Fleet bus operators Chartered Speed has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise an estimated Rs 273 crore through an Initial Public Offering (IPO). The IPO comprises fresh issuance of equity shares worth up to Rs 225 crore, besides, an offer of sale of around Rs 48 crore.
The funds will be utilized towards purchase passenger transportation vehicles, investment in its subsidiary firm, Chartered Bus and other general corporate purposes. Equirus Capital is the sole book running lead manager to the issue. The company’s shares are proposed to be listed on the BSE and NSE.
Chartered speed is engaged in the business of providing passenger mobility solutions across various modes of surface transport in India.
