Innovision Limited, a Haryana-based manpower services and toll plaza management company, launches its ₹323 crore mainboard IPO on March 10, 2026 with a price band of ₹494 to ₹519 per share, featuring a fresh issue of ₹255 crore and OFS of ₹68 crore, listing on BSE & NSE on March 17.
Innovision IPO – Complete Timeline
|
Event |
Date |
|
Anchor Round |
March 9, 2026 |
|
Issue Opens |
March 10, 2026 (Tuesday) |
|
Issue Closes |
March 17, 2026 (Thursday) |
|
Allotment Finalized |
March 13, 2026 (Friday) |
|
Refunds / Demat Credit |
March 16, 2026 (Monday) |
|
Listing Date |
March 17, 2026 (Tuesday) on BSE + NSE |
Key Issue Stats:
- Total Size: 58,91,284 shares (~₹323 crore at upper band)
- Fresh Issue: 46,53,284 shares (~₹255 crore)
- Offer For Sale: 12,38,000 shares (~₹68 crore) by promoters Lt Col Randeep Hundal & Uday Pal Singh
- Face Value: ₹10/share
- Lot Size: 27 shares (~₹14,796 minimum bid at upper band)
- Retail Cap: 13 lots = 351 shares (~₹1.92 lakh max)
IPO Subscription Status
The Innovision IPO is subscribed 0.31 times on March 13, 2026 6:54:34 PM (Day 4). The public issue subscribed 0.27 times in the retail category, 0.99 times in the QIB category, and 0.36 times in the NII category.
Business & Objective of Issue
Core Operations (2007 Haryana company):
- Manpower services: Private security guards, integrated facility management (IFM), payroll management.
- Toll plaza operations: Manages 6 NHAI toll plazas across Uttarakhand, Assam, UP, West Bengal via competitive bidding.
- Skill development training under govt schemes.
- International recruitment via subsidiary Innovision International.
Fresh Issue Utilization (~₹255 Cr):
- ₹43 Cr: Repay/prepay borrowings (debt was ₹72.36 Cr as of Nov 30).
- ₹127 Cr: Working capital requirements.
- Balance: General corporate purposes.
Scale: Serves 200+ clients across 1,500+ locations in 23 states + 5 UTs.
Company Financials (Restated Consolidated)
|
Period Ended |
30 Sep 2025 |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
271.66 |
220.30 |
157.05 |
108.17 |
|
|
483.10 |
895.95 |
512.13 |
257.62 |
|
|
20.00 |
29.02 |
10.27 |
8.88 |
|
|
30.42 |
51.75 |
19.66 |
16.36 |
|
|
102.33 |
81.88 |
52.35 |
40.26 |
|
|
83.43 |
62.98 |
33.45 |
38.91 |
|
|
112.39 |
79.05 |
48.15 |
33.34 |
|
|
Amount in ₹ Crore |
||||
How To Apply for the IPO ?
- Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of IPO?
Steps to check IPO allotment status on JM Pro app:
- Log in to the JM Pro app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
JM Financial Services will notify you of your IPO allotment status via push notification and email
Strengths of Innovision IPO
- Recurring revenue from long-term NHAI toll plaza contracts (6 operational plazas).
- Labour-intensive model with low capex needs – scalable via manpower deployment.
- Geographic diversification across 23 states, reducing regional policy risks.
- Debt reduction (₹43 Cr) + working capital boost (₹127 Cr) strengthens operations post-listing.
- Mainboard listing attracts institutional investors, better liquidity vs SME peers.
Risks of Innovision IPO
- High valuations (~₹1,300 Cr at upper band) demand strong growth execution post-listing.
- Labour contract renewal risks – govt/NHAI tenders competitive, margins thin.
- Working capital intensity in manpower business ties up cash despite IPO proceeds.
- Promoter OFS (₹68 Cr) signals partial exit by Lt Col Randeep Hundal & Uday Pal Singh.stockgro+1
- Regulatory exposure – wage laws, EPF/ESIC compliance, toll policy changes impact costs.
FAQs
1. When does Innovision IPO open and what is the price band?
Opens March 10, 2026 (Tue), closes March 12 (Thu). Price band: ₹521–₹548/share. Listing: March 17 on BSE/NSE.
2. What is the lot size and minimum investment for Innovision IPO?
Lot size: 27 shares. Minimum bid: ₹14,796 (at upper band). Retail max: 13 lots = ₹1.92 lakh.
3. What is Innovision's business model?
Manpower services (security guards, facility mgmt, payroll) + 6 NHAI toll plazas (Uttarakhand, UP, Assam, WB) + skill training + international recruitment.
