Innovision Ltd. IPO Update

IPO Details

• IPO Issue Period: March 10 - March 12
• Allotment Date: March 13
• Listing Date: March 17
• Stock Exchanges: BSE and NSE
• Price Band: ₹521 to ₹548 per share
• Lot Size: 27 shares
• IPO Size: ₹322.84 crore
• Fresh Issue: 46.53 lakh equity shares (₹255 crore)
• Offer-for-Sale (OFS): 12.38 lakh shares (₹67.84 crore)

Subscription Status

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• Subscription Status: 12% subscribed on March 11
• Retail Individual Investors (RIIs): 6% subscribed
• Non Institutional Investors (NII): 19% subscribed
• Qualified Institutional Buyers (QIBs): 96% subscribed

Grey Market Premium (GMP)

• Grey Market Premium: ₹71 per share
• Estimated Listing Price: ₹619 per share (13% premium to IPO price)

Company Overview

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• Business: Integrated facility management (IFM) company
• Services: Toll Plaza Management, Manpower Services, and Skill development training
• Revenue Growth: 86.9% CAGR between FY23-FY25
• EBITDA Growth: 85.0% CAGR between FY23-FY25
• PAT Growth: 80.8% CAGR between FY23-FY25

Valuation and Recommendations

• Price-to-Earnings (P/E) Ratio: 32.5x (based on 1HFY26 annualized earnings)
• Return on Net Worth (RoNW): 35.45% (highest in peer group)
• Recommendations:

• SBI Securities: Avoid the issue
• Swastika Investmart: Avoid the issue due to thin margins and commoditized business