Innovision extends IPO till Mar 17, price band cut amid weak response; issue booked 30% so far on Day 4

Innovision IPO: The initial public offering of manpower and toll plaza management services provider Innovision Ltd has been extended till March 17, and the price band has been reduced after a tepid response from investors.

According to the initial plan, the IPO was earlier scheduled to conclude on March 12. The new price band is ₹494 to ₹519 per share, lower than the earlier price band of ₹521 to ₹548 per share. The new price range would come into effect from March 13, it added.

Innovision IPO Day 4: Subscription status

The issue has been subscribed 30% so far on Day 4, with bids for 19,16,217 shares against 63,99,943 shares on offer, according to the NSE data until 1:15 pm.

The part reserved for qualified institutional buyers was booked 95%, while the non-institutional investors' quota received a 35% subscription.

The retail individual investor portion attracted 26% subscription.

The ₹305.76 crore initial share sale consists of a fresh issue of ₹241.51 crore and an offer for sale (OFS) of ₹64.25 crore by promoters Lt Col Randeep Hundal and Uday Pal Singh.

The funds generated are intended to be used towards debt clearance, working capital needs and general corporate purposes.

A lot consists of 27 shares and multiples thereof.

Innovision IPO allotment and listing date (Revised)

• Subscription period: March 10 to March 17
• Basis of allotment: March 18
• Refund initiation: March 19
• Credit of shares to Demat account: March 19
• Listing on NSE and BSE: March 20

Innovision is engaged in offering toll plaza management, skill development training and manpower services across India. It serves clients across sectors such as retail, healthcare, logistics, warehousing, and BFSI. Some of its customers include Stellar Value Chain, Sequel Logistics and Max Healthcare.

Emkay Global Financial Services is the only book-running lead manager for the issue, while KFin Technologies serves as the registrar.