Innovision Postpones IPO Closings, Adjusts Price Range Amid Soft Investor Interest

Innovision Ltd Extends IPO Closing Date and Reduces Price Band

Innovision Ltd, a provider of manpower and toll plaza management services, has extended the closing date of its initial public offering (IPO) to March 17 and reduced the price band to Rs 494-519 per share, following a lukewarm response from investors. The company had initially set the price band at Rs 521-548 per share.

The IPO, which opened for subscription on March 10, was earlier scheduled to close on March 12. The new price band will be effective from March 13.

As of the third day of the issue, the IPO was subscribed 32% overall, with 99% subscription in the Qualified Institutional Buyers (QIBs) category, 36% in the non-institutional investors (NIIs) category, and 28% in the retail investor segment.

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

Innovision Ltd plans to raise Rs 275 crore from the IPO, which comprises a fresh issuance of Rs 255 crore and an Offer For Sale (OFS) of 12.38 lakh equity shares. The company will use the proceeds to pay debt, fund working capital requirements, and for general corporate purposes.

Innovision Ltd specializes in providing manpower services, including manned private security, integrated facility management services, and manpower sourcing and payroll management. The company also operates toll plaza management operations, user fee collection, and related services at toll plazas.

The company is currently operating at six toll plazas located in Uttarakhand, Assam, Uttar Pradesh, West Bengal, and Uttar Pradesh. Emkay Global Financial Services is the sole book-running lead manager to the issue.