Listed
Mainboard IPO
INNOVISION
Innovision
Innovision Limited IPO is a ₹322.84 crore public issue that opened for subscription from 10 March to 12 March 2026. The IPO is priced between ₹521 and ₹548 per share with a lot size of 27 shares, requiring a minimum investment of about ₹14,796.
Innovision Limited provides manpower services, toll plaza management, and skill development training across India, serving multiple industries such as infrastructure, logistics, healthcare, and retail. The company plans to use the IPO proceeds mainly for debt repayment, working capital requirements, and general corporate purposes.
IPO Details
Complete IPO information
| Current GMP |
₹-51.3 |
| Estimated Listing Gain |
-9.88% |
| Price Band |
₹494.00 - ₹519.00 |
| Issue Price |
₹519.00 |
| Listing Price |
₹467.70 |
| Lot Size |
27 Shares |
| Issue Type |
Mainboard |
| Issue Size |
TBA |
| Registrar |
TBA |
| Exchange |
NSE, BSE |
| Retail Quota |
TBA |
| Overall Subscription |
3.46x |
| Listing Date |
23 Mar 2026 |
| Minimum Investment |
₹14,013 |
Timeline
IPO roadmap at a glance
01
Bidding Opens
10 Mar 2026
02
Bidding Closes
17 Mar 2026
Grey Market Premium
Daily GMP status
| Date |
GMP |
Change |
Gain |
| 24 Mar 2026 |
₹-51.30 |
+₹36.70
|
-9.88% |
| 20 Mar 2026 |
₹-88.00 |
-₹74.00
|
-16.96% |
| 18 Mar 2026 |
₹-14.00 |
-₹40.00
|
-2.70% |
| 17 Mar 2026 |
₹26.00 |
+₹7.00
|
5.01% |
| 16 Mar 2026 |
₹19.00 |
-₹52.00
|
3.66% |
| 12 Mar 2026 |
₹71.00 |
+₹71.00
|
12.96% |
| 11 Mar 2026 |
₹0.00 |
-
|
0.00% |
| 10 Mar 2026 |
₹0.00 |
-
|
0.00% |
Market Lot
Application size breakdown
| Category |
Lots |
Shares |
Amount |
| Retail Minimum |
1 Lot |
27 |
₹14,013 |
| Retail Maximum |
14 Lot |
378 |
₹1,96,182 |
| S-HNI Minimum |
15 Lot |
405 |
₹2,10,195 |
| S-HNI Maximum |
71 Lot |
1,917 |
₹9,94,923 |
| B-HNI Minimum |
72 Lot |
1,944 |
₹10,08,936 |
Analysis
Innovision IPO Details
| IPO Open Date |
March 10, 2026 |
| IPO Close Date |
March 12, 2026 |
| Face Value |
₹10 Per Equity Share |
| IPO Price Band |
₹521 to ₹548 Per Share |
| Issue Size |
Approx ₹323 Crores |
| Fresh Issue |
Approx ₹255 Crores |
| Offer for Sale |
Approx 12,38,000 Equity Shares |
| Issue Type |
Book Build Issue |
| IPO Listing |
BSE, NSE |
Analysis
Innovision IPO Reservation
| Investor Category |
Shares Offered |
Shares (%) |
| Anchor Investor |
– Shares |
–% |
| QIB (Ex. Anchor) |
– Shares |
1% |
| NII (HNI) |
– Shares |
34% |
| Retail Investors |
– Shares |
65% |
Analysis
Innovision IPO Dates
| IPO Open Date |
March 10, 2026 |
| IPO Close Date |
March 12, 2026 |
| Basis of Allotment |
March 13, 2026 |
| Refunds |
March 16, 2026 |
| Credit to Demat Account |
March 16, 2026 |
| IPO Listing Date |
March 17, 2026 |
| IPO Bidding Cut-off Time |
March 12, 2026 – 5 PM |
Analysis
Promoters and Holding Pattern
| Particular |
Shares |
% Share |
| Promoter Holding Pre Issue |
1,89,00,000 |
100% |
| Promoter Holding Post Issue |
2,35,53,284 |
74.99% |
Promoters: Lt Col Randeep Hundal and Uday Pal Singh
Analysis
Objects of the Issue & Utilisation of Proceeds
| Purpose |
Amount (₹ Crores) |
| Repayment or pre-payment, in part or full, of all or certain borrowings availed by the Company |
₹51.00 |
| Funding working capital requirements of the Company |
₹119.00 |
| General Corporate Purpose |
₹- |
Analysis
About Innovision IPO
Set up in 2007, Innovision Limited offers manpower services, manages toll plazas, and provides skill development training across India. As of January 16, 2026, the firm operates 35 offices across 23 states and 5 union territories in India. Its manpower services are divided into 3 segments: Manned Private Security Services, Integrated Facility Management (IFM) Services, and Manpower Sourcing and Payroll.
Max Healthcare Limited, Stellar Value Chain, and Sequel Logistics are among the company’s major customers. Its services are catered to retail, healthcare, warehousing, logistics, and BFSI sectors. So far, the firm has served over 180 clients. Moreover, the firm also offers training to security guards at its training centre in Rewari, Haryana, following government rules.
Analysis
Innovision IPO Company Financial Report
| Period Ended |
Revenue (₹ Cr) |
Expense (₹ Cr) |
PAT (₹ Cr) |
Assets (₹ Cr) |
| 2023 |
₹257.62 |
₹247.32 |
₹8.88 |
₹108.17 |
| 2024 |
₹512.13 |
₹501.16 |
₹10.27 |
₹157.05 |
| 2025 |
₹895.95 |
₹856.90 |
₹29.02 |
₹220.30 |
| Sep 2025 |
₹483.10 |
₹459.53 |
₹20.00 |
₹271.66 |
All values are reported in ₹ Crores.
Analysis
Innovision IPO Valuation – FY2025
| KPI |
Values |
| ROE |
35.45% |
| ROCE |
40.77% |
| EBITDA Margin |
5.79% |
| PAT Margin |
3.25% |
| Debt to Equity Ratio |
0.97 |
| Earning Per Share (EPS) |
₹15.62 (Basic) |
| Price/Earning (P/E) Ratio |
N/A |
| Return on Net Worth (RoNW) |
35.45% |
| Net Asset Value (NAV) |
₹43.32 |
Analysis
Peer Group Comparison
| Company |
EPS |
P/E Ratio |
RoNW % |
NAV |
Income |
| Krystal Integrated Services Limited |
44.61 |
13.47 |
14.30% |
312.92 |
₹1,212.78 Cr |
| Updater Services Limited |
17.70 |
8.62 |
12.33% |
144.07 |
₹2,736.06 Cr |
| SIS Limited |
0.81 |
401.85 |
0.49% |
166.79 |
₹13,189.04 Cr |
| Quess Corp Limited |
3.07 |
63.37 |
4.23% |
72.92 |
₹14,967.20 Cr |
| Highway Infrastructure Ltd |
3.40 |
15.15 |
19.03% |
20.37 |
₹495.72 Cr |
Analysis
IPO Lead Managers aka Merchant Bankers
- Emkay Global Financial Services Ltd.
