Innovision IPO Receives Muted Response from Investors

Key Highlights

• The initial public offering (IPO) of Innovision, a provider of manpower services, received a muted response from investors, with the issue subscribed to just 0.02 times by the end of the day on March 10.
• The retail portion was subscribed 0.02 times, while the qualified institutional buyer (QIB) portion was fully subscribed, and the non-institutional investor (NII) portion has not yet opened for bidding.

IPO Details

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• The IPO aims to raise ₹322.84 crore through a combination of a fresh issue of 0.47 crore shares aggregating to ₹255 crore and an offer for sale of 0.12 crore shares aggregating to ₹67.84 crore.
• The price band for the issue is set between ₹521 and ₹548 per share, with a minimum lot size of 27 shares requiring a minimum investment of ₹14,796.
• The allotment of the issue is likely to be finalised on March 13, with the shares scheduled to be listed on both the BSE and NSE on March 17.

Proceeds Allocation

• The company proposes to use the proceeds from the issue toward debt repayment, funding working capital requirements, and general corporate purposes.

Company Overview

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• Innovision is 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 comprise user fee collection and other related services at toll plazas.
• Innovision also provides skill development training as a training partner for various central and state government schemes.