Dhoot Transmission vs Molbio Diagnostics — why retail isn't rushing into either one right now

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Both close Aug 12, allot Aug 13, and list Aug 17 — identical timeline, same as the Technocraft/LEAP pair. Funds block the moment you apply, so this is a straight either/or choice for anyone working with a fixed budget. And unlike some of the other IPOs this week, neither of these two has actually filled its retail quota yet — worth understanding why before you commit.

Business & fundamentals

Dhoot Transmission designs and manufactures wiring harnesses and electrical systems for two-wheelers and three-wheelers, holding a 41% share in the overall 2W/3W harness market and 70% share within the electric segment specifically. FY26 revenue grew 31% to ₹4,563 Cr, PAT grew 12% to ₹397 Cr (margin dipped slightly due to a one-off exceptional expense), RoNW is 16.55%, and it's priced at 44.9x P/E — below the ~56.8x peer average for auto ancillary/EV-component companies.

Molbio Diagnostics makes point-of-care molecular diagnostics devices (the Truenat platform), present in 90+ countries with a business model built around recurring revenue from test kits sold after each device placement. FY26 revenue grew 42% to ₹1,455 Cr, PAT grew to ₹164 Cr, RoNW sits at 14.55%, and P/E is 56.67x. A meaningful chunk of that valuation reflects heavy R&D spend (₹87 Cr, 6% of revenue) being expensed rather than capitalized, which pushes the reported P/E higher than the underlying EV/EBITDA (~22.6x) suggests.

Subscription numbers

Dhoot Transmission is running around 0.63x subscribed as of the latest update — under 1x, meaning retail demand hasn't fully filled the quota yet. Molbio is similarly under-subscribed, around 0.83x. Both are seeing softer retail interest relative to the size of the issues, despite the underlying businesses being reasonably well regarded.

GMP (unverified, grey market only — one data point, not a signal on its own)

Dhoot Transmission: ₹243-250 (~28% over upper band). Molbio Diagnostics: ₹122-127 (~15%). Both have moderated from higher levels earlier in the week — Molbio's GMP dropped from ₹220 to ₹125 over a few days, a reminder that these numbers move fast and shouldn't be the sole basis for a decision.

Structural note on refunds

Since both close/allot/list on the same days, a non-allotment on one doesn't free up funds in time to apply to the other — both are already closed by then. Milky Mist Dairy Food (closes Aug 13) and Behari Lal Engineering / Shiprocket (both close Aug 14) remain open windows if you're looking for another shot after a non-allotment here.

Disclaimer: This is for educational/informational purposes only, not investment advice. GMP figures are unofficial/unregulated and not a reliable predictor of listing performance. Investing in IPOs carries risk — do your own research and consult a financial advisor before making decisions.