Mann Fleet Partners IPO

About Mann Fleet Partners IPO

The public issue of the Mann Fleet Partners Limited IPO opens on TBA and closes on TBA. The basis of allotment is expected to be finalised on TBA. Shares will be credited to the eligible investors' demat accounts on TBA. The initiation of refunds will take place on TBA. The listing of shares is scheduled for TBA.

The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of up to 60,12,000 equity shares (aggregating up to ₹[TBA] crores). The offer for sale comprises up to 19,10,600 equity shares (aggregating up to ₹[TBA] crores). The total issue consists of up to 79,22,600 equity shares aggregating up to ₹[TBA] crores.

Mann Fleet Partners IPO's price band is fixed at ₹TBA to ₹TBA per share. The lot size for an application is TBA shares. The minimum investment required for retail investors is ₹TBA (TBA shares). The minimum investment required for HNI investors is ₹TBA. Originally incorporated in 1992, Mann Fleet Partners Limited is a mobility solutions company engaged in providing chauffeur-driven transportation services across India. The company offers economy, premium and luxury car and coach rental services to corporate clients, government organisations, embassies, travel agencies, event management companies and retail customers.

Objectives Of Mann Fleet Partners IPO

• Repayment or prepayment of certain borrowings availed by the company.
  
• General corporate purposes.
  

Industry Outlook

India's mobility and transportation industry is supported by rising urbanisation, improving road infrastructure and growing corporate travel. The country's urban population is expected to increase from 34.9% in 2020 to nearly 40% by 2030. As more people move to cities, demand for organised mobility and chauffeur-driven transportation services is also expected to grow.

Road transport continues to play an important role in the economy. The sector contributed 2.41% of India's Gross Value Added (GVA) in FY2025. At constant prices, road transport GVA increased from ₹3,179 billion in FY2021 to ₹6,593.4 billion in FY2025, reflecting a strong recovery in passenger and freight movement after the pandemic.

India has one of the world's largest road networks, covering around 63.74 lakh kilometres. Continued investment in highways, expressways and multimodal transport hubs is improving connectivity across the country. These developments are expected to support business travel, tourism and organised fleet mobility services.

Tourism is another key growth driver. According to the Ministry of Tourism, the sector contributes 5.22% to India's GDP and supports 13.34% of total employment. Budget 2026-27 also focuses on tourism infrastructure, regional connectivity and destination development, which could create additional demand for organised transportation services.

About Mann Fleet Partners Limited

Originally incorporated in 1992, Mann Fleet Partners Limited provides chauffeur-driven mobility solutions for corporates, government organisations, embassies, travel agencies, event management companies and retail customers. Its services include economy, premium and luxury car rentals, coach rentals, airport transfers, employee transportation, conferences, exhibitions, long-term rentals and event mobility solutions.

The company has built an extensive operating network across India and overseas. It provides chauffeur services across 86 cities in six countries, including 80 cities in India, through a mix of owned vehicles and vendor-operated fleets. It also serves customers travelling internationally through its vendor network in cities such as London, New York, Dubai, Abu Dhabi, Colombo and Jeddah.

Strengths Of Mann Fleet Partners Limited

• Presence across 86 cities in India and 6 international cities, supported by a mix of owned vehicles and an established vendor network.
  
• Asset-heavy operating model with 364 owned vehicles as of 31 May 2026, including economy, premium, luxury vehicles, coaches, hybrid vehicles and EVs.
  
• More than 33 years of experience in organised chauffeur-driven transportation, serving corporates, embassies, government organisations and other institutional clients.
  
• Revenue as per contracted price (net of returns) recorded a CAGR of 29.47% between FY2023 and FY2025.
  
• Strategic mobility partner for Noida International Airport, with agreements covering rental cars, employee transport and intra-terminal and inter-city shuttle services.
  
• Technology-enabled operations with GPS tracking, fleet management tools, customer management systems and dispatch control to improve service quality and operational efficiency.
  
• Strong operational framework backed by trained chauffeurs, long-standing customer relationships and a focus on service quality and customer retention.
  

