Bain-backed Dhoot Transmission is said to appoint banks for $250 million IPO

Dhoot Transmission has appointed four banks to arrange its initial public offering in Mumbai, according to people familiar with the matter.

The Bain Capital-backed automotive-parts maker is working with Axis Bank Ltd, Kotak Mahindra Bank Ltd and the Indian units of Jefferies Financial Group and Nomura Holdings on the share sale, the people said, asking not to be identified because the information is private.

The IPO, which is expected to raise about $250 million and take place next year, is likely to include a fresh issue of shares and secondary sales by existing investors at a valuation of as much as $1.5 billion, the people said. Discussions are ongoing and details such as size, timing and valuation may change.

A spokesperson for Axis declined to comment, while Dhoot, Bain and the oth