Innovision IPO Subscribed 2% on Day 1

New Delhi, Mar 10 (PTI) The initial public offer of Innovision Ltd, a manpower and toll plaza management services provider, got subscribed 2 per cent on the first day of bidding on Tuesday.

The Rs 322.84-crore IPO received bids for 1,22,202 shares, as against 61,32,433 shares on offer, as per NSE data.

The portion for Qualified Institutional Buyers (QIBs) attracted 96 per cent subscription. Retail Individual Investors (RIIs) category got subscribed 2 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.