Rapid Fleet Management Services
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Mar 2025 – 25 Mar 2025
- Listing date
- 28 Mar 2025
- Face value
- ₹10 per share
- Issue price
- ₹192 per share
- Lot size
- 600 shares
- Total issue size
- ₹43.87 Cr
- Market cap at offer price
- ₹143 Cr
- Promoter holding
- 97.50% → 67.54% pre-issue → post-issue
- ISIN
- INE0QX901013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- New No.9, Old No.5, Coral Merchant Street, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 5,58,600 | — | — |
| Market maker | 4,21,800 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹192
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,15,200 |
| S-HNI (min) | 2 | 1,200 | ₹2,30,400 |
| S-HNI (max) | 8 | 4,800 | ₹9,21,600 |
| B-HNI (min) | 9 | 5,400 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 15.67 | 10.86 |
| P/E (×) | 12.25 | 17.68 |
| Price to book (×) | 4.76 | — |
| Market cap | — | ₹143 Cr |
Key performance indicators
- Return on net worth
- 40.06%
- ROCE
- 43.11%
- Debt / equity
- 0.74
- PAT margin
- 6.98%
- NAV per share
- ₹40.30
- Price to book
- 4.76
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Rapid Fleet Management Services
Rapid Fleet Management Services Limited, incorporated on December 26, 2017 and converted to a Public Limited Company on August 30, 2023, is a logistics service provider based in Chennai, Tamil Nadu. The company provides road transportation logistics services tailored to diverse B2B and B2C clientele. Its operations begin with order booking and route planning, followed by vehicle matching based on cargo specifics. The company utilizes GPS, FAST-TAG, and SIM tracking navigation systems for real-time monitoring and tracking of shipments. Services range from loading, transit, to safe delivery at destination. The company serves multiple industries and prides itself on reliability and adaptability in meeting clients' transportation needs.
Company Analysis
from RHPRapid Fleet Management Services Limited is a Chennai-based road transportation logistics company providing tailored B2B and B2C logistics services across industries including Tyre, Logistics, Electronics, FMCG, Renewable, Durables, FNB, and Chemicals.
Rapid Fleet Management Services Limited, incorporated on December 26, 2017 and converted to a Public Limited Company on August 30, 2023, is a logistics service provider based in Chennai, Tamil Nadu. The company provides road transportation logistics services tailored to diverse B2B and B2C clientele. Its operations begin with order booking and route planning, followed by vehicle matching based on cargo specifics. The company utilizes GPS, FAST-TAG, and SIM tracking navigation systems for real-time monitoring and tracking of shipments. Services range from loading, transit, to safe delivery at destination. The company serves multiple industries and prides itself on reliability and adaptability in meeting clients' transportation needs.
Objects of the Issue
- Purchase of Vehicles (Goods carriages) ₹1,300.00 lakhs p.28
- Working Capital Requirements ₹1,912.00 lakhs p.28
- General Corporate Purposes p.28
- Purchase of Vehicles (Goods Carriages) ₹1,302.37 lakhs p.84
- Working Capital Requirements ₹1,912.00 lakhs p.85
- General Corporate Purposes p.87
- Not specified in this document excerpt
Issue Structure
- Total Issue
- Up to ₹[●] lakhs (comprising up to 22,84,800 Equity Shares of face value ₹10.00 each)
- Fresh Issue
- Up to 22,84,800 Equity Shares of face value ₹10.00 each at ₹[●] per share (including premium of ₹[●]) aggregating ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- ₹183.00 to ₹192.00 per Equity Share
- Lot Size
- Minimum 600 Equity Shares and multiples of 600 thereafter
- Face Value
- ₹10.00 per Equity Share
Business Model
The company generates revenue primarily through Full Load services (74% in H1 FY24-25), Part Load services (7%), EXIM services (14%), and Renewable transportation services (5%). Revenue is derived from goods transportation logistics for various industries. The company operates its own vehicles and also engages third-party vendors for additional transportation capacity when needed.
