Chartered Speed IPO – Review, Allotment, Subscription, GMP & DRHP

Chartered Speed Limited is engaged in the business of providing passenger mobility solutions across various modes of surface transport in India with an operational fleet of over 750 passenger vehicles and over 430 Smart Bikes. Chartered Speed IPO comprises of 2484000 Equity shares, face value of Rs.10 each.

Let’s have a detailed review of the company and analytics of the Chartered Speed IPO release date, IPO offer price, subscription, Chartered Speed IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Chartered Speed IPO Review & Ratings

IPO Ratings & Review
Criteria Ratings
Industry Sentiments 8.5/10
Industry Ranking 7.8/10
Company Background 7.9/10
Company Reputation 7.9/10
Competitive Edge 7.7/10
Financial Statements 7.8/10
Popularity Index 8.4/10
Promoters Reputation 7.7/10
Retail Appetite 7.9/10
Top Brokers Review 7.9/10
Overall Ratings 8.1/10
Star Ratings ★★★★☆

Summary of Chartered Speed Limited IPO

Chartered Speed IPOChartered Speed Limited is engaged in the business of providing passenger mobility solutions across various modes of surface transport in India with an operational fleet of over 750 passenger vehicles and over 430 Smart Bikes. They provide inter-city passenger mobility solutions through their bus operations largely focused in Central and Western India with an expanding footprint in Northeastern India. The Issue comprises Up to [●] Equity Shares aggregating to Rs. 2,730.00 million.

From FY 2013-14 to FY 2016-2017, as per the Restated Financial Statements,

  • For the Fiscals 2018, 2017, 2016, 2015 and 2014 the consolidated revenue from operations was Rs. 2,562.76 million, Rs. 2,370.01 million, Rs. 2,013.42 million, Rs. 1,515.98 million and Rs. 1,078.86 million respectively. They revenue from operations has grown at a CAGR of 18.89% during Fiscals 2014 to 2018.
  • In Fiscals 2018, 2017, 2016, 2015 and 2014 51 they recorded EBITDA of Rs. 499.13 million, Rs. 461.20 million, Rs. 430.16 million, Rs. 279.22 million and Rs. 177.11 million respectively.
  • As of March 31, 2018, the Company’s net worth was Rs. 591.45 million as per their Restated Consolidated Financial Information and Rs. 591.85 million as per the Restated Standalone Financial Information.
  • As of March 31, 2018, the net asset value per Equity Share was Rs. 21.09 as per their Restated Consolidated Financial Information and Rs. 21.10 as per the Restated Standalone Financial Information.
  • For Fiscals 2018, 2017, 2016, 2015 and 2014 the net profit was Rs. 124.36 million, Rs. 141.48 million, Rs. 108.18 million, Rs. 68.41 million and Rs. 26.82 million, respectively. Their net profit has grown at a CAGR of 35.91% during Fiscals 2014 to 2018.

The Promoters of this company are Pankaj Kumar Gandhi and Alka Pankaj Gandhi. The lead manager to the issue is Equirus Capital Private Limited and the Registrar to this issue is Link Intime India Private Limited.


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Chartered Speed IPO Date

The opening and the closing date of Chartered Speed Limited IPO is not known yet.


Chartered Speed IPO Subscription

Day / Date QIB NII RII Total Subscription
Day 1 
Day 2
Day 3
Day 4
Day 5
Shares Offered or Net Issue

The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.


Chartered Speed IPO Allotment Status

Here, you can find the Allotment Status of this IPO.


Chartered Speed IPO Price Band

The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed. 


Chartered Speed IPO Equity Share Offering

Up to [●] Equity Shares aggregating to Rs. 2,730.00 million.


Chartered Speed Limited – Company Overview

Chartered Speed Limited is engaged in the business of providing passenger mobility solutions across various modes of surface transport in India with an operational fleet of over 750 passenger vehicles and over 430 Smart Bikes. They provide inter-city passenger mobility solutions through the bus operations largely focused in Central and Western India with an expanding footprint in Northeastern India.

