Mann Fleet Partners, a New Delhi-based car rental services provider, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its IPO plans. According to reports from Moneycontrol, The Economic Times, and NDTV Profit, SEBI issued its observations on the company's draft papers on September 8, 2026, allowing the company to launch its IPO within the next one year. The company filed its draft offer document with the capital markets regulator in June 2026. Receiving SEBI's observation is a key step in the IPO process, following which a company can proceed with further preparations for the public issue, subject to applicable regulatory requirements.
The company has proposed to raise funds through a maiden public issue of 79.22 lakh equity shares, comprising a fresh issue of 60.12 lakh shares and an offer-for-sale (OFS) of up to 19.1 lakh equity shares by promoters and existing shareholders. As reported by Moneycontrol, The Economic Times, and NDTV Profit, Mann Fleet Partners proposes to utilize ₹65 crore of the net fresh issue proceeds to repay debt, while the remaining funds will be used for general corporate purposes. The company's total consolidated outstanding debt stood at ₹75.6 crore as of May 2026.
Mann Fleet Partners operates a comprehensive chauffeur service network spanning 86 cities across 6 countries, including India, the United Arab Emirates, Saudi Arabia, the United States of America, Sri Lanka, and England. According to The Economic Times and NDTV Profit, the company maintains an extensive domestic footprint, serving 80 cities across India. The company offers economy, premium and luxury car and coach rental services to corporates, government agencies, embassies, travel agencies, event management organisations and retail clients. Khambatta Securities has been appointed as the book running lead manager for managing the IPO, while Bigshare Services serves as the registrar. The stock will be listed on the National Stock Exchange (NSE) and BSE.
The company has reported inconsistent financial performance in recent years. As reported by Moneycontrol, standalone profit for the year ended March 2025 fell 58.3 percent to ₹18.64 crore, while revenue declined 28.4 percent to ₹95.3 crore from the previous year. In FY24, profit increased five-fold to ₹44.6 crore from ₹8.8 crore in FY23, while revenue during the same period surged 134.7 percent to ₹133.1 crore from ₹56.7 crore. On a consolidated basis, profit for the nine-month period ended December 2025 stood at ₹17.6 crore, and revenue at ₹89.6 crore.
