New Delhi, March 11 The initial public offering (IPO) of Innovision Ltd, a manpower and toll plaza management services provider, received a subscription of 12 per cent on the second day of bidding on Wednesday.
The IPO, worth Rs 322.84 crore, received bids for 7,14,258 shares, against 61,32,433 shares on offer, according to NSE data.
The portion for Qualified Institutional Buyers (QIBs) was subscribed to 96 per cent. The non-institutional investor portion received a subscription of 19 per cent, and the Retail Individual Investor (RII) quota received a subscription of 6 per cent.
The IPO includes a fresh issue of up to Rs 255 crore and an offer-for-sale of up to 12,38,000 equity shares.
The price range for the offer has been fixed at Rs 521-548 per share.
The public issue will conclude on March 12.
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, which include 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.
Emkay Global Financial Services is the book-running lead manager for the IPO.