Innovision IPO subscribed 3.32 times on final day

New Delhi, Mar 17 (PTI) The initial public offer of manpower and toll plaza management services provider Innovision Ltd subscribed 3.32 times on the final day of the share sale on Tuesday.

Innovision Ltd last week extended the closing date of its initial public offering (IPO) to March 17 and had also reduced the price band, following a lukewarm response from investors.

The IPO received bids for 2,12,70,519 shares against 63,99,943 shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) fetched 13.75 times subscription, while the quota for non-institutional investors received 8.26 times subscription. The portion for Retail Individual Investors (RIIs) subscribed 58 per cent.

The IPO, which opened for subscription on March 10, was earlier scheduled to close on March 12. The company also revised the price band to Rs 494-519 per share, lower than the earlier band of Rs 521-548 per share, an update with the stock exchange showed last week.

Investor participation remained subdued during the first three days of the issue. As of the third day, the IPO was subscribed 32 per cent overall, according to data available with the NSE.

The Haryana-based company’s IPO has a combination of a fresh issuance of Rs 255 crore and an Offer For Sale (OFS) of 12.38 lakh equity shares.

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.

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.

Emkay Global Financial Services is the sole book-running lead manager to the issue. PTI SUM SUM BAL BAL