Chartered Speed files draft papers with SEBI; seeks to raise ₹855 crore via IPO

Chartered Speed IPO: Leading passenger mobility company Chartered Speed has filed a draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to raise ₹855 crore via an initial public offering.

The proposed IPO is a fresh issuance of shares aggregating up to ₹655 crore as well as an offer for sale (OFS) valued at ₹200 crore by promoters Pankaj Gandhi and Alka Pankaj Gandhi, as per the DRHP filed on Thursday. This takes the total offer size to ₹855 crore.

The net proceeds will be used towards funding capital expenditure for the purchase of electric buses, repayment of certain outstanding borrowings, and general corporate purposes.

"In addition, we intend to achieve the benefit of listing of the equity shares on the Stock Exchanges, enhancement of our Company’s brand name amongst our existing and potential customers and creation of a public market for our equity shares in India," it said.

SBI Capital Markets Ltd and Motilal Oswal Investment Advisors Ltd are the issue's book-running lead managers, while MUFG Intime India Pvt Ltd (formerly Link Intime India Pvt Ltd) serves as the registrar.

The company's shares will be listed on the National Stock Exchange (NSE) and BSE.

About Chartered Speed

Chartered Speed is a leading passenger mobility company with an operational bus fleet of more than 2,000 vehicles in India, as of June 2025, according to the F&S Report. The company primarily runs its self-owned fleet, which allows it to maintain greater control over operations and reduces reliance on third-party vendors for vehicle sourcing.

The company's extensive network spans 500 cities, enabling it to serve approximately 3.5 lakh passengers daily. It follows two business models – the ticket revenue model and the annuity model.

Chartered Speed financials