New Delhi, March 10 The initial public offer of Innovision Ltd, a manpower and toll plaza management services provider, was subscribed to 2 per cent on the first day of bidding on Tuesday.
The ₹322.84-crore IPO received bids for 1,22,202 shares, as against 61,32,433 shares on offer, according to NSE data.
The portion for Qualified Institutional Buyers (QIBs) saw 96 per cent subscription. The Retail Individual Investors (RIIs) category received 2 per cent subscription.
The initial public offer includes a fresh issue of up to ₹255 crore and an offer-for-sale of up to 12,38,000 equity shares.
The price range for the offer has been set at ₹521-₹548 per share.
The public issue will conclude on March 12.
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, 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.
Emkay Global Financial Services is the book-running lead manager for the offer.