Chartered Speed and PhonePe Prepare for Major IPOs, Targeting ₹855 Crore and ₹10-13k crore

Two of India’s prominent companies, Chartered Speed in mobility and PhonePe in fintech, are preparing for public listings, highlighting the continuing investor interest in high-growth sectors.

Chartered Speed IPO: Expanding Passenger Mobility

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Chartered Speed has submitted a Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise ₹855 crore through its initial public offering. The IPO comprises a fresh share issue of ₹655 crore and an offer for sale (OFS) of ₹200 crore by promoters Pankaj Gandhi and Alka Pankaj Gandhi.

The funds raised will be used to acquire electric buses, repay certain borrowings, and support general corporate purposes. Additionally, the company aims to boost its visibility and establish a public trading platform for its shares.

SBI Capital Markets Ltd and Motilal Oswal Investment Advisors Ltd will act as book-running lead managers, while MUFG Intime India Pvt Ltd will serve as the registrar. Chartered Speed plans to list its shares on both the NSE and BSE.

As of June 2025, Chartered Speed operates over 2,000 self-owned buses, reaching 500 cities and transporting approximately 3.5 lakh passengers daily. The company follows a combination of ticket revenue and annuity-based models, providing operational control and steady revenue streams.

Financially, the company reported revenue of ₹666.77 crore for FY25, up from ₹347.3 crore in FY24, and a net profit of ₹70.09 crore, marking a strong turnaround from earlier losses.

PhonePe IPO: India’s Fintech Giant Moves Toward Listing

Separately, PhonePe is preparing for a significant IPO, with a confidential SEBI filing expected by the end of September, targeting a public debut in early 2026. The IPO is expected to raise between ₹10,000–13,000 crore and give the company a valuation of ₹83,000–₹99,600 crore.

The listing will combine a fresh capital raise with an offer for sale, primarily allowing partial exits for minority investors like Tiger Global and General Atlantic, while Walmart, the majority shareholder, is expected to retain most of its stake.

PhonePe is the largest player in India’s digital payments market, holding over 45% share in UPI transactions and leading QR-based payments. Beyond payments, it offers gateway services and financial products such as loans and insurance. Founded in 2015 as a Flipkart subsidiary, PhonePe became a direct Walmart subsidiary in 2020.

The IPO will be managed by a mix of domestic and international investment banks, including JP Morgan, Morgan Stanley, Citigroup, and Kotak Mahindra Capital, reflecting the scale and strategic importance of the listing.

Conclusion

The IPOs of PhonePe and Chartered Speed demonstrate the high level of investor interest in India's fintech and mobility industries. While PhonePe gets ready for one of India's biggest financial listings, Chartered Speed intends to grow its fleet and fortify its urban transportation presence. It is anticipated that both offerings will garner significant interest from both domestic and international investors.