Innovision IPO Update: Subscription Remains Slow at 30%, Price Band Narrowed to ₹494-519 per Share

Innovision Ltd IPO Update

The public offering for Innovision Ltd, a provider of manpower and toll plaza management services, has been extended until March 17 due to a lukewarm response from investors. The price band has been lowered to ₹494 to ₹519 per share, reduced from the previous range of ₹521 to ₹548 per share. This updated price band will take effect from March 13.

IPO Details

• ₹322.84 crore will be raised at the upper end of the price band, comprising a fresh issue of ₹255 crore and an offer-for-sale of 12.38 lakh equity shares.
• ₹51 crore will be used to pay off certain borrowings, ₹119 crore will be allocated for working capital requirements, and the remaining amount will be set aside for general corporate needs.
• The issue has reserved not more than 1% of the shares for Qualified Institutional Buyers (QIB), not less than 34% for Non-Institutional Investors (NII), and not less than 65% of the offer for Retail Investors.

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

IPO Subscription Status

As of March 12, the IPO subscription status was 30%, with the Retail Portion subscribed at 27%, NII Portion booked at 35%, and QIBs Portion receiving 95% bids.

Grey Market Premium

The Grey Market Premium (GMP) for Innovision Ltd IPO is currently ₹0, indicating that shares are trading at their issue price of ₹519 with no premium or discount in the grey market.

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

Analyst Views

• Swastika Investmart noted that the stock has a P/E ratio of 35.69x, anticipating considerable future growth. However, the valuation offers a limited margin of safety due to slim margins (~5.78% EBITDA) and the commoditized nature of the manpower/toll services sector.
• Ventura Securities observed that Innovision Ltd has experienced significant growth over the last two years, primarily due to its expansion in toll plaza management and manpower services sectors. Net revenue surged to ₹893.1 crore in FY25, up from ₹510.3 crore in FY24, marking a 75% year-over-year increase.