Innovision IPO Extended, Price Cut Amidst Lukewarm Investor Response

Latest Delhi, March 12, 2026 – Innovision Ltd, a provider of manpower and toll plaza management services, has extended the closing date of its initial public offering (IPO) to March 17, 2026, and reduced the price band following a muted response from investors. The IPO, which launched on March 10, 2026, was initially scheduled to close today, March 12, 2026.

Revised IPO Details

The company has revised the price band to Rs 494-519 per share, effective March 13, 2026, a decrease from the earlier range of Rs 521-548 per share . This adjustment comes after the IPO was subscribed only 32% overall as of the third day of bidding .

Subscription Breakdown

Investor participation has been uneven across categories:

• Qualified Institutional Buyers (QIBs): 99% subscription
• Non-Institutional Investors (NIIs): 36% subscription
• Retail Investors: 28% subscription

The retail investor segment has shown the weakest demand .

IPO Details and Use of Proceeds

The Innovision IPO comprises a fresh issue of 0.47 crore shares, aggregating to Rs 241.51 crores, and an offer for sale of 0.12 crore shares, aggregating to Rs 64.25 crores . The total IPO size is approximately Rs 305.76 crores.

Proceeds from the fresh issuance will be used for:

• Repayment or prepayment of certain borrowings
• Funding working capital requirements
• General corporate purposes

Company Overview

Innovision Ltd. Provides manpower services, including manned private security, integrated facility management, and manpower sourcing. The company likewise manages toll plazas, collecting user fees and providing related services, and is empanelled with the National Highways Authority of India (NHAI) for toll collection . The company operates across 23 states and five union territories.

Financial Performance

Innovision has demonstrated revenue growth in recent years:

• FY23 Revenue: Rs 258 crore
• FY24 Revenue: Rs 512 crore
• FY25 Revenue: Rs 896 crore

Profit after tax has also increased, from Rs 9 crore in FY23 to Rs 10 crore in FY24 and Rs 29 crore in FY25. However, the EBITDA margin remains relatively thin at approximately 5.78% in FY25 .

Brokerage View

Swastika Investmart has recommended avoiding the issue, citing concerns over valuations and the company’s low margin profile . The brokerage noted that while the company exhibits efficient capital use, the current P/E ratio of 35.69x already prices in significant future growth.

Key Dates

• IPO Opens: March 10, 2026
• IPO Closes: March 17, 2026 (extended)
• Allotment Expected: March 18, 2026
• Listing Expected: March 17, 2026