Chartered Speed Limited also provide services to state transport undertakings (“STUs”) for their intra-city passenger mobility operations in the form of city buses and bus rapid transit system (“BRTS”). Further, they also provide passenger mobility solutions in three other business segments, which are:

(i) school buses and staff buses for corporate customers,

(ii) automated public bicycle (“Smart Bike”) sharing system and

(iii) rental and self-drive cars.

Their operations are primarily focused on the inter-city bus operations in which they serviced over 2.44 million passengers and the intra-city operations which covered over 34 million kilometres, in Fiscal 2018. They also provide inter-city passenger mobility solutions through the widespread transportation network, which spanned across a total of 26 cities in the state of Gujarat, Madhya Pradesh, Rajasthan and Maharashtra, as on August 31, 2018.

They also connect metropolitan, tier-II and tier-III cities, such as Bhuj, Udaipur, Ratlam, Jabalpur, Shirdi, Jamnagar and Kota. Additionally, we have recently entered into an agreement with the Assam State Transport Corporation (“ASTC”) for operation of buses for inter-city transport between certain cities in Northeastern India.

The Company is promoted by Pankaj Kumar Gandhi and Alka Pankaj Gandhi and is the guiding force behind the growth and strategic decisions of the Company.

Competitive Strengths of Chartered Speed Limited:

  • De-risked business model;
  • High visibility of revenue;
  • Large and established size and scale of operations;
  • Industry understanding and proven track record in the passenger mobility solution business;
  • Focus on operational cost efficiencies;
  • Strong track record of robust financial performance;
  • Experienced and dedicated management team and workforce.

Business strategies of Chartered Speed Limited:

  • Increasing density in the intra-city operations .
  • Increasing the network of inter-city operations.
  • Focus on the attractive market of Public Smart Bike sharing
  • Improving operating efficiencies and customer service through technology enhancements
  • Maintaining a strong financial position

Chartered Speed Limited – Financial Statements

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Financial Summary:

On the basis of Standalone statement:-

Amount (in INR & Millions)
31-Mar-18 31-Mar-17 31-Mar-16
Total Assets 1,359.12 1,169.52 895.10
Total Revenue 2,578.68 2,424.05 1,976.14
Total Expense 2,379.10 2,212.97 1,816.32
Profit After Tax 124.11 149.89 103.78

Earnings per Equity Share (in Millions)

31-Mar-18 31-Mar-17 31-Mar-16
Basic & Diluted 4.43 5.35 3.70

From the above statements, one could find that the Chartered Speed Limited may perform well.


Chartered Speed IPO – Promoters

The Promoters of this company are:

  • Pankaj Kumar Gandhi
  • Alka Pankaj Gandhi

List of Related Parties (Key Managerial Personnel)

  • Deen Bandhu Gaggar
  • Nirav Prakashchandra Patel

Interest in promotion of the Company

Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.

Property Interest

The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.

Interest in Intellectual Rights of the Company

Promoters has not shown any interest in acquiring the intellectual rights of the company.


Chartered Speed IPO Offer Details or Issue Details

Offer Up to [●] Equity Shares aggregating to Rs. 2,730.00
million
Of which
Offer to Sale Up to [●] Equity Shares aggregating up to Rs. 480.00
million
Fresh Issue Up to [●] Equity Shares aggregating up to Rs. 2,250.00
million
QIB Category Not more than [●] Equity Shares
Of which:
 Anchor Investor Portion Up to [●] Equity Shares
Balance available for allocation to QIBs other than Anchor Investors (assuming Anchor Investor Portion is fully subscribed) [●] Equity Shares
Of which:
– Available for allocation to Mutual Funds only (5% of the QIB Category (excluding the Anchor Investor Portion)) Up to [●] Equity Shares
– Balance of QIB Category for all QIBs including Mutual Funds [●] Equity Shares
Non-Institutional Category Not less than [●] Equity Shares
Retail Category Not less than [●] Equity Shares
Equity Shares outstanding prior to the offer 28,049,480 Equity Shares
Equity Shares outstanding after the Offer [●] Equity Shares

Chartered Speed IPO Issue Object

These are the IPO Issue Objects of the company

  • Funding the Working Capital requirements of the Company:
  •  Repayment/ pre-payment of certain unsecured loans availed from banks and financial institutions by the company; and
  •  General Corporate Purposes

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Chartered Speed IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

  • De-risked business model;
  • High visibility of revenue;
  • Large and established size and scale of operations;
  • Industry understanding and proven track record in the passenger mobility solution business;
  • Focus on operational cost efficiencies;
  • Strong track record of robust financial performance;
  • Experienced and dedicated management team and workforce.

