Mann Fleet Partners Plans IPO, Targets Debt Reduction Through Fresh Issue

Mann Fleet Partners Ltd., has started the process for a stock market listing by filing its draft red herring prospectus (DRHP) with SEBI.

The proposed initial public offering (IPO) consists of a fresh issue of 60.12 lakh equity shares and an OFS of 19.10 lakh shares by existing shareholders.

The company has not yet disclosed the price band or the total issue size in rupee terms. Those details are expected closer to the launch of the public issue.

Mann Fleet Partners IPO Snapshot

*Nine months ended December 2025

How Does Mann Fleet Partners Plan To Use The IPO Proceeds?

Reducing debt is expected to be the primary use of funds from the fresh issue. According to the draft papers, ₹65 crore from the net proceeds has been earmarked for repayment or prepayment of certain borrowings.

As of May 2026, the company had consolidated borrowings of ₹75.6 crore. The remaining proceeds from the fresh issue will be used for general corporate purposes.

What Does Mann Fleet Partners Do?

Mann Fleet Partners provides chauffeur-driven cars and coaches to businesses, institutions and individual customers.

The company owns more than 364 vehicles. These are used for corporate travel, employee pick-up and drop services, airport transfers and event transportation.

Its client roster includes corporates, government departments, embassies, travel agencies and event management firms, along with retail customers.

Beyond India, it has built a vendor network that enables transportation services in international locations. The network covers cities such as London, New York, Colombo, Abu Dhabi, Dubai and Jeddah.

A large part of the business comes from long-term arrangements with corporate and institutional clients.

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What Do The Financials And Shareholding Look Like?

Shareholding disclosures in the draft papers show that promoters owned 96.61% of the company before the IPO process began. Public investors accounted for the remaining 3.39%.

For the nine months ended December 2025, Mann Fleet Partners reported consolidated revenue of ₹89.6 crore and profit of ₹17.5 crore.

Khambatta Securities has been appointed as the sole book-running lead manager for the proposed public issue.

The IPO remains subject to SEBI's observations and other regulatory approvals. Details, including the issue dates, price band and final offer size are expected to be announced at a later stage.