Innovision Ltd's IPO Sees Modest Uptake Amid Market Uncertainty

Innovision Ltd, a manpower and toll plaza management company, garnered 12% subscription for its Rs 322.84-crore IPO on the second day. The offering includes a fresh issue of Rs 255 crore and is geared towards debt repayment and business expansion. Emkay Global manages the offering.

The initial public offer of Innovision Ltd, a company specializing in manpower and toll plaza management services, witnessed a modest 12% subscription on the second day of its market debut.

The Rs 322.84-crore offering saw interest predominantly from institutional buyers, with Qualified Institutional Buyers (QIBs) nearing full subscription at 96%, while non-institutional investors subscribed at 19% and the Retail Individual Investors (RIIs) quota achieved only a 6% subscription rate.

The IPO comprises a fresh issue of up to Rs 255 crore and an offer-for-sale of up to 12,38,000 equity shares, with prices set between Rs 521-548 per share. Proceeds will target debt repayment, working capital needs, and general corporate uses. Innovision provides a range of services, including manpower sourcing, payroll management, and toll plaza operations, and is linked with major governmental projects for skill development. Emkay Global Financial Services leads the book-running for this offer.

(With inputs from agencies.)