Innovision IPO is a book-built issue worth ₹322.84 crore. The issue comprises a fresh issue of 0.47 crore shares aggregating to ₹255.00 crore and an offer for sale of 0.12 crore shares aggregating to ₹67.84 crore. The IPO opens for subscription on March 10, 2026, and closes on March 12, 2026. The allotment is expected to be finalised on March 13, 2026, with tentative listing on BSE and NSE scheduled for March 17, 2026.
The IPO is priced in a band of ₹521 – ₹548 per share. Retail investors must apply for a minimum of 1 lot comprising 27 shares, requiring an investment of ₹14,796 at the upper price band. sNII investors must apply for a minimum of 14 lots (378 shares) amounting to ₹2,07,144, while bNII investors must apply for 68 lots (1,836 shares) amounting to ₹10,06,128.
Emkay Global Financial Services Ltd. is the book-running lead manager to the issue, and Kfin Technologies Ltd. is the registrar.
For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Innovision IPO RHP.
Industry Outlook
- India’s facilities management, manpower services, and toll operations ecosystem is expanding rapidly, driven by increasing government outsourcing of operational activities across infrastructure, transport, and public service networks. The surge in national highway construction, broader adoption of FASTag systems, and the transition towards professionally managed toll plazas have created sustained demand for integrated manpower and technology‑enabled operational services.
- Public sector entities such as the National Highways Authority of India (NHAI) continue to rely heavily on private operators for toll collection, plaza management, and support staffing, reinforcing long‑term revenue visibility for established service providers. With NHAI alone contributing more than half of Innovision’s revenue in FY25, the sector’s trajectory remains closely aligned with ongoing government investment in road expansion, digital tolling, and operational modernisation initiatives.
- The manpower outsourcing segment is also evolving, with increasing emphasis on compliant staffing, scalable workforce deployment, and domain‑specific skill development. As organisations seek operational efficiency and cost‑optimised models, demand for structured vendors with nationwide reach, statutory compliance, and multi‑sector experience continues to grow. Innovision’s presence across 23 states and 5 union territories, along with large‑scale staffing in security, tolling, and specialised roles, positions it well within this expanding market.
- Technology‑linked services are gaining significance, particularly as drone‑based training, automated toll systems, and data‑supported operational monitoring become integral to modern infrastructure management. Innovision’s investment in drone training through Aerodrone Robotics reflects a broader shift where service providers integrate advanced skills and technology to enhance efficiency, safety, and project execution capability. This transition suggests an industry increasingly driven by hybrid models that blend manpower strength with emerging technology‑based solutions.
Innovision IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Repay and prepay certain outstanding borrowings, reducing finance costs and strengthening the balance sheet to support a more efficient capital structure and improved financial flexibility.
- Augment working capital requirements to support the company’s expanding operations across manpower services, toll management, and training activities, ensuring smoother project execution and the ability to manage large‑scale government and private sector contracts.
- Address general corporate purposes, which may include administrative enhancements, technology improvements, operational optimisation, and strategic initiatives that reinforce the company’s market presence and long‑term growth potential.
- Improve corporate visibility, transparency, and governance standards through public listing on Indian stock exchanges, enhancing investor confidence, enabling wider capital market access, and supporting future expansion or strategic opportunities.
About Innovision Limited
Innovision Limited was originally incorporated as Innovision Limited under the Companies Act and has evolved into a national manpower, toll management, and training services provider with a significant presence across India. Over the years, the company has expanded both its operational scope and geographical reach, establishing itself as a comprehensive service partner for government bodies and private sector clients.
The company is engaged in providing manpower solutions, toll plaza operations, skill development programmes, and drone‑based training services. Its offerings span security services, administrative staffing, toll collection operations, and specialised vocational training delivered through long‑term contracts and institutional partnerships. Innovision also operates in the drone technology space through its 51% stake in Aerodrone Robotics Private Limited, which focuses on drone pilot training and related services.
With a strong operational backbone, Innovision manages activities across 23 states and 5 union territories, supported by a workforce of 14,146 employees as of January 2026. The company’s services are deeply embedded in India’s highway and infrastructure ecosystem, with the National Highways Authority of India (NHAI) being a key client that contributed 56.14% of revenue in FY25. Innovision’s ability to handle large, complex, compliance‑heavy assignments has enabled it to maintain long‑term relationships with major government bodies and institutional partners.
The company’s operations also include a strong focus on quality compliance, statutory discipline, and deployment efficiency, allowing it to compete effectively within the manpower and toll management segments. Its growth trajectory has been supported by rising government outsourcing, increasing highway development, and expanding demand for trained personnel in security, infrastructure management, and technology‑enabled services.
By leveraging its extensive operational presence, domain expertise, and an expanding portfolio that includes drone training and skill development, Innovision Limited aims to strengthen its position as a versatile service provider aligned with India’s growing infrastructure and workforce development needs.
How To Check the Allotment Status of the Innovision IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Innovision IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Innovision IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Innovision IPO
Registered office: 1/209, First Floor, Sadar Bazar, Delhi Cantonment, Delhi – 110010, India.
Phone: +91 11 2089 7903
E‑mail: cs@innovision.co.in
Strengths and Opportunities of Innovision IPO
- Strong presence across 23 states and 5 union territories, enabling large‑scale operational coverage.
- Diversified service portfolio spanning manpower, toll operations, skill development, and drone training.
- Robust revenue growth with a 2‑year CAGR of 86.94%, outperforming industry peers.
- High‑quality client base with major reliance on NHAI, contributing 56.14% of FY25 revenue.
- Strong profitability metrics, including a ROCE of 40.77% and expanding margins.
- Large workforce of 14,146 employees, supporting scalable project execution nationwide.
- Growing opportunity in technology‑integrated services, supported by the company’s investment in drone training via Aerodrone Robotics.
- Increasing government outsourcing in tolling and manpower segments presents strong long‑term demand visibility.
Risks and Threats of Innovision IPO
- Heavy revenue dependence on NHAI, contributing 56.14% of FY25 revenue, creating concentration risk.
- Ongoing NHAI debarment, though currently stayed by the Delhi High Court, poses potential business disruption.
- Negative operating cash flow in FY25 (–₹218.84 million), indicating working capital stress.
- Large number of pending labour cases (78 disputes), exposing the company to legal and financial liabilities.
- High reliance on government contracts (82.54% of FY25 revenue), making earnings vulnerable to policy changes.
- Significant borrowings (₹1,123.94 million as of September 2025) and a debt‑to‑equity ratio of 1.10, increasing financial risk.
- Exposure to large bank guarantees (₹438.43 million), which may be invoked in case of disputes or performance issues.
- High client concentration, with top 10 customers contributing 80.43% of FY25 revenue, limiting diversification.
