Innovision IPO Sees Limited Demand on Day 2, Institutional Investors Overwhelmingly Support Offering
Innovision's IPO Sees 9% Subscription on Second Day of Bidding
As of 1:30 pm on Wednesday, Innovision's initial public offer (IPO) has received bids for 5.57-lakh shares, representing a subscription of 9% as against the 61.32-lakh shares on offer.
The Qualified Institutional Buyers (QIBs) category has seen a subscription of 96%, while the Retail Individual Investors (RIIs) category has received bids for 4% of the offer.
Innovision, a provider of manpower and toll plaza management services, is offering its shares in the price range of Rs 521-548 per share, with the IPO aiming to raise Rs 322.84 crore. The IPO will conclude on March 12.
The grey market is indicating a strong demand for Innovision's shares, with a 10.77% listing gain expected, based on the current 11% grey market premium (GMP). The company plans to use the fresh issuance proceeds to pay off debt, fund working capital requirements, and for general corporate purposes.
Innovision specializes in providing manpower services, including manned private security, integrated facility management services, and manpower sourcing and payroll management. The company also provides toll plaza management operations, user fee collection, and related services at toll plazas, secured through competitive bidding processes.
Innovision is expected to announce the IPO allotment by Friday, with the shares scheduled to list on March 17.
Investor Takeaway
Investors should be cautious about the limited demand for Innovision's IPO on Day 2.
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