Dhoot Transmission or Molbio: Which IPO should investors subscribe to?

Dhoot Transmission and Molbio Diagnostics offer investors exposure to two different growth themes. EV components and molecular diagnostics.

As investors weigh their options between Dhoot Transmission and Molbio Diagnostics, analyst recommendations show a clear difference in the level of conviction around the two IPOs. Dhoot Transmission has received an ‘Apply’ recommendation from 12 of the 14 analysts tracked, with one ‘May Apply’ and one review not rated. Molbio Diagnostics, meanwhile, has received 9 ‘Apply’ calls among 15 reviews, alongside one ‘May Apply’, one ‘Neutral’ rating and four reviews that are not rated, as per IPO tracker Chittorgarh.

 

Dhoot Transmission Ltd's IPO opened for subscription on Monday (August 10) and concludes on August 12 (Wednesday). The company has fixed a price band of ₹829-871 per share for its ₹3,067 crore IPO, which is a mix of fresh issue and offer for sale. The fresh issue component is made up of 1.6 crore equity shares, and the OFS is up to 1.9 crore shares by existing shareholders. 

 

 

Khushi Mistry, research analyst at Bonanza noted that Dhoot is well-positioned for India’s EV and premiumisation trends, with FY26 revenue of ₹4,530 crore and increasing contribution from non-harness products. Its diversification into battery assemblies, chargers and other EV components is positive. However, dependence on key customers such as Bajaj Auto warrants monitoring.

 

Comparatively, Molbio Diagnostics has launched ₹940-crore initial public offering (IPO) of Molbio Diagnostics, with bids to start August 10 and conclude on August 12. The offer is a mix of fresh issue of ₹200 crore and offer for sale (OFS) of ₹739.70 crore. The price band for the offer has been fixed at ₹768 to ₹807 per share. Most brokerages recommended subscribing to the offer from a long-term perspective. 

 

Mistry noted that, Molbio offers a differentiated play in point-of-care molecular diagnostics, with Truenat technology and presence across 90+ countries. The ₹940 crore IPO provides capital for expansion and R&D, but customer concentration remains a key risk. At the current valuation, investors should focus on sustainable earnings growth rather than listing gains. 

 

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