Mann Fleet Partners receives SEBI nod for IPO

According to fresh market updates, Mann Fleet Partners, a New Delhi-based car rental services provider, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its IPO plans.

The firm filed its draft offer document with the capital markets regulator in June 2026.

SEBI issued its observations on the firm’s draft papers on September 8. The issuance of observations by the capital markets regulator allows the firm to launch its IPO within the next one year.

Mann Fleet Partners has proposed to mobilize funds through a maiden public offering of 79.22 lakh equity shares, comprising a fresh offering of 60.12 lakh shares.

Promoters and other existing shareholders will sell up to 19.1 lakh equity shares through an offer-for-sale (OFS).

Mann Fleet Partners offers economy, premium and luxury car and coach rental services to corporates, government agencies, embassies, travel agencies, event management organisations and retail clients. As of May 2026, it operated a proprietary fleet of more than 364 vehicles across several segments.

The firm proposes to utilise Rs 65 crore of the net fresh offering proceeds to repay debt, while the remaining funds will be used for general corporate purposes.

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As of May 2026, its total consolidated outstanding debt stood at Rs 75.6 crore.

Mann Fleet Partners has noted an inconsistent financial performance in recent years. Standalone earnings for the year ended March 2025 declined 58.3 percent to Rs 18.64 crore, while topline declined 28.4 percent to Rs 95.3 crore from the previous year.

In FY24, earnings increased five-fold to Rs 44.6 crore from Rs 8.8 crore in FY23, while topline during the same period surged 134.7 percent to Rs 133.1 crore from Rs 56.7 crore.

On a consolidated basis, earnings for the nine-month period ended December 2025 stood at Rs 17.6 crore, and topline at Rs 89.6 crore.

Khambatta Securities has been appointed as the book running lead manager for managing the Mann Fleet Partners IPO.