Mann Fleet Partners files draft IPO papers with Sebi to raise funds

Chauffeured car rental and mobility solutions provider Mann Fleet Partners Ltd on Monday said it has filed its draft papers with markets regulator Sebi to raise funds through an Initial Public Offering (IPO).

The proposed IPO comprises a fresh issue of 64.10 lakh equity shares and an Offer For Sale (OFS) of up to 16 lakh equity shares by promoters Amrit Pal Singh Mann and Parmjeet Mann.

In a statement, the company said it plans to use the proceeds from the fresh issue worth Rs 63.78 crore for purchasing vehicles, Rs 18.76 crore for payment of debt and the rest for general corporate purposes.

Headquartered in New Delhi and established in 1992, Mann Fleet Partners offers a comprehensive range of mobility solutions, including event-based transportation, long-term rentals, spot rentals, and self-drive car leasing. Its clientele includes corporates, government agencies, embassies, and high-net-worth individuals.

The company provides chauffeur services in 83 cities across India, the UAE, Saudi Arabia, and England, operating a mix of owned and vendor-managed fleets with over 269 vehicles across economy, premium, luxury, minivan, and coach segments.

Mann Fleet Partners has also been associated with several high-profile assignments, including transportation services for visits by former US president Barack Obama and Vice President JD Vance. It was recently appointed as the official transportation company for the IATA Annual General Meeting and World Air Transport Summit 2025.

The company employs over 350 people across six offices in India.

For the financial year 2024-25, the company reported revenue from operations of Rs 95.27 crore and a Profit After Tax (PAT) of Rs 18.64 crore.

To assist the public offering, Khambatta Securities has been appointed as the sole book-running lead manager. The equity shares are proposed to be listed on both the National Stock Exchange (NSE) and the BSE.