The initial public offer (IPO) of ₹323 crore of Innovision Limited, active in manpower and toll plaza management services, is going to open for investors from March 10, 2026. The company has fixed the price band at ₹521 to ₹548 per share. The valuation of the company at the upper price band comes to around ₹1,300 crore. This is a book building issue, with a minimum lot size of 27 shares (approximately ₹14,796 investment). The proposed IPO of the Haryana-based company is a combination of a fresh issue of Rs 255 crore by promoters and an offer for sale (OFS) of 12.38 lakh equity shares, with an upper end value of Rs 68 crore.
Those selling shares in OFS include Randeep Hundal and Uday Pal Singh.
Understand the structure of IPO
Fresh issue: ₹255 crore (raising capital by issuing new shares)
Offer for Sale (OFS): 12.38 lakh equity shares (approximately ₹68 crore at upper band)
Total issue size: ₹322.84 crore (at upper band)
Promoters Lt Col Randeep Hundal and Uday Pal Singh will sell some of their stake through OFS.
important dates
Anchor Investor Bid: 9 March 2026
Subscription opening date: 10 March 2026
Subscription closing date: 12 March 2026
Allotment Final: Tentative 13 March 2026
Listing: 17 March 2026 (on BSE and NSE, tentative)
Where will the company use the funds
The funds raised from the IPO will primarily be used to repay debt (especially working capital related loans), meet working capital requirements and for general corporate purposes. Haryana-based Innovision Limited (established in 2007) primarily provides manpower services, including private security guard services, Integrated Facility Management (IFM) and manpower sourcing and payroll management.
Apart from this, the company is active in toll plaza management, where toll tax collection and related operations are involved. The company is listed with NHAI and wins projects through competitive bidding. Presently the company is operating 6 toll plazas in Uttarakhand, Assam, Uttar Pradesh and West Bengal, namely – Lachchiwala (Uttarakhand), Nazirakhat (Assam), Sarsawa, New Adakanti and Tarwa Deva (Uttar Pradesh) and West Madati (West Bengal) etc. Other services include skill development training (under the schemes of Central and State Governments) and recruitment, placement consultancy and visa facilitation services through subsidiary company Innovision International Pvt. Ltd.
scale of business
As of June 30, 2024, the company served 200+ customers and operated across 1,500+ client locations. The company is present in 23 states and 5 union territories. Emkay Global Financial Services has been appointed as the sole book-running lead manager for this IPO. Registrar Kfin Technologies Ltd. Is. This IPO may be attractive for investors who are interested in service-sector and infrastructure-related companies with stable revenues, although market conditions and the company’s debt levels also need to be kept an eye on.
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