Mann Fleet Partners Limited is a New Delhi-based provider of chauffeured car rental and mobility solutions, offering event-based transportation, long-term rentals, spot rentals, and self-drive leasing services to corporate, government, embassies, and individuals across India and in select international markets.
It operates in 83 cities across India, the UAE, Saudi Arabia and England with a fleet of over 269 vehicles.
Mann Fleet has filed DRHP to raise funds via IPO by offering 80,10,000 equity shares of which Fresh issue being 64,10,000 equity shares & Offer for Sale (OFS) of 16,00,000 equity shares.
Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.
| Issue Size: | 80,10,000 shares |
| Fresh Issue: | 64,10,000 shares |
| Offer for Sale: | 16,00,000 shares |
| Price Range: | TBA |
| Lot Size: | TBA |
Mann Fleet Partners Limited important data points
Revenue, PAT, EBITDA
| Year | Fiscal 2025 |
| Networth | ₹ 85 Cr |
| Revenue: | ₹ 99.8 Cr |
| EBITDA | ₹ 47.7 Cr |
| PAT | ₹ 18.6 Cr |
| EBITDA Margin: | ~50.04% |
| PAT Margin | ~19.57% |
| Face Value: | Rs. 10 per Equity Share |
IPO important dates
| Open Date: | TBA |
| Close Date: | TBA |
| Anchor Investor Bidding | TBA |
| Allotment Date: | TBA |
| Refunds & Demat Credit | TBA |
| Tentative Listing Date: | TBA |
Use of Proceeds
| Purpose | Amount |
| Borrowing payment | ~ ₹ 18.75 Cr |
| Purchasing new Fleets. | ~ ₹ 63.78 Cr |
| General Corporate Purpose | Balance |
| Technology & Infrastructure | – |
| – |
Mann Fleet Partners Financial Data
| 2023 | 2024 | 2025 | |
| Revenue (₹ Cr) | ₹ 58.3 | ₹ 134.2 | ₹ 99.8 |
| Gross Profit (₹ Cr) | ₹ 8.8 | ₹ 44.7 | ₹ 18.6 |
| Asset (₹ Cr) | ₹ 53.7 | ₹ 150.2 | ₹ 171.1 |
| Net Worth (₹ Cr) | ₹ 18.7 | ₹ 64.2 | ₹ 85.0 |
Mann Fleet Partners IPO Grey Market Premium
| Date | IPO Price | IPO GMP | Profit per lot |
| 12-Jan | ₹ – | ₹ – | ₹ – |
| 11-Jan | ₹ – | ₹ – | ₹ – |
| 10-Jan | ₹ – | ₹ – | ₹ – |
| 09-Jan | ₹ – | ₹ – | ₹ – |
| 08-Jan | ₹ – | ₹ – | ₹ – |
| 07-Jan | ₹ – | ₹ – | ₹ – |
Mann Fleet Partners Limited Promoters – Pre offer equity (Approx)
| Amrit Pal Singh Mann | ~53.45% |
| Parmjeet Mann | ~21.63% |
| Robin Singh Mann | ~14.79% |
Mann Fleet Partners Limited IPO Pros & Cons
Strengths:
- Diversified chauffeured mobility services business with operations across multiple Indian cities and selected international markets.
- Established client base including corporates, government bodies, embassies and premium event contracts.
- Long operating history since 1992, indicating industry experience and execution capability.
- IPO proceeds aimed at fleet expansion and debt reduction, which may strengthen balance sheet.
- Asset ownership model allows better service control and premium positioning compared to aggregator-led peers.
Risks:
- Asset-heavy business model requires continuous capital expenditure and high maintenance costs.
- Profitability is sensitive to fuel prices, driver availability and vehicle utilisation rates.
- Highly competitive and fragmented mobility services industry limits pricing power.
- Revenue concentration risk exists due to dependence on key customers and large contracts.
- No disclosed market share, making it difficult to assess long-term competitive strength.
Mann Fleet Partners Limited Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | – | 1 | – | ₹ – |
| Retail (Max) | – | 13 | – | ₹ – |
| Small HNI (Min) | – | 14 | – | ₹ – |
| Small HNI (Max) | – | 66 | – | ₹ – |
| Big HNI (Min) | – | 67 | – | ₹ – |
Lead Managers / Registrars of Mann Fleet Partners Limited
| Lead / Book Running Lead Managers | Khambatta Securities Limited |
| Registrar (RTA) | Bigshare Services Private Limited |
Founding Year of Mann Fleet Partners Limited & Managing Director
Mann Fleet Partners Limited was incorporated in the year 1992.
Mr. Amritpal Singh Mann serves as the Managing Director of the company.
Mann Fleet Partners Limited FAQ
- Q1. What is the business of Mann Fleet Partners Limited?
It is a car rental and mobility solutions provider offering event transport, long-term rentals, spot rentals, and self-drive leasing across India and select international markets. - Q2. Why is the company raising funds via IPO?
Mann Fleet is raising funds to expand its vehicle fleet, repay debt, and support general corporate purposes to strengthen operations and growth potential. - Q3. What is the size of the issue and where will it list?
The issue size of the IPO is approx 80.10 lakh equity shares. And it will be listed on the BSE & NSE platform. - Q4. What are the risks to an investor?
Risks to invest in the IPO is its capital-intensive model, heavy reliance on a concentrated customer base, fuel cost volatility, and working capital exposure. - Q5. What are the potential upsides?
Strong points of the company is its diversified client base, experienced management, profitable operations, and growth potential from fleet expansion. - Q6. How to apply for the IPO?
You can apply for the IPO via net banking, UPI or brokers’ platforms when the bidding window opens for the IPO, and selecting the desired bid lot size. - Q 7. When is the tentative listing date?
Expected listing date is yet to be announced.
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