New Delhi, March 23 Shares of Innovision Ltd, a company providing manpower and toll plaza management services, listed on the stock market on Monday at a discount of over 10% compared to the issue price of Rs 519.
The stock began trading at Rs 466, a decline of 10.21% from the issue price on the BSE.
At the NSE, it opened at Rs 467.70, a decrease of 9.88% from the issue price.
The company's market valuation stood at Rs 914.67 crore.
The initial public offer (IPO) of Innovision Ltd was subscribed 3.32 times on the final day of the share sale last Tuesday.
Innovision Ltd had extended the closing date of its IPO to March 17 and had also reduced the price band, in response to a lukewarm response from investors.
The IPO, which opened for subscription on March 10, was originally scheduled to close on March 12. The company had also revised the price band to Rs 494-519 per share, lower than the earlier band of Rs 521-548 per share, according to an update from the stock exchanges.
The IPO of the Haryana-based company included a fresh issuance of Rs 255 crore and an Offer For Sale (OFS) of 12.38 lakh equity shares.
The proceeds from the fresh issuance will be used to pay off debt, fund 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 the collection of 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.
