Manpower and toll plaza management services provider Innovision Ltd on Thursday said its Rs 323-crore initial share-sale will open for public subscription on March 10.
Innovision Sets IPO Price Band at ₹521-548 per Share; Issue to Open on Mar 10
Innovision has fixed its initial public offering price band at ₹521-548 per share, with the issue scheduled to open on March 10
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The price has been fixed in the range of Rs 521-548 per share, valuing the company at nearly Rs 1,300 crore at the higher end.
The Haryana-based company's proposed IPO is a combination of a fresh issuance of Rs 255 crore and an Offer For Sale (OFS) of 12.38 lakh equity shares, worth Rs 68 crore at the upper end, by promoters.
Those selling shares in the OFS are Randeep Hundal and Uday Pal Singh.
The public issue will conclude on March 12, and the company will make its stock market debut on March 17.
Proceeds from the fresh issuance will be used towards payment of debt, fund the company's working capital requirements, and for general corporate purposes.
The company specialises in providing manpower services, which include manned private security, integrated facility management services, as well as manpower sourcing and payroll management.
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The toll plaza management operations involve user fee collection and related services at toll plazas, secured through competitive bidding processes. Additionally, the company is empanelled with NHAI for toll collection at various locations.
Innovision also offers skill development training as a partner for the Centre and various state government initiatives. Through its wholly-owned subsidiary, Innovision International Pvt Ltd, the company provides recruitment, placement consultancy, and visa facilitation services.
As of June 30, 2024, Innovision has served over 200 clients across various sectors, providing services at more than 1,500 client locations.
Currently, Innovision operates at six toll plazas located in Lachhiwala (Uttarakhand), Nazirakhat (Assam), Sarsawa (Uttar Pradesh), Paschim Madati (West Bengal), Newadakanthi (Uttar Pradesh) and Tarwa Dewa (Uttar Pradesh).
Emkay Global Financial Services is the sole book-running lead manager to the issue.