Innovision IPO Receives Muted Response on First Trading Day

Innovision IPO Sees Muted Response from Investors

The initial public offering (IPO) of Innovision Ltd, a provider of manpower services and toll plaza management, saw a subdued response from investors on the first day of bidding on March 10. As of 11:51 am, the public issue was subscribed less than 1%, with bids received for 31,050 shares against the 61.32 lakh shares on offer.

Subscription Breakdown

• The retail individual investor (RII) portion was subscribed 1%, with bids for 30,672 shares compared to 39.86 lakh shares reserved for the segment. Of these, 26,055 shares were bid at the cut-off price.
• The non-institutional investor (NII) category saw marginal participation, with bids for only 378 shares against the 20.85 lakh shares allocated for the segment.
• The qualified institutional buyer (QIB) portion had not received any bids at the time of the update.

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IPO Details

• The Rs 322.84-crore IPO will close on March 12 and is priced in a band of Rs 521-548 per share.
• Investors can bid for a minimum lot of 27 shares.
• The IPO comprises a fresh issue of Rs 255 crore and an offer for sale of 12.38 lakh shares.

Company Overview

• Innovision Ltd is a Gurgaon-based company that provides manpower services and toll plaza management and operates across 23 states and 5 union territories.
• In FY25, the company derived 41% of its revenue from manpower services and 56% from toll plaza management.
• For FY25, Innovision Ltd reported a profit of Rs 29 crore, up 182.5% from the previous year, while revenue rose 75% to Rs 893.1 crore.

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Risks and Challenges

• SBI Securities has recommended that investors avoid the issue, citing premium valuation compared with peers, significant concentration in clients and geography, and ongoing legal and regulatory challenges.
• The brokerage also highlighted low margins and high employee attrition as risks.

IPO Allotment and Listing

• The IPO allotment is expected to be finalised on March 13.
• A tentative listing date of March 17 has been set for the BSE and NSE.