Innovision IPO likely to list at a discounted price - Here's what GMP signals

Innovision IPO GMP: The ₹319.25 crore initial public offering (IPO) of Innovision, which will list tomorrow, March 20 on BSE and NSE witnessed weak demand. The issue was not fully subscribed in the 3 days of bidding and was later extended to 6 days for subscription.

It opened for public subscription on March 10 and closed on March 17. Earlier it was supposed to close on March 12. The allotment of Innovision IPO was finalised on Wednesday, March 18. The price range was also decreased to ₹494 to ₹519 per share from ₹521 to ₹548 per share earlier.

Innovision IPO GMP ahead of listing

Ahead of listing on March 20, the grey market premium (GMP) for Innovision IPO shows the discounted price. It is currently at ₹-60 on March 19. The current GMP signals that Innovision IPO listing price is likely to be ₹459, down 11.56% from issue price.

Innovision IPO Subscription

The IPO was subscribed 3.46 times by end of Day 6. The retail portion was subscribed 0.60 times, and NII portion was booked 8.60 times, Qualified Institutional Buyers (QIBs) portion received 14.30 times bids.

The company has received bids for 2.12 crore shares against 61.51 lakh shares on offer.

Innovision IPO details

Innovision IPO was launched as a book-built issue with a total size of ₹319.25 crore. The issue comprised a fresh issue of 0.49 crore shares aggregating to ₹255.00 crore and an offer for sale (OFS) of 0.12 crore shares worth ₹64.25 crore by promoters Uday Pal Singh and Lt Col Randeep Hundal. The combined issue size stood at ₹319.25 crore.

From the proceeds of the fresh issue, the company had earmarked ₹51 crore towards repayment or prepayment of certain borrowings, while ₹119 crore was allocated for meeting working capital requirements. The remaining funds were to be utilised for general corporate purposes.

The IPO was structured with a lot size of 27 shares, and the minimum investment required for a retail investor was ₹14,013 for one lot, calculated at the upper price band.

In terms of allocation, the company had reserved not more than 1% of the issue for qualified institutional buyers (QIBs), not less than 34% for non-institutional investors (NIIs), and not less than 65% for retail investors.

Emkay Global Financial Services acted as the book-running lead manager for the issue, while Kfin Technologies served as the registrar.

Innovision operates in the manpower services segment, providing a range of offerings including manned private security, integrated facility management, toll management, and skill development initiatives.

The company delivers toll plaza management, skill development training, and manpower services across 23 states and five union territories. It caters to a diverse client base spanning sectors such as warehousing, retail, healthcare, BFSI, and logistics, with key clients including Sequel Logistics, Max Healthcare, and Stellar Value Chain.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.