- Mann Fleet Partners received Sebi approval to raise funds through an IPO
- The IPO includes 60.12 lakh fresh shares and 19.10 lakh shares in an OFS
- Proceeds from the IPO will be used for debt repayment and corporate purposes
Chauffeured car rental and mobility solutions provider Mann Fleet Partners has secured Sebi's approval to raise funds through an initial public offering (IPO), an update with the markets regulator showed on Friday.
The proposed IPO comprises a fresh issue of 60.12 lakh equity shares and an Offer-For-Sale (OFS) of 19.10 lakh equity shares by promoters and individual shareholders, according to the draft red herring prospectus (DRHP).
The company plans to use the proceeds from the fresh issue for debt payment and general corporate purposes.
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Mann Fleet Partners, which filed its preliminary papers with Sebi in June, obtained its observations on September 8, the update showed .
Receiving Sebi's observation is a key step in the IPO process, following which a company can proceed with further preparations for the public issue, subject to applicable regulatory requirements.
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Mann Fleet Partners is engaged in the business of providing economy, premium, and luxury car and coach rental services, delivering transportation solutions to corporates, governments, embassies, travel agencies, event management organisations and retail clients.
It operates a chauffeur service network spanning 86 cities across 6 countries, including India, the United Arab Emirates, Saudi Arabia, the United States of America, Sri Lanka, and England. While rapidly expanding in global markets, it maintains an extensive domestic footprint, serving 80 cities across India.
Khambatta Securities is the sole 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.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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