Mann Fleet Partners Files for IPO on Indian Stock Exchanges

Mann Fleet Partners Limited, a chauffeured car rental and mobility solutions provider, has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India for an initial public offering on the BSE and NSE.

The proposed offering consists of 64.1 lakh equity shares through a fresh issue and an offer for sale of up to 16 lakh equity shares by promoters Amrit Pal Singh Mann and Parmjeet Mann. Each share carries a face value of ₹10. The total issue size amounts to 80.1 lakh shares.

According to the filing, the company plans to use proceeds from the fresh issue primarily for capital expenditure, allocating ₹63.78 crore toward vehicle purchases. An additional ₹18.76 crore will be directed toward pre-payment or repayment of outstanding borrowings, with remaining funds earmarked for general corporate purposes.

Khambatta Securities Limited has been appointed as the sole book running lead manager for the issue, while Bigshare Services Private Limited will serve as the registrar. The IPO date and price band have not yet been announced.

Founded in 1992 and headquartered in New Delhi, Mann Fleet Partners provides event-based transportation, spot rentals, long-term rentals, and self-drive car leasing services. The company serves corporate clients, government agencies, embassies, and high-net-worth individuals.

The firm operates a proprietary fleet of over 269 vehicles spanning economy, premium, luxury, minivan, and coach segments. Its services have extended to 83 cities across India, the United Arab Emirates, Saudi Arabia, and England, utilizing both owned and vendor-operated fleets.

Mann Fleet Partners has provided transportation services for high-profile events and dignitaries, including receiving appreciation from the U.S. Embassy for services during visits by President Barack Obama in 2010 and Vice President Joseph R. Biden in 2013, as well as more recently for Vice President JD Vance. The company was also designated as the official transportation provider for the IATA Annual General Meeting and World Air Transport Summit 2025.

The company reported revenue from operations of ₹95.27 crore for financial year 2024-25, with profit after tax of ₹18.64 crore. These figures represent a decline from the previous financial year 2023-24, when the company recorded revenue of ₹133.10 crore and PAT of ₹44.65 crore.

Mann Fleet Partners currently employs over 350 people across six offices in India.

The IPO will follow a book-built process with reserved allocations: up to 50% for qualified institutional buyers, a minimum of 35% for retail investors, and a minimum of 15% for non-institutional investors.

The Draft Red Herring Prospectus is available on the SEBI website, the websites of BSE and NSE, and the websites of the book running lead manager and the company. The final IPO timeline and pricing details are expected to be announced following regulatory approvals.