Mann Fleet Partners IPO Gets SEBI’s Approval For ₹79.22 Lakh Share Issue
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Mann Fleet Partners has received SEBI’s approval to proceed with its IPO, comprising fresh shares and an offer for sale, with ₹65 crore earmarked for debt repayment. Read more.
Mann Fleet Partners has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its proposed initial public offering (IPO), setting the stage for the New Delhi-based car rental services provider to enter the primary market.
SEBI issued its observations on the company’s draft offer document on 8 September, according to the information available. Mann Fleet Partners had filed its draft papers with the capital markets regulator in June 2026.
Key Details Of Mann Fleet Partners’ IPO
Mann Fleet Partners’ IPO comprises up to 79.22 lakh equity shares. The offer will include a fresh issue of 60.12 lakh shares and an offer-for-sale (OFS) of up to 19.1 lakh shares by promoters and other existing shareholders. The company plans to use a large part of the fresh issue proceeds to reduce its debt burden.
The company has proposed to allocate ₹65 crore from the net proceeds of the fresh issue towards debt repayment. The balance will be used for general corporate purposes. Khambatta Securities has been appointed as the book-running lead manager for the IPO.
Financial Performance Of Mann Fleet Partners
The company’s financial performance has varied sharply in recent years. On a standalone basis, profit for the year ended March 2025 fell 58.3% to ₹18.64 crore. Revenue declined 28.4% to ₹95.3 crore during the same period.
However, FY24 had seen a sharp increase in both profit and revenue. Net profit rose nearly fivefold to ₹44.6 crore from ₹8.8 crore in FY23. Revenue increased 134.7% to ₹133.1 crore from ₹56.7 crore.
On a consolidated basis, Mann Fleet Partners reported a profit of ₹17.6 crore for the nine months ended December 2025. Revenue stood at ₹89.6 crore during the period. As of May 2026, the company had total consolidated outstanding debt of ₹75.6 crore.
About Mann Fleet Partners
Mann Fleet Partners provides car and coach rental services across economy, premium and luxury segments. Its customer base includes corporates, government agencies, embassies, travel agencies, event management organisations and retail clients. As of May 2026, the company operated a proprietary fleet of more than 364 vehicles across different segments.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
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