Chartered Speed gets Sebi nod for ₹855 crore IPO; check key details here

Chartered Speed IPO: Chartered Speed, an Ahmedabad-based passenger mobility company, has received approval from the Securities and Exchange Board of India (Sebi) to proceed with an initial public offering (IPO), according to a filing with the markets regulator. 

 

The company aims to raise ₹855 crore through its maiden public issue. The mainline offering comprises a fresh issue of ₹655 crore and an offer for sale (OFS) of ₹200 crore. Under the OFS, promoters Pankaj Gandhi and Alka Pankaj Gandhi are selling a part of their stake. 

 

According to the draft red herring prospectus (DRHP), the company has reserved at least 75 per cent of the issue for qualified institutional buyers (QIBs), not more than 10 per cent for retail investors and not more than 15 per cent for non-institutional investors (NIIs).

 

Chartered Speed is a passenger mobility company in India with an operational bus fleet of over 2,000 vehicles as of June 30, 2025. It offers inter-city and intra-city transportation solutions across six states. The company's inter-city bus operations are largely focused in Gujarat, Odisha, Madhya Pradesh, Rajasthan and Assam, and intra-city bus operations are largely focused in Gujarat and Madhya Pradesh. Its business model comprises two key models - the annuity model and the ticket revenue model.  ALSO READ | Bharat Coking Coal sets IPO price band at ₹21-23: Check key details here

Here are the key details of the Chartered Speed IPO:

Chartered Speed IPO objective

According to the DRHP, the company plans to utilise ₹98 crore from the net fresh issue proceeds for investment in electric buses, and ₹396.4 crore for pre-payment or repayment in full or part of certain borrowings of the company. The remaining funds will be used for general corporate purposes. 

Chartered Speed IPO registrar, lead manager

MUFG Intime India is the registrar of the issue. Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers.   ALSO READ | Modern Diagnostic IPO subscribed 377x; check allotment status, latest GMP

Chartered Speed IPO financial overview

In FY25, the company posted a revenue from operations of ₹666.7 crore, up 92 per cent compared to ₹347.3 crore in the previous financial year (FY24). The company’s profit after tax (PAT) stood at ₹70 crore, against a loss of ₹5.5 crore in the FY24. Its earnings before interest, tax, depreciation and amortisation (Ebitda) increased to ₹210.80 crore from 49.92 crore in the year-ago period. Ebitda margins expanded from 14.38 per cent to 31.62 per cent.