Chartered Speed Files Rs 855 Crore IPO Papers with SEBI
Chartered Speed Ltd., a passenger mobility company, has filed its DRHP with SEBI for an IPO to raise Rs 855 crore. The offering includes a fresh issue of Rs 665 crore and an OFS of Rs 200 crore by promoters. The company plans to list on NSE and BSE, with proceeds aimed at purchasing electric buses, debt repayment, and corporate purposes. Chartered Speed operates in 500 cities with over 2,000 vehicles and has shown strong financial growth, with revenue increasing from Rs 332.00 crore to Rs 666.70 crore at a CAGR of 41.70%.
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Chartered Speed Ltd., a prominent player in the passenger mobility sector, has taken a significant step towards going public by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company is looking to raise Rs 855 crore through its initial public offering (IPO).
IPO Structure
The proposed IPO comprises two components:
- Fresh issue of shares worth Rs 665 crore
- Offer-for-sale (OFS) of Rs 200 crore by promoters Pankaj Gandhi and Alka Pankaj Gandhi
Listing Plans and Book Running Lead Managers
Chartered Speed plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The company has appointed Motilal Oswal Investment Advisors and SBI Capital Markets as the book-running lead managers for the IPO.
Use of Proceeds
The funds raised from the fresh issue will be utilized for:
- Purchasing electric buses
- Repayment of debt
- General corporate purposes
Company Overview
Chartered Speed is a well-established passenger mobility company with 15 years of experience in the industry. Key highlights of the company include:
- Operations across 500 cities
- Fleet of over 2,000 vehicles
- 650+ pickup points
- 65 branch offices
- Workforce of over 4,000 employees, including 2,480 drivers
Financial Performance
The company has demonstrated strong financial growth:
- Revenue increased from Rs 332.00 crore to Rs 666.70 crore
- Compound Annual Growth Rate (CAGR) of 41.70%
| Fiscal Year | Revenue (in Rs Crore) |
|---|---|
| - | 332.00 |
| - | 666.70 |
This IPO marks a significant milestone for Chartered Speed Ltd. as it seeks to capitalize on its growth and expand its presence in the passenger mobility sector. Investors and market watchers will be keenly observing the progress of this IPO as it moves through the regulatory process.
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