Innovision IPO Review

Key Figures:

• ₹319.25 crore: Total size of the initial public offering (IPO)
• ₹494-₹519: Revised price range per share
• ₹521-₹548: Original price range per share
• ₹-60: Grey market premium (GMP) as of March 19
• ₹459: Estimated listing price, down 11.56% from issue price

IPO Details:

Read also: SpaceX Seeks Record $75 Billion IPO, Potentially Positioning Elon Musk as the World's First Trillionaire

The Innovision IPO, which listed on BSE and NSE on March 20, witnessed weak demand. The issue was not fully subscribed in the initial 3 days of bidding and was later extended to 6 days for subscription. The IPO opened for public subscription on March 10 and closed on March 17, with a revised price range of ₹494-₹519 per share. The allotment of Innovision IPO was finalised on March 18.

Subscription Figures:

The IPO was subscribed 3.46 times by the end of Day 6, with the retail portion subscribed 0.60 times and the NII portion booked 8.60 times. The Qualified Institutional Buyers (QIBs) portion received 14.30 times bids, with the company receiving bids for 2.12 crore shares against 61.51 lakh shares on offer.

IPO Structure:

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

The IPO was launched as a book-built issue with a total size of ₹319.25 crore, comprising a fresh issue of 0.49 crore shares aggregating to ₹255.00 crore and an offer for sale (OFS) of 0.12 crore shares worth ₹64.25 crore by promoters Uday Pal Singh and Lt Col Randeep Hundal.

Allocation:

The company had reserved not more than 1% of the issue for qualified institutional buyers (QIBs), not less than 34% for non-institutional investors (NIIs), and not less than 65% for retail investors. Emkay Global Financial Services acted as the book-running lead manager for the issue, while Kfin Technologies served as the registrar.

Company Overview:

Innovision operates in the manpower services segment, providing a range of offerings including manned private security, integrated facility management, toll management, and skill development initiatives. The company delivers toll plaza management, skill development training, and manpower services across 23 states and five union territories, catering to a diverse client base spanning sectors such as warehousing, retail, healthcare, BFSI, and logistics, with key clients including Sequel Logistics, Max Healthcare, and Stellar Value Chain.