Innovision extends IPO to Mar 17, cuts price band: Check subscription, GMP

Innovision has revised the price band to ₹494-519 per share from the earlier ₹521-548 per share

Innovision IPO: Innovision, a manpower and toll plaza management services provider, has extended the closing date of its initial public offering (IPO) to March 17 and reduced the price band, following a lacklustre response from investors.

 

The Innovision IPO, which opened for subscription on March 10, was initially set to close on March 12. However, the company has revised the price band to ₹494-519 per share from the earlier ₹521-548 per share, the company said in an exchange filing.

 

The revised price band will come into effect from March 13, it added.

 

According to data from the National Stock Exchange (NSE), the IPO was subscribed 32 per cent overall as of 07:00 PM on March 12, the third day of bidding. 

 

 

Among investor categories, the portion reserved for qualified institutional buyers (QIBs) was subscribed 99 per cent, while the non-institutional investors (NIIs) segment saw a 36 per cent subscription. The retail investor category recorded the weakest demand, with subscription at 28 per cent.

 

The Haryana-based company aims to raise ₹305.76 crore through a combination of a fresh issue of ₹241.51 crore and an offer for sale (OFS) of ₹64.25 crore by promoters Randeep Hundal and Uday Pal Singh.

 

Innovision specialises in providing manpower services, including manned private security, integrated facility management, manpower sourcing, and payroll management. The company also manages toll plaza operations, handling user fee collection through competitive bidding and is empanelled with NHAI for toll collection. Additionally, it offers skill development training under government initiatives and provides recruitment, placement consultancy, and visa facilitation services through its subsidiary, Innovision International.  READ | GSP Crop Science IPO opens March 16: Check price band, size, key dates

Innovision IPO GMP

According to the sources tracking unofficial markets, the unlisted shares of Innovision were trading flat at ₹519 per share, the upper end price, in the grey market.

Innovision IPO allotment, listing date

The basis of allotment is expected to be finalised on March 18. Refunds are likely to be initiated on March 19, while shares will be credited to investors’ demat accounts on the same day. The stock is scheduled to list on the NSE and BSE on March 20.

Innovision IPO registrar, lead manager

KFin Technologies is the registrar for the issue, while Emkay Global Financial Services is the sole book-running lead manager.

Innovision IPO objective

According to the red herring prospectus (RHP), the company plans to utilise ₹51 crore from the net fresh issue proceeds for repayment or prepayment of certain borrowings, and ₹119 crore will be used for working capital requirements. The remaining funds will be used for general corporate purposes.