Innovision Limited IPO Extension: Weak Demand Continues

Key Highlights

• The initial public offering (IPO) of Innovision Limited, a manpower and toll plaza management services provider, has witnessed weak demand on the fourth day of bidding.
• As of Day 04, the issue had received bids for 19.08 lakh shares against a total offer size of 61.51 lakh shares, translating into an overall subscription of 0.31 times.

Subscription Status

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• The Qualified Institutional Buyers (QIB) portion was fully subscribed.
• The non-institutional investors (NII) quota was subscribed 0.36 times.
• The retail investor segment saw the weakest response, with subscriptions of just 0.27 times.

IPO Details

• The IPO, which opened for bidding on March 10, was initially scheduled to close on March 12 but has been extended by another three days due to weak participation.
• The company has cut its IPO price band to ₹494–₹519 per share from an earlier ₹521–₹548 per share.
• The lot size for retail investors remains the same at one lot, consisting of 27 shares.
• The company is looking to raise ₹305.76 crore during the extended bidding period.

Proceeds Allocation

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• The proceeds from the issue will be used toward debt repayment, funding working capital requirements, and general corporate purposes.

Grey Market Premium

• The grey market premium (GMP) of Innovision as of today was ₹4, indicating that the stock might slightly list above the IPO price.

About Innovision

• Innovision is engaged in the business of providing manpower services, toll plaza management, and skill development training to clients across India.
• The company focuses on providing manned private security services, integrated facility management services, manpower sourcing, and payroll services, while its toll plaza management operations include user fee collection and other related services at toll plazas.
• Additionally, the company provides skill development training as a training partner for various central and state government schemes.