Innovision IPO
Bookbuilding IPO | ₹323.00 Cr | Listing at BSE SME
Closed
IPO Open
Tue, Mar 10, 2026
IPO Close
Tue, Mar 17, 2026
Price Band
₹521.00 to ₹548.00
Market Cap (Pre-IPO)
₹1,290.72 Cr
IPO Details
| IPO Date | Mar 10, 2026 to Mar 17, 2026 |
| Listing Date | Tentative: Mar 20, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹521.00 to ₹548.00 |
| Lot Size | 27 Shares (Minimum: ₹14,796.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Issue Size | ₹323.00 Crores |
| Total Shares Offered | 5,891,284 shares |
| Fresh Issue | 4,653,284 shares |
| Offer For Sale | 1,238,000 shares |
Innovision IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 1% of the Offer |
| Retail Shares Offered | Not less than 65% of the Offer |
| NII Shares Offered | Not less than 34% of the Offer |
Innovision IPO Lot Size
Investors can bid for a minimum of 27 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 27 | ₹14,796 |
| Retail (Max) | 13 | 351 | ₹192,348 |
| S-HNI (Min) | 14 | 378 | ₹207,144 |
| S-HNI (Max) | 67 | 1,809 | ₹991,332 |
| B-HNI (Min) | 68 | 1,836 | ₹1,006,128 |
Innovision Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 271.66 | 220.30 | 157.05 | 108.17 |
| Total Income | 483.10 | 895.95 | 512.13 | 257.62 |
| Profit After Tax | 20.00 | 29.02 | 10.27 | 8.88 |
| EBITDA | 30.42 | 51.75 | 19.66 | 16.36 |
| NET Worth | 102.33 | 81.88 | 52.35 | 40.26 |
| Reserves and Surplus | 83.43 | 62.98 | 33.45 | 38.91 |
| Total Borrowing | 112.39 | 79.05 | 48.15 | 33.34 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 35.45% |
| ROCE (Return on Capital Employed) | 40.77% |
| Debt/Equity | 0.97 |
| RoNW (Return on Net Worth) | 35.45% |
| PAT Margin (Profit After Tax Margin) | 3.25% |
| EBITDA Margin | 5.79% |
| Price to Book Value | 12.65 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 15.36 | 16.99 |
| P/E (x) | 35.69 | 32.26 |
| Promoter Holding | 100.00% | 74.99% |
Company Promoters
- Lt Col Randeep Hundal and Uday Pal Singh are the company promoters.
Company Overview
Innovision – Company Overview
- Incorporated in 2007, engaged in manpower services, toll plaza management, and skill development training.
- Provides workforce and operational management solutions to organizations across India.
- Operates 35 offices including registered and corporate offices.
- As of January 15, 2026, the company has operations across 23 states and 5 union territories.
Core Business Segments
Manpower Services
The manpower services segment consists of three operational verticals:
- Manned Private Security Services – Deployment of trained security personnel for corporate, industrial, and institutional clients.
- Integrated Facility Management (IFM) Services – Services such as housekeeping, maintenance, and facility support.
- Manpower Sourcing & Payroll Management – Recruitment, staffing, and payroll administration for client organizations.
Toll Plaza Management
- Provides operations and management services for toll plazas, including staffing, traffic management, and operational monitoring.
Skill Development & Training
- Conducts physical and classroom-based training programs for security personnel.
- Training is conducted in compliance with the Private Security Agency Regulatory Act, 2005 (PSARA).
- Training centre located at Turkiawas, Rewari, Haryana.
Client Base & Industry Presence
- Serves 180+ clients across India.
- Provides services at over 1,000 client premises.
Key Client Industries
- Retail
- Healthcare
- Warehousing
- Logistics
- BFSI (Banking, Financial Services and Insurance)
Notable Clients
- Max Healthcare Limited
- Stellar Value Chain
- Sequel Logistics
Business Positioning
- Positioned as a pan-India manpower and facility management service provider.
- Strengths include:
- Wide geographic presence
- Multi-sector client base
- Integrated workforce solutions
- Training infrastructure for security personnel
- Operates in a labour-intensive service industry, where scale, client relationships, and operational efficiency are key competitive factors.
Company Strengths
- Wide geographical reach and locations across India.
- Diverse portfolio of manpower services
- Established systems and processes leading to a scalable business model
- Experienced management and operational team
- Recruitment capability, domain knowledge and knowledge of labour regulations
Use of Proceeds
| 1) | Repayment or pre-payment, in part or full of all or certain borrowings availed by the Company | 51.00 |
| 2) | Funding working capital requirements of the Company | 119.00 |
| 3) | General Corporate Purposes | |
| Total | 170.00 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Innovision IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Innovision Ltd. | 15.62 | - | 43.32 | - | 35.45 | - | Consolidated |
| Krystal Integrated Services Ltd. | 44.61 | - | 312.92 | 13.47 | 14.30 | - | Consolidated |
| Updater Services Ltd | 17.70 | - | 144.07 | 8.62 | 12.33 | - | Consolidated |
| SIS Limited | 0.81 | - | 166.79 | 401.85 | 0.49 | - | Consolidated |
| Quess Corp Ltd. | 3.07 | - | 72.92 | 63.37 | 4.23 | - | Consolidated |
| Highway Infrastructure Ltd. | 3.40 | - | 20.37 | 15.15 | 19.03 | - | - |
Quick Info
| Sector | diversified commercial services |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹1,290.72 Cr |
Important Dates
| IPO Open | Mar 10, 2026 |
| IPO Close | Mar 17, 2026 |
| Allotment Date | Mar 18, 2026 |
| Credit to Demat | Mar 19, 2026 |
| Listing Date | Tentative: Mar 20, 2026 |
Lead Manager(s)
Emkay Global Financial Services Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- IPO Type: Book build issue aggregating to ₹322.84 crores.
- Issue Structure: Combination of a fresh issue of 0.47 crore shares (₹255.00 crores) and an offer for sale of 0.12 crore shares (₹67.84 crores).
- IPO Dates: The issue opens on March 10, 2026 and closes on March 12, 2026.
- Allotment Date: Expected to be finalized on March 13, 2026.
- Listing Details: Shares are proposed to be listed on BSE Limited and National Stock Exchange of India with a tentative listing date of March 17, 2026.
- IPO Price Band: ₹521 to ₹548 per equity share.
- Lot Size: 27 shares per lot.
- Retail Investment Requirement: Minimum 1 lot (27 shares) amounting to approximately ₹14,796 (based on upper price band).
- sNII Investment Requirement: Minimum 14 lots (378 shares) amounting to approximately ₹2,07,144.
- bNII Investment Requirement: Minimum 68 lots (1,836 shares) amounting to approximately ₹10,06,128.
This IPO offers investors an opportunity to participate in a mainboard issue with both fresh capital raising and promoter stake sale.