Innovision Trims IPO Price Band, Extends Filing Period to March 17 Amid Lackluster Investor Interest

Innovision Limited Extends IPO to March 17

IPO Details Innovision Limited, a provider of manpower and toll plaza management services, has extended its initial public offering (IPO) to March 17, 2024, after receiving a weak response during the initial three-day bidding window. The IPO, which was initially scheduled to close on March 12, 2024, was opened for bidding on March 10, 2024.

Price Band Adjustment The company has adjusted its IPO price band to ₹494-₹519 per share from the earlier price band of ₹521-₹548 per share. The new price band will be effective from March 13, 2024. The lot size for retail investors remains unchanged at 27 shares.

Subscription Details During the three-day bidding period, the issue received bids for 19.39 lakh shares against a total offer size of 58.91 lakh shares, resulting in an overall subscription of just 0.33 times. The Qualified Institutional Buyers (QIB) portion was the only segment fully subscribed at 1.03 times, while the non-institutional investors (NII) quota was subscribed to 0.38 times. The retail investor segment saw the weakest response, with subscriptions of just 0.27 times.

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Proceeds Allocation The company proposes to use the proceeds from the issue toward debt repayment (₹150.76 crore), funding working capital requirements (₹105.76 crore), and general corporate purposes (₹49.24 crore).

Company Overview Innovision Limited is engaged in the business of providing manpower services, toll plaza management, and skill development training to clients across India. The company focuses on providing manned private security services, integrated facility management services, manpower sourcing, and payroll services, while its toll plaza management operations include user fee collection and other related services at toll plazas.