Innovision IPO Sees 22% Subscription on Final Day of Bidding, Led by Qualified Institutional Buyers and Non-Institutional Investors

Innovision IPO Subscription Update

As of the final day of bidding on Thursday, the initial public offer (IPO) of Innovision, a manpower and toll plaza management services provider, has received a subscription of 23% with bids for 14.16-lakh shares, against 61.32-lakh shares on offer, according to data from the National Stock Exchange (NSE) till 12:15 pm.

Subscription Breakdown

• QIBs (Qualified Institutional Buyers): 96% subscribed
• Non-Institutional Investors: 28% subscribed
• Retail Individual Investors (RIIs): 19% subscribed

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

IPO Details

• IPO Size: Rs 322.84 crore
• Price Range: Rs 521-548 per share

Grey Market Activity

• Grey Market Premium (GMP): More than 12% on various platforms
• Investorgain: Quoted a GMP of Rs 45, indicating a listing gain of 8.21%
• IPO Watch: Quoted a GMP of 12.96%

Read also: Zepto Nears $1 Billion Quarterly Net Order Value Milestone Before IPO

Proceeds Allocation

The proceeds from the fresh issuance will be used to:

• Pay off debt
• Fund working capital requirements
• Support general corporate purposes

Company Overview

Innovision specializes in providing:

• Manpower services, including manned private security and integrated facility management services
• Toll plaza management operations, involving user fee collection and related services
• Skill development training as a partner for government initiatives
• Recruitment, placement consultancy, and visa facilitation services through its wholly-owned subsidiary, Innovision International Pvt Ltd