Innovision IPO Subscribed 12% on Day 2

New Delhi, Mar 11 (PTI) The initial public offer of Innovision Ltd, a manpower and toll plaza management services provider, received 12 per cent subscription on the second day of bidding on Wednesday.

The Rs 322.84-crore IPO received bids for 7,14,258 shares, as against 61,32,433 shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) got subscribed 96 per cent. Non-institutional investors' portion received 19 per cent subscription, and the Retail Individual Investors (RIIs) quota got subscribed 6 per cent.

The initial public offer has a fresh issue of up to Rs 255 crore and an offer-for-sale of up to 12,38,000 equity shares.

Price range for the offer has been fixed at Rs 521-548 per share.


The public issue will conclude on March 12.

Proceeds from the fresh issuance will be used towards payment of debt, fund the company's working capital requirements, and for general corporate purposes.

The company specialises in providing manpower services, which include manned private security, integrated facility management services, as well as manpower sourcing and payroll management.

The toll plaza management operations involve user fee collection and related services at toll plazas, secured through competitive bidding processes. Additionally, the company is empanelled with NHAI for toll collection at various locations.

Innovision also offers skill development training as a partner for the Centre and various state government initiatives. Through its wholly-owned subsidiary, Innovision International Pvt Ltd, the company provides recruitment, placement consultancy, and visa facilitation services.

Emkay Global Financial Services is the book-running lead manager to the offer.