Among investor categories, the retail segment saw 26% participation, while the non-institutional investor (NII) category saw 35% participation. Institutional investor demand remained relatively strong, with the Qualified Institutional Buyer (QIB) segment accounting for 95% participation.
The IPO was originally open for subscription from March 10 to March 12, but the company decided to extend the bidding period to March 17 after the issue failed to receive full subscription in the initial window.
Apart from the extension, Innovision cut its price per share to Rs 494-519, effective March 13, from the previous range of Rs 521-548, in an effort to attract investor interest.
The company is looking to raise around Rs 323 crore through a public issue. The offer includes a fresh issue of Rs 255 crore and a sale offer of Rs 68 crore by existing shareholders.
Gray market indicators also reflect cautious sentiment around the offer. The IPO currently commands a gray market premium of around 0%, indicating flat listing expectations.
Innovision operates in the workforce services and infrastructure support sector, providing workforce solutions, toll plaza management and skill development training to enterprises and infrastructure operators across India. The company initially operated in private security services, before expanding into comprehensive workforce outsourcing solutions. It then entered the Skill Development segment in FY14 and later moved to Financial Management Services.
Currently, Invision operates in 23 states and five union territories, providing operational and workforce management services to clients through long-term contracts and service agreements.
Financially, the company has experienced strong revenue growth over the past few years. Revenue rose to Rs 896 crore in FY25, compared to Rs 512 crore in FY24 and Rs 258 crore in FY23.
Profit after tax also increased to Rs 29 crore in FY25, Rs 10 crore in FY24 and Rs 9 crore in FY23. However, the profit remains low considering the nature of the business. The company reported an EBITDA margin of around 5.78% in FY25, reflecting the dynamic nature of their operations.
The proceeds from the fresh issue are proposed to be used for repayment or prepayment of certain debts, financing of working capital requirements and general corporate purposes.
