Innovision Shares Open Below IPO Price Following Extended Listing
Innovision IPO Listing Review
Key Figures:
- Listing Price (NSE): Rs 467.70 per share
- Discount (NSE): 9.88%
- Listing Price (BSE): Rs 466 per share
- Discount (BSE): 10.21%
- Market Capitalization: Rs 1,109.70 crore
- Issue Size: Rs 319.25 crore
- Price Band: Rs 494-519 per share
IPO Performance
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Innovision's shares listed on a weak note on Monday following a 3.32 times subscription to its issue between March 10-17 in the primary market. The IPO, which opened for subscription on March 10, was earlier scheduled to close on March 12. The company extended the closing date to March 17 and reduced the price band to Rs 494-519 per share, lower than the earlier band of Rs 521-548 per share.
Investor Participation
Investor participation for the IPO of Haryana-based Innovision remained subdued during the first three days of the issue. As of the third day, the IPO was subscribed 32 percent overall.
Company Overview
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Innovision specializes in providing manpower services, which include manned private security, integrated facility management services, as well as manpower sourcing and payroll management. The proceeds from the fresh issuance will be used towards payment of debt, fund the company's working capital requirements, and for general corporate purposes.
Investor Takeaway
Investors should be cautious of the initial listing performance of Innovision shares.
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