Innovision Ltd Shares Debut at Over 10% Discount on Listing Day
New Delhi, March 23 – Shares of Innovision Ltd, a Haryana-based company offering manpower and toll plaza management services, debuted on the stock market on Monday at a significant discount to its issue price.The stock opened at Rs 466 on the BSE, down 10.21 percent from its IPO price of Rs 519. On the NSE, it started trading at Rs 467.70, a decline of 9.88 percent. Following the listing, the company’s market valuation stood at Rs 914.67 crore.
IPO Subscription and Price Revision
Innovision Ltd’s initial public offer (IPO) received a subscription of 3.32 times on the final day of the sale last Tuesday. Initially, the IPO opened on March 10 and was scheduled to close on March 12. However, in response to a lukewarm investor response, the company extended the closing date to March 17 and revised the price band downward from Rs 521-548 per share to Rs 494-519 per share.The IPO included a fresh issuance worth Rs 255 crore alongside an Offer For Sale (OFS) of 12.38 lakh equity shares. Proceeds from the fresh issuance are earmarked for debt repayment, funding working capital requirements, and other general corporate purposes.
Business Overview
Innovision Ltd specializes in manpower services, including manned private security, integrated facility management, manpower sourcing, and payroll management. Its toll plaza management operations cover user fee collection and related services through competitive bidding processes, with the company also empanelled with the National Highways Authority of India (NHAI) for toll collection at various locations.Additionally, Innovision provides skill development training in partnership with central and state government initiatives. Through its wholly-owned subsidiary, Innovision International Pvt Ltd, the company offers recruitment, placement consultancy, and visa facilitation services.
The listing reflects investor caution despite the company’s diversified service offerings and government partnerships, as seen in the subdued debut pricing.
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