Business Segments
SWOT Analysis
- • Integrated digital TMS system (Digitify) for operational efficiency(p.123)
- • ISO 9001:2015 certification demonstrating quality commitment(p.123)
- • Own fleet of 226 vehicles providing operational control(p.123)
- • PAN-India operational reach across multiple regions(p.144)
- • Experienced management team with industry expertise(p.142)
- • Diversified service offerings (Full Load, Part Load, EXIM, Renewable)(p.123)
- • Experienced leadership with 16+ years in supply chain and logistics(p.179)
- • Co-promoter with 6+ years logistics and supply chain expertise(p.179)
- • ISO 9001:2015 certification demonstrating quality standards(p.173)
- • Recognition from major industry clients (JK Tyre, Apollo Tyres)(p.172)
- • Established corporate governance framework with independent directors(p.185)
- • Diversified industry client base across FMCG, Tyre, Electronics, Power, Infrastructure, Energy, Oil & Gas(p.246)
- • Positive net worth and consecutive profitability over multiple years(p.281)
- • Strong PAT growth trajectory with PAT increasing from ₹339.59 Lakhs (FY 2021-22) to ₹807.19 Lakhs (FY 2023-24)(p.256)
- • Improved EBITDA margin expansion from 7.67% (FY 2021-22) to 14.68% (FY 2023-24)(p.247)
- • High revenue concentration in top 10 customers(p.37)
- • Geographical concentration of business in Tamil Nadu(p.34)
- • High dependence on Full Load and Exim services(p.34)
- • Negative cash flows from investing activities(p.39)
- • Registered office on rental basis(p.35)
- • Outstanding legal proceedings involving company and promoters(p.33)
- • Lack of experience in renewable transportation services(p.34)
- • Corporate compliance discrepancies(p.38)
- • Heavy dependence on single largest customer (25.92% of revenue)(p.146)
- • High maintenance expenses impacting profitability(p.142)
- • Limited brand visibility in the market(p.142)
- • Centralized decision-making structure limiting agility(p.142)
- • Skill gaps in workforce limiting operational efficiency(p.142)
- • High dependence on related party financing(p.222)
- • Significant debt burden with long-term borrowings of Rs. 2,267.90 Lakhs(p.215)
- • Concentrated promoter shareholding at 96.09% pre-IPO(p.199)
- • Limited scale with only two promoters and recently expanded board(p.171)
- • Recent CSR spending shortfall indicating implementation challenges(p.231)
- • High debt-to-equity ratio of 1.18x as of September 30, 2024(p.238)
- • Significant related party loan dependence with ₹820.83 Lakhs unsecured loan from SLB Logistics Pvt. Ltd.(p.260)
- • High concentration of revenue from single related party: SLB Logistics generated ₹710.65 Lakhs in freight charges received and ₹679.24 Lakhs in freight charges paid(p.233)
- • Declining current ratio from 1.02 (FY 2021-22) to 0.96 (FY 2023-24) and 1.35 (H1 2024-25), indicating working capital management challenges(p.259)
- • Substantial contingent liabilities including bank guarantees of ₹35.00 Lakhs and income tax demands of ₹3.19 Lakhs(p.241)
- • Growth in Indian logistics industry(p.27)
- • Expansion to new geographic markets(p.43)
- • Government initiatives to reduce logistics costs(p.27)
- • Expansion into renewable energy logistics sector(p.125)
- • Growing Indian logistics market expansion potential(p.142)
- • Evolving into digital logistics service provider(p.142)
- • Technology-driven operational improvements(p.142)
- • Government focus on logistics sector infrastructure development(p.115)
- • Expansion through joint ventures in logistics sector(p.173)
- • Growth in transportation and fleet management services(p.172)
- • Diversification into warehousing and logistics consulting(p.173)
- • Capital deployment for fleet expansion post-IPO(p.174)
- • Expansion of fleet across multiple geographies with branches in Kerala, West Bengal and multiple facilities in Tamil Nadu(p.281)
- • Strong ROE performance at 40.06% (FY 2023-24) indicating efficient deployment of shareholder capital(p.239)
- • Road transportation logistics sector growth tailored to B2B and B2C clientele needs(p.246)
- • Dependence on road network and operational disruptions(p.32)
- • Inability to pass on fuel cost increases to customers(p.35)
- • Highly competitive and fragmented industry(p.39)
- • Regulatory and licensing requirements(p.33)
- • Volatility in general economic and market conditions(p.44)
- • Intense competition from fragmented logistics industry(p.143)
- • Fuel price volatility affecting operational costs(p.142)
- • Regulatory compliance challenges and frequent changes(p.142)
- • Dependence on skilled driver workforce amid shortages(p.142)
- • Economic volatility impacting logistics demand(p.142)
- • Cyber security threats to digital systems(p.142)
- • Regulatory complexity across multiple labor and employment laws(p.167)
- • Exposure to foreign trade regulations and compliance requirements(p.170)
- • Tax regulatory changes affecting business operations(p.169)
- • Foreign exchange management restrictions on NRI/FPI holdings(p.170)
- • Compliance burden from multiple sector-specific regulations(p.169)
- • Exposure to motor accident liability claims with pending litigation including claims up to ₹50 Lakhs(p.269)
- • Tax authority actions with outstanding income tax demands of ₹2,95,840/- and TDS defaults of ₹10,500/-(p.269)
- • Intense competition from well-established unorganized companies/entities in logistics(p.261)
- • Interest rate risk and debt service obligations subject to changing interest rates(p.260)
- • Credit risk exposure from customer receivables with trade receivables of ₹4,001.98 Lakhs(p.260)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Anand Poddar | Promoter | 39.31% | 26.99% |
| Ms. Shruti Poddar | Promoter | 56.78% | 38.98% |
| Ms. Shruti Poddar | Promoter | 56.78% | 39.33% |
| Mr. Anand Poddar | Promoter | 39.31% | 27.23% |
| Not specified in document | Promoter/Promoter Group | — | — |
| Mr. Anand Poddar | Promoter | 39.31% | — |
| Ms. Shruti Poddar | Promoter | 56.78% | — |
| Mr. Anand Poddar | Promoter | — | — |
| Ms. Shruti Poddar | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.