• Source:JND
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Innovision Ltd on Thursday has fixed a price band at Rs 521-548 per share before its Rs 323-crore initial public offering (IPO) is set to open for public subscription on March 10. The initial share sale of Haryana-based manpower and toll plaza management services provider is a combination of fresh shares worth Rs 255 crore and an Offer For Sale (OFS) of 12.38 lakh equity shares, worth Rs 68 crore, valuing the company at Rs 1,300 crore at the upper end of the price band.

Promoters, including Randeep Hundal and Uday Pal Singh, will offload their stake under OFS.

Innovision Ltd IPO Details

Innovision IPO Bidding Dates: The public issue will remain open for subscription between March 10 and March 12

Innovision IPO Listing Date: The shares are expected to debut on the stock market on March 17 after share allotment.

Innovision IPO Price Band: The price band has been fixed at Rs 521-548.

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Issue Size- The company aims to raise Rs 255 crore through the initial share sale.

Proceeds from the fresh issuance will be used towards payment of debt, fund the company's working capital requirements, and for general corporate purposes.

What Does the Company Do?

The company specialises in providing manpower services, including manpower personal security, integrated facility management services, as well as manpower sourcing and payroll management.

Toll plaza operation activities include the collection of user fees and related services at toll plazas, which are secured through a competitive bidding process. The company is also empanelled with NHAI for toll collection at various locations.

Innovision also provides skill development training as a partner in various central and state government initiatives. Through its wholly-owned subsidiary, Innovision International Private Limited, the company provides recruitment, placement consultancy, and visa facilitation services.

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As of June 30, 2024, Innovision serves over 200 clients across various sectors and operates at over 1,500 client locations. Innovision is currently working on six toll plazas located at Lachiwala (Uttarakhand), Nazirakhat (Assam), Sarsawa (UP), Paschim Madati (West Bengal), Nevadakanti (UP) and Taroa Dewa (UP).

MK Global Financial Services has been appointed as the book-running lead manager for the project.


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