Mann Fleet Partners files draft papers with SEBI for IPO with fresh issue and OFS component

Mann Fleet Partners, a premium ground mobility and transportation company, has filed draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).

The proposed IPO comprises a fresh issue of 6,012,000 shares and an offer-for-sale (OFS) of 1,910,600 shares, according to the draft red herring prospectus (DRHP) filed on Monday.

Under the OFS, promoters Robin Singh Mann, Parmjeet Mann and Amrit Pal Singh Mann and individual shareholders Samir Bakshi, Pankaj Tyagi, Adish Jain, Harsh Goel and Prateek Goel will dilute their stake.

According to the draft papers, the money raised from the fresh issue will be utilised for repayment of certain outstanding borrowings availed by the company and general corporate purposes.

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges, including enhancement of our visibility and our brand image among our existing and potential customers as well as vendors and creation of a public market for our equity shares in India," Mann Fleet Partners said.

Mann Fleet Partners provides luxury, premium, and economy car and coach rental services, offering solutions to corporates, travel agencies, governments, embassies, and event management organisations and retail clients for their transportation requirements.

It offers various mobility solutions for its clients, including spot rentals, long-term rentals and event-based transportation. As of this DRHP, it has provided chauffeur services in six countries and 86 cities spanning across India, Saudi Arabia, United Arab Emirates, the United States of America (USA), England and Sri Lanka.

Half of the net offer will be reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

Khambatta Securities Limited is the lone book-running lead manager of the issue, while Bigshare Services is the registrar. The stock will be listed on the National Stock Exchange (NSE) and the BSE.