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Fleet bus operators Chartered Speed has filed draft papers with markets regulator SEBI to raise an estimated ₹ 273 crore through an initial public offering.
The IPO comprises fresh issuance of equity shares worth up to ₹ 225 crore, besides, an offer of sale of around ₹ 48 crore, according to the draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (SEBI).
In the offer for sale, promoters --- Pankaj Kumar Gandhi and Alka Pankaj Gandhi-- will sell shares of ₹ 24 crore each, the firm said.
The proceeds raised through fresh issue will be used to purchase passenger transportation vehicles, investment in its subsidiary firm, Chartered Bus Pvt Ltd and other general corporate purposes.
Equirus Capital Pvt Ltd will manage the issue and the equity shares will be listed on BSE and NSE.
Chartered speed Ltd is engaged in the business of providing passenger mobility solutions across various modes of surface transport in India.
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