Innovision lists 10% discount on BSE, NSE; hits lower circuit post-debut

Innovision IPO Listing: Innovision, a manpower and toll plaza management services provider, made a negative debut on the bourses on Monday, March 23, following the completion of its initial public offering (IPO) through which it raised ₹319.25 crore.  

 

Shares of Innovision started trading on the NSE at ₹467.7 per share, down 9.9 per cent from the IPO issue price. However, post-listing the stock fell over 9 per cent to hit a low of ₹425.

 

On the BSE, Innovision shares opened at ₹466 per share, down 10 per cent from the issue price. The stock fell around 10 per cent to hit a low of ₹421.

 

 

Innovision IPO listing came slightly below grey market expectations. Ahead of the D-Street debut, the company’s unlisted shares were quoted at ₹427 per share. This translates to a grey market discount of ₹92 per share, or 18 per cent, over the IPO issue price.  READ | Central Mine Planning IPO opens: Check GMP, price band, key dates, review

Innovision IPO details

Innovision IPO comprised a fresh issue of 4.9 million equity shares, raising ₹255 crore, and an offer for sale (OFS) of 1.2 million equity shares, amounting to ₹64.25 crore. The shares were offered at a price band of ₹494-519 per share, with a lot size of 27 shares per application. The issue opened for public bidding on March 10, 2026.

 

However, following a lacklustre response from investors, the company had extended the closing date of its IPO to March 17 and reduced the price band. Earlier, the price band was set at ₹521-548 per share. 

 

According to data from the National Stock Exchange (NSE), the IPO was subscribed 3.32 times overall as of 07:00 PM on March 17, the last day of bidding. 

 

Among investor categories, the portion reserved for qualified institutional buyers (QIBs) was subscribed 13.75 times, while the non-institutional investors (NIIs) segment saw a 8.26 per cent subscription. The retail investor category recorded the weakest demand, with subscription at 58 per cent.

 

As per the Red Herring Prospectus (RHP), the company will not receive any proceeds from the OFS, which will be given to the selling promoters and shareholders.

 

Innovision, however, 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.  

 

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