Krishan Kumar Goyal will offload shares under the OFS route.

The company plans to use ₹200 crore from the fresh issue to fund working capital needs, ₹138 crore to invest in subsidiaries, ₹130 crore for capital expenditure, and ₹50 crore towards debt repayment. As of July 31, 2025, RKCPL and its subsidiaries had sanctioned borrowing facilities of ₹1,352 crore, of which ₹823 crore remained outstanding.

Equirus Capital Pvt. and Anand Rathi Advisors Ltd. are acting as merchant bankers for the issue. Details such as the price band, lot size, and bidding period will be announced once the Securities and Exchange Board of India (SEBI) gives approval.

Based in Gurugram, RKCPL specialises in executing infrastructure projects such as elevated roads, highways, bridges, flyovers, and drainage systems. Its operations span engineering, procurement and construction (EPC) projects as well as hybrid annuity model (HAM) projects. With approval to bid for tenders up to ₹650 crore, the company reported an order book of ₹2,617 crore as of July 2025. Some of its notable projects include the Hyderabad six-lane expressway and Ambala Ring Road.

Dhoot Transmission Plans $250 Million IPO

Separately, Dhoot Transmission Ltd., a leading supplier of wiring harnesses and automotive components to global carmakers, is also gearing up for its public debut. Backed by private equity major Bain Capital, the company aims to raise about $250 million through its IPO.

To lead the offering, the company has engaged Axis Bank, Kotak Mahindra Bank, Jefferies India, and Nomura India. The proposed issue will include both fresh equity shares and a partial stake sale by existing investors. This structure will bring in growth capital for the business while allowing Bain Capital and other stakeholders to monetise part of their holdings.

Industry experts note that the IPO comes at a time when several private equity–backed firms in India are turning to capital markets to expand operations and deleverage balance sheets. For Dhoot Transmission, the proceeds will support new product development and further strengthen its global supply capabilities.

Conclusion

The IPO plans of Dhoot Transmission and RKCPL highlight the increasing interest of investors in Indian manufacturing and infrastructure companies. Both businesses hope to unlock value and raise money for future expansion with the help of institutional investors, robust order books, and sector tailwinds.