The relevant quantitative factors are:

Basic & Diluted EPS RONW (%) NAV (Rs.)
31-Mar-16 3.70 35.70
31-Mar-17 5.35 33.66
31-Mar-18 4.43 20.92 21.10
  • Price Earning Ratio (P/E) in relation to the Offer Price of Rs. [●] to Rs. [●] per Equity Share of the face value of Rs. 10 each:
Particulars As P/E at the lower end of the Price Band (no. of times)
P/E ratio based on Basic EPS for the financial year
ended March 31, 2018 at the Floor Price
[●]
P/E ratio based on Diluted EPS for the financial
year ended March 31, 2018 at the Floor Price
[●]
P/E ratio based on Basic EPS for the financial year
ended March 31, 2018 at the Cap Price
[●]
P/E ratio based on Diluted EPS for the financial
year ended March 31, 2018 at the Cap Price
[●]
  • Competitive Peers:

As on the date of this Draft Red Herring Prospectus, there are no listed companies in India which are engaged in the same line of business and comparable to their scale of operations, hence, comparison with industry peers are not applicable.


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Chartered Speed IPO Lead Managers

Lead Managers
EQUIRUS CAPITAL PRIVATE LIMITED
12th Floor, C Wing, Marathon Futurex
NM Joshi Marg, Lower Parel
Mumbai – 400 013, Maharashtra, India.
Telephone: +91 22 4332 0600; Fax: +91 22 4332 0601
E-mail:
Investor Grievance E-mail:
Website: www.equirus.com
Contact Person: Ankesh Jain / Gaurav Phadke
SEBI Registration No.: INM000011286

Chartered Speed IPO Registrar to offer

Registrar to the Offer
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park
Lal Bahadur Shastri Marg, Vikhroli (West)
Mumbai – 400 083, Maharashtra, India.
Telephone: +91 22 4918 6200; Fax: +91 22 4918 6195
E-mail:
Website: www.linkintime.co.in
Investor Grievance E-mail:
Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058

Other Details:

  • Statutory Auditor – Mukesh M. Shah & Co., Chartered Accountants.
  • Peer Review Auditor – Mukesh M. Shah & Co., Chartered Accountants.
  • Bankers to the Company –HDFC Bank Limited, DCB Bank Limited, Axis Bank Limited, Kotak Mahindra Bank Limited, ICICI Bank Limited,  IDBI Bank Limited

Chartered Speed IPO Review by Top 10 Stock Brokers

Top Stock Brokers Review Company Reputation Competitive Edge Financial Statement Popularity Index Promoters Reputation
Angel Broking 7.5/10 7.4/10 8.5/10 8.1/10 7.1/10
Sharekhan 7.2/10 7.1/10 8.6/10 8.1/10 7.2/10
Kotak Securities 7.3/10 7.5/10 8.4/10 8.1/10 7.3/10
ICICI Direct 7.3/10 7.3/10 8.7/10 8.1/10 7.1/10
IIFL 7.5/10 7.2/10 8.8/10 8.0/10 7.1/10
Edelweiss 7.5/10 7.4/10 8.4/10 8.3/10 7.2/10
Zerodha 7.4/10 7.1/10 8.5/10 8.1/10 7.0/10
5Paisa 7.1/10 7.1/10 8.4/10 8.1/10 7.1/10
Karvy 7.4/10 7.3/10 8.2/10 8.1/10 7.1/10
Motilal Oswal 7.1/10 7.1/10 8.6/10 8.3/10 7.2/10

Chartered Speed IPO Grey Market Premium

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Chartered Speed IPO News

News 1 – IPO ISSUE OPENS SOON (Download Prospectus)


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