By the end of the second day, the issue had received subscriptions for only 12% of the 61.32 lakh shares on offer. The retail category saw a modest 6% subscription, while Qualified Institutional Buyers (QIBs) showed comparatively stronger interest, subscribing 96% of their allotted portion.
The IPO opened for subscription on March 10, with the manpower and toll management services provider aiming to raise roughly Rs 323 crore through the public offering. The issue consists of a fresh equity sale worth Rs 255 crore and an offer for sale (OFS) of Rs 68 crore. The price band has been fixed at Rs 521 to Rs 548 per share, with a lot size of 27 shares. The company intends to list its shares on both the BSE and NSE.
The basis of allotment is expected to be finalised on March 13, with shares likely to be credited to investors’ demat accounts by March 16. The tentative listing date has been set for March 17.
Innovision IPO GMP today
As of March 11, Innovision IPO’s last grey market premium (GMP) stood at Rs 71, or about 13%. Based on the upper price band of Rs 548 per share, the estimated listing price is around Rs 619.
GMP refers to the grey market premium, an unofficial price at which IPO shares are traded in the informal market before their official listing on stock exchanges.
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Innovision IPO subscription status
On Day 2, the Innovision IPO was subscribed 12% overall, according to data from the BSE.
Retail Individual Investors (RIIs) subscribed to 6% of their allocated 39.86 lakh shares.
Non-Institutional Investors (NIIs) booked 19% of the 20.85 lakh shares reserved for them.
Qualified Institutional Buyers (QIBs) showed relatively stronger interest, subscribing 96% of their allotted 61,323 shares.
Innovision: Business profile
Innovision provides manpower solutions, toll plaza management, and skill development training to clients across India. The company initially started with manned private security services and later diversified into wider manpower solutions. It entered the skill development segment in FY14 and expanded into toll management services in FY19.
At present, Innovision operates across 23 states and five union territories, offering outsourced workforce solutions and operational support to enterprises and infrastructure operators. A significant portion of its revenue comes from service contracts and long-term operational agreements.
Financial performance
Innovision has reported robust growth in recent years. Its revenue increased to Rs 896 crore in FY25, up from Rs 512 crore in FY24 and Rs 258 crore in FY23. Profit after tax rose to Rs 29 crore in FY25, compared with Rs 10 crore in FY24 and Rs 9 crore in FY23.
However, profitability margins remain relatively modest, with an EBITDA margin of 5.78% in FY25.
The company recorded a Return on Net Worth (RoNW) of 35.45%, among the highest within its peer group, indicating efficient capital utilisation.
Funds raised from the fresh issue will mainly be used to repay or prepay certain borrowings, meet working capital needs, and support general corporate purposes.
Should you subscribe?
Brokerage Swastika Investmart has recommended avoiding the issue, citing concerns around valuation and business margins.
“RoNW of 35.45% is the highest in the peer group by far, which signals efficient capital use and partly justifies the premium. However, at 35.69x P/E, the stock is already pricing in significant future growth,” the brokerage said in its note.
It added that the company operates in a manpower-intensive and relatively commoditised services business, where margins remain thin.
“Given the modest EBITDA margin of around 5.78%, the valuation leaves limited margin of safety. Long-term upside at this price would require consistent margin expansion in coming quarters,” the brokerage said.
The brokerage concluded that the IPO may not be a strong long-term hold at current valuations unless the company demonstrates a clear improvement in margins.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)