Mann Fleet Partners files IPO papers

New Delhi: Chauffeured car rental and mobility solutions provider Mann Fleet Partners Ltd on Monday said it has filed its draft papers with markets regulator Sebi to raise funds through an Initial Public Offering (IPO).

The proposed IPO comprises a fresh issue of 64.10 lakh equity shares and an Offer For Sale (OFS) of up to 16 lakh equity shares by promoters Amrit Pal Singh Mann and Parmjeet Mann.

In a statement, the company said it plans to use the proceeds from the fresh issue worth Rs 63.78 crore for purchasing vehicles, Rs 18.76 crore for payment of debt and the rest for general corporate purposes.

Headquartered in New Delhi and established in 1992, Mann Fleet Partners offers a comprehensive range of mobility solutions, including event-based transportation, long-term rentals, spot rentals, and self-drive car leasing. Its clientele includes corporates, government agencies, embassies, and high-net-worth individuals.

The company provides chauffeur services in 83 cities across India, the UAE, Saudi Arabia, and England, operating a mix of owned and vendor-managed fleets with over 269 vehicles across economy, premium, luxury, minivan, and coach segments.

Mann Fleet Partners has also been associated with several high-profile assignments, including transportation services for visits by former US president Barack Obama and Vice President JD Vance.