Chartered Speed IPO
Chartered Speed Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 2 January 2026, so the company can open the IPO any time up to 2 January 2027. The draft proposes a fresh issue of up to ₹655 crore and an offer for sale of up to ₹200 crore by promoters Pankaj Gandhi and Alka Pankaj Gandhi. In FY25 the company made a profit of ₹70.10 crore on revenue of ₹666.77 crore, after losses in FY23 and FY24. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued2 Jan 2026
- SEBI received draft
- 5 Sep 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Motilal Oswal Investment Advisors Limited
- Must open by
- 2 Jan 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Chartered Speed IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI5 Sep 2025
- SEBI reviewDone
- SEBI observations2 Jan 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Chartered Speed DRHP at a glance
Draft red herring prospectus, 4 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 192 to 193) and Basis for Offer Price, KPIs (p. 116 to 118)Chartered Speed is a passenger bus company with an operational fleet of over 2,000 buses on 30 June 2025, mostly owned. It runs buses for state transport bodies on fixed-fee (annuity) contracts in Odisha, Madhya Pradesh and Gujarat, and its own ticketed inter-city routes; it also carries parcels and sells advertising on buses.
Annuity contracts gave ₹478.10 crore of FY25 revenue and ticket sales ₹159.64 crore. It was incorporated in 2007 and is based in Ahmedabad, Gujarat.
The offer
DRHP cover page and The Offer (p. 79)| Fresh issue | Up to ₹655 croreMoney goes to the company |
| Offer for sale | Up to ₹200 crore₹100 crore each by Pankaj Gandhi (average cost ₹3.91 a share) and Alka Pankaj Gandhi (₹1.63) |
| Shares before the IPO | 7,18,05,660Face value ₹5 |
| Pre-IPO placement | Up to ₹131 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(2), as it does not meet Regulation 6(1)(a) and 6(1)(c) |
| Lead managers | Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Pankaj Gandhi, Alka Pankaj Gandhi and Sanyam Gandhi |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 105 to 106)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Capital expenditure | 98.00 | 15.0% |
| Repaying or prepaying certain borrowings | 396.47 | 60.5% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹655 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Financial Information (p. 81 to 84) and Basis for Offer Price, KPIs (p. 114 to 118), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 332.08 | 347.30 | 666.77 |
| EBITDA | 26.33 | 49.93 | 210.81 |
| EBITDA margin | 7.93% | 14.38% | 31.62% |
| Profit after tax | -8.32 | -5.49 | 70.10 |
| Diluted EPS (₹) | -1.39 | -0.69 | 10.12 |
| Total equity | -20.91 | -16.72 | 63.18 |
| Cash from operations | 22.15 | 31.02 | 207.96 |
| Net debt | 159.78 | 442.30 | 500.86 |
| Return on capital employed | 6.55% | 8.16% | 29.01% |
Restated consolidated figures. Total equity was negative at the end of FY23 and FY24. Revenue grew about 41.7% a year from FY23 to FY25 (our calculation).
Risks the draft lists first
DRHP, Risk Factors (p. 35 to 40)- Government contractsState transport bodies and other government entities gave 66.39% of FY25 revenue. (Risk factor 1, p. 35)
- Three statesMost revenue comes from Odisha, Madhya Pradesh and Gujarat. (Risk factor 2, p. 37)
- One contractContracts with the Odisha State Road Transport Company gave 61.68% of FY25 revenue. (Risk factor 3, p. 38)
- Travel demandInter-city services depend on government policies and the travel and tourism industry. (Risk factor 4, p. 38)
- Past lossesIt made losses in FY23 and FY24 and had negative total equity in those years. (Risk factor 5, p. 39)
- Group lossesA subsidiary and an associate have made losses, eroding group net worth, and there have been delays in repaying borrowings. (Risk factor 6, p. 40)
Documents
Chartered Speed DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Chartered Speed IPO FAQs
When will the Chartered Speed IPO open?
The date is not announced. SEBI issued observations on 2 January 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 2 January 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Chartered Speed IPO?
Yes. SEBI issued its final observations on 2 January 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Chartered Speed IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Chartered Speed IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Chartered Speed IPO?
Motilal Oswal Investment Advisors Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Chartered Speed do with the IPO money?
According to the DRHP, the fresh issue money goes to capital expenditure (₹98.00 crore), repaying or prepaying certain borrowings (₹396.47 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Chartered Speed do?
Chartered Speed is a passenger bus company with an operational fleet of over 2,000 buses on 30 June 2025, mostly owned. It runs buses for state transport bodies on fixed-fee (annuity) contracts in Odisha, Madhya Pradesh and Gujarat, and its own ticketed inter-city routes; it also carries parcels and sells advertising on buses.
Where can I read the Chartered Speed DRHP?
On SEBI's website, where the draft red herring prospectus was published on 15 September 2025. The draft is dated 4 September 2025 and runs to 477 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 4 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.