Mann Fleet Partners Files DRHP for ₹10-Face Value IPO; Plans Fleet Expansion and Debt Reduction

30 September 2025 – Mann Fleet Partners Limited submitted its draft red herring prospectus (DRHP) to SEBI to raise money through an initial public offer of up to 80.10 lakh equity shares of face value of ₹10 each. The issue comprises a fresh issue of up to 64.10 lakh shares and an offer for sale (OFS) of up to 16.00 lakh shares by promoters Amrit Pal Singh Mann and Parmjeet Mann. The firm is seeking to list on both NSE and BSE. The Book Running Lead Manager (BRLM) is Khambatta Securities Limited, and Bigshare Services Private Limited is the registrar. The price band and bidding schedule will be declared nearer the launch.

Mann Fleet Partners IPO Snapshot

The structure of the issue is a fresh issue of equity and a promoter of OFS. Up to 80.10 lakh shares are being offered, of which 64.10 lakh shares are a new issue and 16.00 lakh shares are under OFS. The equity shares have a face value of ₹10 each. After regulatory clearances, the IPO will be listed on the NSE and the BSE.

Mann Fleet Partners IPO Use of Proceeds

Out of the new issue, Mann Fleet Partners plans to utilize ₹6,378.50 lakh for acquisition of new vehicles to augment its fleet size. Another ₹1,875.98 lakh will be utilized for prepayment or repayment of some borrowings, while the rest will be put to general corporate purposes. These are figures arrived at on the basis of disclosures in the DRHP.

Company Background

Founded in 1992 and renamed as Mann Fleet Partners Limited in January 2025, the firm runs a chauffeur-driven mobility business across ultra-luxury, luxury, premium, and economy segments. Its customers are corporates, government departments, embassies, travel agencies, HNIs, and retail customers. The firm’s operations cover 83 cities, of which 80 are domestic locations across India and chosen international locations like the UAE, Saudi Arabia, and England. Services are provided both through owned fleet vehicles and vendor-run networks.

Mann Fleet Partners IPO Financial Performance

In FY25, Mann Fleet Partners announced revenue from operations of ₹9,527.05 lakh and profit after tax of ₹1,864.00 lakh. Net worth was ₹8,500.39 lakh with net borrowings at ₹6,266.53 lakh. It posted an EPS of ₹7.52 and a NAV per share of ₹34.27. Its ROE for the same fiscal year was reported at 21.93 percent based on the restated standalone financial statements in the DRHP.

Mann Fleet Partners IPO Promoters and OFS Information

The entity is promoted by Amrit Pal Singh Mann, Parmjeet Mann, and Robin Singh Mann. Amrit Pal Singh Mann and Parmjeet Mann will offload a maximum of 16.00 lakh shares under the OFS.

Mann Fleet Partners IPO Offer Structure and Allocation

The IPO will be through the book-building method. A maximum of 50 percent of the net issue will be allocated to Qualified Institutional Buyers (QIBs), at least 15 percent to Non-Institutional Investors (NIIs), and at least 35 percent to Retail Individual Investors. An allocation to an anchor investor, if any, will be done a day before the opening. The price band and the minimum bid lot will be declared prior to the issue.

Mann Fleet Partners IPO Key Risks and Considerations

The DRHP identifies a number of key risks, including reliance on a concentrated customer base and exposure to Delhi and Mumbai markets for a substantial proportion of revenue. The company’s asset-intensive model requires heavy capital investment in the procurement and maintenance of fleets, exposing it to fuel price volatility. Risks related to working capital cycles and receivables and chauffeur recruitment and retention issues are also quite significant.

Mann Fleet Partners IPO Lead Manager and Registrar

The matter is being handled by Khambatta Securities Limited as BRLM, with Bigshare Services Private Limited having been commissioned as the registrar. The equity shares are to list on NSE as well as BSE on completion.

All particulars above are sourced from Mann Fleet Partners Limited’s Draft Red Herring Prospectus dated September 29, 2025.

REF: https://nsearchives.nseindia.com/corporate/Registration_29092025234157_DRHP_MannFleetPartnersLimited.pdf

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