Risks Of Mann Fleet Partners Limited

• A significant portion of revenue comes from key customers, and the absence of long-term contracts with many of them could affect business if relationships are discontinued.
  
• Operations are concentrated in Delhi and other Tier-I cities, making the business vulnerable to regional disruptions, regulatory changes and local market conditions.
  
• The company operates in a highly competitive industry, including competition from unorganised fleet operators that may offer lower prices.
  
• A substantial share of revenue is generated from repeat customers. Any decline in customer retention or booking frequency could impact financial performance.
  
• The business depends on the availability of trained chauffeurs. Driver shortages or higher compensation costs may affect operations and profitability.
  
• Fuel price fluctuations and rising operating costs could increase expenses and affect margins.
  

The company has identified listed peers operating in a similar line of business for broad comparison purposes.

Note: (i) Source – All the financial information for listed industry peers mentioned above is sourced from Financial Results/ Draft Red Herring Prospectus of the company for the year ended 31 March 2025 and stock exchange data dated 29 June 2026 to compute the corresponding financial ratios.

(ii) For the company, they have taken Current Market Price as the issue price of equity share. Further, the P/E Ratio is based on the current market price of the respective scrips.

(iii) The EPS, NAV, RoNW and total Revenue of the company are taken as per the Restated Financial Statement for FY 2025.

(iv) NAV per share is computed as the closing net worth divided by the weighted average number of paid-up equity shares as on 31 March 2025.

(v) RoNW has been computed as net profit after tax divided by closing net worth.

(vi) Net worth has been computed in the manner specified in Regulation 2(1) (hh) of SEBI (ICDR) Regulations, 2018.

(vii) The face value of Equity Shares of the Company is ₹ 10/- per Equity Share, and the Issue price is [-] times the face value of an equity share.

Anchor Investor Bidding Date TBA

Registrar Details
Bigshare Services Private Limited
E-mail: ipo@bigsharesonline.com
Tel: +91 022 6263 8200

Book Running Lead Manager
Khambatta Securities Limited
E-mail: ipo@khambattasecurities.com
Tel: +91 9953989693

Mann Fleet Partners Limited Contact Details
A-34, Okhla Industrial Area, Phase-1, New Delhi- 110020, India
E-mail: cs@manntours.com
Tel: 011- 47202122

Mann Fleet Partners Limited Business Model

Mann Fleet Partners Limited generates revenue by providing chauffeur-driven mobility solutions to corporates, government organisations, embassies, travel agencies, event management companies and retail customers. Its services include economy, premium and luxury car rentals, coach rentals, airport transfers, employee transportation, long-term rentals, conferences, exhibitions and event transportation. The company operates through a combination of owned vehicles and vendor-operated fleets across India and overseas.

Mann Fleet Partners Limited Growth Trajectory

Mann Fleet Partners Limited's total income for FY2025 was ₹99.76 crores, whereas in FY2024 and FY2023 it was ₹134.18 crores and ₹58.31 crores, respectively.

The Profit After Tax for FY2025 was ₹18.64 crores, whereas in FY2024 and FY2023 it was ₹44.65 crores and ₹8.76 crores, respectively.

Its EBITDA for FY2025 was ₹47.68 crores, whereas in FY2024 and FY2023 it was ₹71.84 crores and ₹18.69 crores, respectively.

Mann Fleet Partners Limited Market Position

Mann Fleet Partners Limited provides chauffeur-driven transportation services across 86 cities in India and 6 international cities. As of 31 May 2026, the company operated 364 owned vehicles comprising economy, premium, luxury vehicles, coaches, hybrid vehicles and electric vehicles.

The company serves corporates, government organisations, embassies, travel agencies, event management companies and retail customers. It has also been appointed as a mobility partner for Noida International Airport, where it will provide rental cars, employee transportation, and intra-terminal and inter-city shuttle services. As of 31 March 2025, the company's Total Income, Profit After Tax and EBITDA stood at ₹99.76 crores, ₹18.64 crores and ₹47.68 crores, respectively.

How To Apply For Mann Fleet Partners Limited IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.