IPO Alert: Chartered Speed Files Draft Papers With SEBI to Raise ₹855 Crore

Chartered Speed Ltd, a well-established player in India’s passenger mobility space, has taken the first step toward going public by filing draft papers with the Securities and Exchange Board of India (SEBI). The proposed initial public offering (IPO) is expected to raise ₹865 crore through a combination of fresh issue of shares and an offer for sale by the promoters.

IPO Structure and Key Partners

The IPO will comprise a fresh issue of shares worth ₹665 crore along with an offer for sale of up to ₹200 crore by promoters Pankaj Gandhi and Alka Pankaj Gandhi. The equity shares are planned to be listed on both the National Stock Exchange (NSE) and the BSE.

For this issue, Motilal Oswal Investment Advisors Ltd. and SBI Capital Markets Ltd. will act as the book-running lead managers, while MUFG Intime India Private Ltd. has been appointed as the registrar.

Growth Plans and Business Expansion

A large share of the IPO proceeds will be directed toward acquiring electric buses, enabling Chartered Speed Ltd. to expand its operational fleet and strengthen its capital assets. Another significant portion is earmarked for pre-payment or repayment of existing borrowings, which will enhance the company’s financial health. The balance funds are set aside for general corporate purposes, offering the company flexibility to manage daily operations and support future initiatives.

Currently, the company runs more than 2,000 vehicles, with most being part of its self-owned fleet. Having operated in the sector for over 15 years, its network now spans 500 cities across India. Revenue growth has been robust, with operations increasing at a CAGR of 41.70%, rising from ₹332 crore in FY23 to ₹666.7 crore in FY25.

As of June 30, 2025, the firm has established over 650 dedicated pick-up and drop points, supported by 65 branch and booking offices. The workforce exceeds 4,000 people, including 2,480 drivers, highlighting its scale and operational depth.

Read More: Knack Packaging IPO: Draft Filed with SEBI for ₹475 Crore Fresh Issue!

Conclusion

Chartered Speed Ltd’s upcoming IPO highlights its ambition to scale further in India’s mobility sector, with a clear focus on electric fleet expansion and financial consolidation. Backed by strong revenue growth and a vast operational network, the company is strategically positioned to strengthen its market presence through the public issue.

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