Manpower and toll plaza management services provider Innovision files RHP to launch IPO on March 10

Gurgaon-based Innovision, the manpower services and toll plaza management provider, will open its initial public offering for subscription on March 10. This will be the third IPO in the mainboard segment launching in current month after Sedemac Mechatronics, and Rajputana Stainless despite subdued market sentiment due to US-Israel and Iran war. The company has filed Red Herring Prospectus with the Registrar of Companies on March 2. It had filed draft document with the SEBI in December 2024, which was approved in March 2025. After getting observations on the draft papers, the company has to launch its IPO within the next one year and specifically for Innovision, the one-year period is ending in current month. The public issue will close on March 12. The IPO share allotment will be finalised by March 13, while the trading in its equity shares will commence on the bourses effective March 17. Innovision that also provides skill development training will issue fresh shares worth Rs 255 crore, while promoters Lt Col Randeep Hundal, and Uday Pal Singh will offload 12.38 lakh shares via offer-for-sale. The company that started business of providing manned private security services in 2007 has gradually diversified business and started providing to a suite of manpower services, following by the beginning of offering skill development services in FY14 and toll plaza management services in FY19. As of January 15, 2026, it has operations in 23 states and 5 union territories of India. Click Here To Read All IPO News Innovision will utilise Rs 51 crore of fresh issue proceeds for repayment of certain borrowings, while Rs 119 crore will be utilised for working capital requirements, and the remainder amount for general corporate purposes. The company is expected to lower its working capital debt burden significantly through fresh issue proceeds, considering its total outstanding working capital borrowings of Rs 134.5 crore as of January 15, 2026. Innovision that earned 41 percent revenue from manpower services segment, and 56 percent from toll plaza management has recorded profit of Rs 29 crore in the fiscal 2025, growing 182.5 percent compared to Rs 10.3 crore in previous year. Revenue during the same period soared 75 percent to Rs 893.1 crore, from Rs 510.3 crore. The company registered profit of Rs 20 crore in the six months period ended September 2025 on revenue of Rs 480 crore. Emkay Global Financial Services is the sole merchant banker managing the Innovision IPO.