Chartered Speed Ltd. Files DRHP with SEBI for ₹855 crore IPO

Chartered Speed Limited, the Ahmedabad-headquartered passenger mobility enterprise, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO). The company plans to raise ₹655 crore through issuing fresh shares, while there is an offer-for-sale of up to ₹200 crore by the promoters. 

Pankaj Gandhi and Alka Pankaj Gandhi are the promoters of the company. The book-built offer will be made as per Rule 19 (2) (b) of the SCRR, together with Regulation 31 and 6 (2) of SEBI ICDR. 

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Chartered Speed Ltd - IPO Details

According to the DRHP, 

• Chartered Speed’s IPO will be a book-building IPO, comprising a fresh issue of ₹655 crore and an offer-of-sale (OFS) of ₹200 crore, each with a face value of ₹5.
• The equity shares are proposed to be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as per the DRHP. 
• Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers of the public issue. 
• MUFG Intime India Private Limited will be the registrar for the Chartered Speed IPO.
• The company may choose a pre-IPO placement of up to ₹131 crore in discussions with the book-running lead managers. In case it occurs, the fresh issue size will decrease.
• The offer also contains a subscription reservation for eligible employees, with discounts available for participants in the employee reservation category. 

Utilisation of Proceeds

The company proposes to utilise the net proceeds from the fresh issue for the following purposes: 

• Investments to acquire 56 electric buses for ₹98 crore. 
• The pre-payment or repayment of certain company borrowings of ₹396.4 crore.
• General corporate expenses.

About Chartered Speed Ltd

Chartered Speed Ltd, headquartered in Ahmedabad, is a leading passenger mobility enterprise in India, running a fleet of 2,000+ buses as of June 30, 2025. It primarily utilises a self-owned fleet for higher operational control and has more than 15 years of industry expertise. 

The company offers cost-effective and sustainable transportation solutions across intra-city and inter-city travel throughout six states. Its network spans 500 cities, enabling it to accommodate about 3.5 lakh passengers each day. Inter-city bus services are focused mainly in Gujarat, Madhya Pradesh, Odisha, Assam and Rajasthan, while intra-city operations target Madhya Pradesh and Gujarat. 

The company’s operational revenues increased to ₹666.7 crore in FY2025, up from ₹332 crore in FY23. Its annuity model offered benefits in FY25, with revenues going up to ₹478.1 crore from ₹112 crore in FY23. Its PAT (profit after tax) also increased to ₹70 crore in FY25 in comparison to a loss of ₹8.3 crore in FY23.

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