About Mann Fleet Partners IPO
Mann Fleet Partners IPO is a book-built offering consisting of a fresh issue of equity shares up to 6,410,000 shares and an offer for sale up to 1,600,000 shares. The company filed the DRHP with SEBI on September 29, 2025.
The price band and other dates, including the opening/closing date of the subscription and the date of listing, will be announced by the company at a later stage. Its shares are likely to list on both BSE and NSE. The appointed Book Running Lead Manager (BRLM) to the issue is Khambatta Securities Ltd. and the registrar to the issue is Bigshare Services Private Ltd.
Company Background
Mann Fleet Partners Ltd. was founded on August 07, 1992 and is headquartered in Delhi. At the end of 2024, the company went public and was renamed in Jan 2025. The company has evolved from being a provider of private transportation solutions into a partner with cities and towns on refined mobility services at scale. The company has its headquarters at Okhla Industrial Area, Phase-1, New Delhi and is now a reliable name for providing transportation solutions in NCR.
Operations & Product Range
Mann Fleet Partners Ltd. offers a range of mobility options from Corporate Car Rental (CCR) and Rent-a-Car (RCR) to employee transportation. The company's core business is serving a diverse customer base, which includes corporate clients and government bodies, among others. By providing a variety of normal cars to extravagant coaches. The firm provides various market segments, including corporate transportation, tourism & event-based transportation.
Facilities & Capacity
Mann Fleet Partners Ltd., a services business operationally specialising in its fleet of vehicles and geographic spread. The company was providing chauffeur-driven services in 83 cities across India, the UAE, Saudi Arabia and England. The company operated over 269 vehicles, including owned and vendor-managed fleets. These were economy, premium, luxury, minivan and coaches.
Brands & Market Presence
Mann Fleet Partners Ltd. was high profile after securing major contracts, including providing transport during visits by past U.S. presidents and Vice Presidents. It was selected as the official transport provider for the IATA AGM and World Air Transport Summit 2025. It was active in both the domestic and international markets – headquartered in India, it did business in the UAE, Saudi Arabia and England.
Revenue Streams & Business Model
Mann Fleet Partners Ltd.'s main sources of income come from its long-term corporate business and short-term rental business. For the year ended March 31, 2024, the company's total income was ₹13,310.16 lakhs. The business model of the company relies on its high-margin corporate mobility solutions being of critical importance in terms of reliability and safety. It also generates revenue from its specialized tourism offering and from luxury car rentals.
Management & Shareholding
The promoters of Mann Fleet Partners Ltd. are – Amrit Pal Singh Mann, Parmjeet Mann and Robin Singh Mann. Amrit Pal Singh Mann, M. D., has more than 34 years of experience in the industry. Pre-IPO, the promoters and promoter group held a significant stake in the equity. The shareholders offloading their shares will get a partial exit during the IPO and post IPO there would be dilution of stake due to fresh issue.
Board & Key Management
Mann Fleet Partners Ltd. is set up to service on a large scale and for public demand. The company is also spearheaded by MD - Amrit Pal Singh Mann, CFO - Robin Singh Mann and CS - Bhupin Khanna. Its board of directors includes outside directors offering financial and legal acumen. This way, the company is meeting India's capital market 2026 tight standards.
Mann Fleet Partners IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | 100 % Book Built Offer |
| Total Issue Size | Up to 80,10,000 Equity Shares |
| Fresh Issue(Ex Market Maker) | Up to 64,10,000 Equity Shares |
| Offer for Sale | Up to 16,00,000 Equity Shares |
| Issue Type | Fresh Issue and Offer for Sale |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 2,56,29,143 Equity Shares |
Mann Fleet Partners IPO Financial Information
Latest Revenue
89.68
₹ Crore
Profit After Tax
17.59
₹ Crore
Net Worth
113.48
₹ Crore
Total Borrowing
7.04
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 70.44 | 89.68 | 17.59 | 113.48 | — | 7.04 | |||
| 31 Mar 2025 | 150.17 | 95.27 | 19.26 | 87.83 | 62.20 | 62.70 | |||
| 31 Mar 2024 | 114.50 | 133.1 | 45.62 | 65.34 | 52.42 | 57.74 | |||
| 31 Mar 2023 | 59.38 | 56.71 | 8.42 | 17.81 | 15.12 | 21.67 | |||
| Amount in ₹ Crore | |||||||||
Mann Fleet Partners Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 15.51 |
| ROCE | 13.49 |
| Debt/Equity | 0.62 |
| RoNW | 15.51 |
| PAT Margin | 19.62 |
| EBITDA Margin | 53.15 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.93 | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
Mann Fleet Partners Ltd. plans to utilize the net proceeds from the fresh issue for the following strategic goals:
- • Repayment of debt (in part or in full)
- • Capital expenditure for the procurement of new vehicles to expand and upgrade
- • General corporate purposes
Conclusion
Mann Fleet Partners IPO is one of the few IPOs issued that delivers something concrete in a sector that can broadly be categorised as ‘Indian mobility space’. The company is well-positioned to take advantage of the increasing demand for organized corporate transportation by using its recognized brand and diversified fleet in combination with its geographical spread. This is part of efforts to reduce its debt and add more vehicles as it prepares for the next leg of growth in a public listing in the Indian space.
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Competitive Strengths
Strong branding thanks to 30 years of mobility industry experience.
Very diversified customer base, reducing the company's reliance on a particular industry.
A strong physical presence across 83 Indian and foreign cities.
At the heart of that response is a choice of the best asset management system, which holds your clients’ assets (their purchased capacity) as well as balancing owned capacity and outsourced capacity.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 29/06/2026 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
Mann Fleet Partners IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 0 | 1400015000 |
| Individual investors (Retail) (Max) | 0 | 0 | 200000 |
| S-HNI (Min) | 0 | 0 | 200000 |
| S-HNI (Max) | 0 | 0 | 1000000 |
| B-HNI (Min) | 0 | 0 | 1000000 |