Now Reading: Bain Capital starts IPO process for RSB Transmissions, eyes JBM Auto EV stake
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Bain Capital starts IPO process for RSB Transmissions, eyes JBM Auto EV stake
Bain Capital starts IPO process for RSB Transmissions, eyes JBM Auto EV stake
Bain Capital has initiated an IPO process for its portfolio company RSB Transmissions, aiming to raise about Rs 3,000 crore, two people familiar said. The Pune-based automotive component maker has begun talks with bankers for the public offering, following Bain's successful listing of another portfolio firm, Dhoot Transmission, earlier this week, Livemint reported.
Separately, Bain Capital is in talks to invest up to Rs 2,850 crore in JBM Auto's electric vehicle manufacturing unit for a significant minority stake, The Economic Times reported. JBM holds a 79% share of India's electric bus market and operates one of the world's largest integrated e-bus factories outside China. The company is targeting Rs 7,000-7,500 crore in revenue this fiscal, with EV business contributing nearly 45%.
RSB's consolidated revenue stood at Rs 2,853 crore in FY25, with net profit narrowing to Rs 37.38 crore from Rs 130.96 crore a year earlier. Bain currently holds a 64.3% stake in RSB. The JBM deal discussions include whether to form an omnibus holding company for the group's EV businesses. Both deals are in early stages with final structures yet to be decided.
Indian Opinion Analysis
Livemint's framing of Bain Capital's IPO plan for RSB Transmissions is a neutral business report focused on deal mechanics and financial details. The Economic Times frames Bain's parallel talks with JBM Auto's EV unit as a high-growth energy transition story, emphasising policy contracts and market leadership. Livemint omits context on Bain's broader India strategy, while ET leaves out RSB's declining profit figures. Neither source notes that Bain is simultaneously pursuing two distinct auto-sector bets, a traditional IPO and an EV growth investment, which together signal a dual-track India play. The measured takeaway is that Bain is actively deploying capital across legacy and new-energy auto platforms, with RSB's IPO moving to execution while the JBM deal remains in negotiation. Watch for Bain's final JBM stake size in coming weeks.
Coverage: 2 sources, 2 neutral
Sources (2): livemint.com (neutral report), economictimes.indiatimes.com (neutral report)
This story was synthesised by AI from the 2 sources linked above. Methodology and corrections.
Updated: this story now draws on 2 sources.
