Innovision IPO booked 11% so far on Day 2: Check category-wise subscription status

Innovision IPO: Manpower and toll plaza management services provider Innovision's initial public offering has been subscribed 11% so far on the second day of bidding on Wednesday.

The secured bids for 6,50,997 shares, as against 61,32,433 shares on offer, according to the NSE data until 3:55 pm.

The initial public offering aims to raise ₹322.84 crore via a fresh issue of up to ₹255 crore and an offer-for-sale of ₹67.84 crore. Under the OFS, promoters Lt Col Randeep Hundal and Uday Pal Singh will sell their stake.

With a price band of ₹521 to ₹548 per share, a lot consists of 27 shares.

The money raised will be used for debt clearance, working capital needs and general corporate purposes.

Innovision is engaged in offering toll plaza management, manpower services and skill development training to clients across India. The company operates in 23 states and 5 union territories.

Manpower Services includes three operational segments: Integrated Facility Management (IFM) services, Manned Private Security Services and Manpower Sourcing and Payroll.

The firm serves customers across sectors, including retail, warehousing, logistics, healthcare, and BFSI. Max Healthcare, Sequel Logistics and Stellar Value Chain are some of the customers.

The toll plaza management operations involve services like user fee collection, secured through bidding processes. Additionally, the firm is empanelled with the National Highways Authority of India (NHAI) for toll collection at various locations.

The company's basis of allotment is expected to be finalised on March 13, while listing will take place on March 17.

Emkay Global Financial Services is the merchant banker to the offer, while KFin Technologies is the registrar.

Innovision IPO GMP

According to investorgain.com and media reports, Innovision Ltd's unlisted shares are trading at ₹607, reflecting a grey market premium (GMP) of 10.77% or ₹59 compared to the upper price band of ₹548.