Fleet bus operator Chartered Speed files for Rs 2.7 bn IPO with Sebi

Fleet bus operator Chartered Speed has filed draft papers with markets regulator Sebi to raise an estimated Rs 2.73 billion through an initial public offering.

The IPO comprises fresh issuance of equity shares worth up to Rs 2.25 billion, besides, an offer of sale of around Rs 480 million, according to the draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (Sebi).

In the offer for sale, promoters --- Pankaj Kumar Gandhi and Alka Pankaj Gandhi-- will sell shares of Rs 240 million each, the firm said.

The proceeds raised through fresh issue will be used to purchase passenger transportation vehicles, investment in its subsidiary firm, Chartered Bus Pvt Ltd and other general corporate purposes.

Equirus Capital Private Ltd will manage the issue and the equity shares will be listed on BSE and NSE.

Chartered speed Ltd is engaged in the business of providing passenger mobility solutions across various modes of surface transport in India.