Innovision IPO Experiences 3.32 Times Subscription on Final Day

Innovision Ltd IPO Subscribed 3.32 Times on Final Day

Key Highlights:

• Innovision Ltd's initial public offering (IPO) received bids for 2,12,70,519 shares, surpassing the 63,99,943 shares on offer.
• The IPO, which was initially scheduled to close on March 12, was extended to March 17 due to a lukewarm response from investors.
• The company revised the price band to Rs 494-519 per share, lower than the earlier band of Rs 521-548 per share.

Subscription Details:

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• Qualified Institutional Buyers (QIBs): 13.75 times subscription
• Non-Institutional Investors: 8.26 times subscription
• Retail Individual Investors (RIIs): 58% subscription

IPO Details:

• The IPO has a combination of a fresh issuance of Rs 255 crore and an Offer For Sale (OFS) of 12.38 lakh equity shares.
• Proceeds from the fresh issuance will be used towards payment of debt, fund the company's working capital requirements, and for general corporate purposes.

Company Overview:

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• Innovision Ltd is a Haryana-based company that specialises in providing manpower services, including manned private security, integrated facility management services, as well as manpower sourcing and payroll management.
• The company also offers toll plaza management operations, involving user fee collection and related services at toll plazas, secured through competitive bidding processes.
• Additionally, Innovision provides skill development training as a partner for the Centre and various state government initiatives.

Issue Details:

• Book-running lead manager: Emkay Global Financial Services