Innovision IPO Price Band Reduced Deadline Extended

Innovision, a provider of manpower and toll plaza management services, has modified the terms of its ongoing initial public offering (IPO) following weaker-than-expected investor participation. 

The company has extended the bidding period to March 17 and cut the issue’s price band to ₹494–₹519 per share, according to a regulatory filing. 

Weak Subscription Prompts Pricing Revision 

The IPO had originally opened on March 10 and was scheduled to close on March 12. However, in response to subdued demand, the company decided to extend the issue timeline and revise the valuation expectations. 

Earlier, shares were offered in the ₹521–₹548 price range, which has now been lowered. The revised pricing will be applicable from March 13. 

Data available on the National Stock Exchange (NSE) showed that the IPO had received bids for around 32% of the total shares on offer by the evening of the third day. 

Investor interest varied across categories. The qualified institutional buyers (QIB) segment saw nearly full subscription at 99%, while non-institutional investors (NIIs) subscribed about 36%. The retail portion remained the least subscribed, attracting bids for around 28% of the allocated shares. 

Issue Structure and Business Operations 

Through the public issue, the Haryana-based company aims to raise ₹305.76 crore. The offering includes a fresh issue worth ₹241.51 crore along with an offer for sale (OFS) of ₹64.25 crore by promoters Randeep Hundal and Uday Pal Singh. 

Innovision operates across several service segments. Its core business includes private security services, facility management, manpower outsourcing and payroll management solutions. 

The company also manages toll collection operations at highway plazas and is empanelled with the National Highways Authority of India (NHAI) for user fee collection. 

Apart from operational services, the firm also undertakes skill development training programmes under government initiatives and offers recruitment, placement consultancy and visa assistance services through its subsidiary Innovision International. 

Read More: Raajmarg Infra Investment Trust IPO Allotment Status! 

Conclusion 

According to the schedule shared by the company, the basis of allotment is expected to be finalised on March 18, with refunds and share credit to investors’ demat accounts likely on March 19. The stock is expected to list on the NSE and BSE on March 20, while KFin Technologies will act as the registrar and Emkay Global Financial Services is the sole book-running lead manager for the issue. 

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