New Delhi, March 12 Innovision Ltd, a company providing manpower and toll plaza management services, extended the closing date of its initial public offering (IPO) to March 17 and reduced the price band, following a lackluster response from investors.
The IPO, which opened for subscription on March 10, was initially scheduled to close on March 12. The company has now 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 with the stock exchange.
The new price band will be effective from March 13, it added.
Investor participation remained subdued during the first three days of the issue. As of the third day, the IPO was subscribed 32 per cent overall, according to data available with the National Stock Exchange (NSE).
Among the investor categories, the portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 99 per cent, while the non-institutional investors (NIIs) category saw a 36 per cent subscription.
The retail investor segment witnessed the weakest demand, with subscriptions at 28 per cent.
The IPO proposed by the Haryana-based company comprises a fresh issuance of Rs 255 crore and an Offer For Sale (OFS) of 12.38 lakh equity shares. Now, it is offering 61.32 lakh shares.
The proceeds from the fresh issuance will be used towards paying off debt, funding the company's working capital requirements, and for general corporate purposes.
The company specializes in providing manpower services, which include manned private security, integrated facility management services, as well as manpower sourcing and payroll management.
The toll plaza management operations involve user fee collection 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.
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 to the issue.