New Delhi, March 5 Innovision Ltd, a company providing manpower and toll plaza management services, announced on Thursday that its initial public offering (IPO), valued at Rs 323 crore, will open for public subscription on March 10.
The price range for the shares has been set at Rs 521-548 per share, which would value the company at nearly Rs 1,300 crore at the higher end.
The proposed IPO of the Haryana-based company involves a fresh issuance of Rs 255 crore and an Offer For Sale (OFS) of 12.38 lakh equity shares, worth Rs 68 crore at the upper end, by the promoters.
The individuals selling shares in the OFS are Randeep Hundal and Uday Pal Singh.
The public issue will conclude on March 12, and the company will make its debut on the stock market on March 17.
The proceeds from the fresh issuance will be used for debt repayment, funding the company's working capital requirements, and for general corporate purposes.
The company specializes in providing manpower services, including manned private security, integrated facility management services, as well as manpower sourcing and payroll management.
The toll plaza management operations involve collecting user fees and related services at toll plazas, secured through competitive bidding processes. Additionally, the company is empanelled with NHAI for toll collection at various locations.
Innovision also offers skill development training as a partner for the Centre and various state government initiatives. Through its wholly-owned subsidiary, Innovision International Pvt Ltd, the company provides recruitment, placement consultancy, and visa facilitation services.
As of June 30, 2024, Innovision has served over 200 clients across various sectors, providing services at more than 1,500 client locations.
Currently, Innovision operates at six toll plazas located in Lachhiwala (Uttarakhand), Nazirakhat (Assam), Sarsawa (Uttar Pradesh), Paschim Madati (West Bengal), Newadakanthi (Uttar Pradesh) and Tarwa Dewa (Uttar Pradesh).
Emkay Global Financial Services is the sole book-running lead manager for the issue.
