Innovision IPO
Innovision IPO was a Mainboard book-built issue comprising a fresh issue and an Offer for Sale. The IPO price band was ₹521 to ₹548 per share, with a lot size of 27 shares. The issue opened on March 10, 2026, and closed on March 17, 2026. The shares were
Innovision IPO Details
Innovision IPO bidding started from Mar 10, 2026 and ended on Mar 17, 2026. The allotment for Innovision IPO was finalized on Mar 18, 2026. The shares got listed on NSE and BSE on Mar 23, 2026.
Innovision IPO GMP
Innovision IPO GMP provides the latest Grey Market Premium, Kostak Rate, Subject to Sauda and indicative listing price. GMP is an unofficial market indicator and can change significantly based on demand and market sentiment. IPO Watch reported that Innovision GMP reached a high of ₹71 on March 12 and later turned negative before listing.
Innovision IPO Timeline (Tentative)
The Innovision IPO timeline covers the opening and closing of the issue, allotment, refund/unblocking, Demat credit and listing. The issue opened on March 10, 2026, and closed on March 17, 2026. The basis of allotment was finalized on March 18, refunds were initiated on March 19, and the shares were listed on March 23, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Mar 10, 2026 |
| IPO Close Date | Tue, Mar 17, 2026 |
| Basis of Allotment | Wed, Mar 18, 2026 |
| Initiation of Refunds | Fri, Mar 20, 2026 |
| Credit of Shares to Demat | Fri, Mar 20, 2026 |
| Listing Date | Mon, Mar 23, 2026 |
| IPO Opens | March 10, 2026 |
| IPO Closes | March 17, 2026 |
| Basis of Allotment | March 18, 2026 |
| Initiation of Refunds | March 19, 2026 |
| Credit of Shares | March 19, 2026 |
| Listing Date | March 23, 2026 |
Innovision IPO Lot Size
The Innovision IPO lot size was 27 shares. Based on the final reported price band of ₹494–₹519, the minimum investment at the upper price band was ₹14,013.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 27 | 14,013 |
| Retail (Max) | 14 | 378 | 1,96,182 |
| S-HNI (Min) | 15 | 405 | 2,10,195 |
| S-HNI (Max) | 71 | 1,917 | 9,94,923 |
| B-HNI (Min) | 72 | 1,944 | 10,08,936 |
Innovision IPO Reservation
Innovision IPO comprises a total issue size of 61,51,294 shares. Out of which, 61,512 (1.00%) are allocated to QIB, 20,91,440 (34.00%) allocated to NII 39,98,342 (65.00%) allocated to RII.
Innovision IPO Subscription
Innovision IPO was subscribed 3.32 times overall by the close of bidding on March 17, 2026. QIBs subscribed 13.75 times, NIIs 8.26 times and retail investors 0.58 times.
| Category | Subscription (times) |
|---|---|
| QIB | 13.75x |
| NII | 8.26x |
| RII | 0.58x |
| Total | 3.32x |
About Innovision
Incorporated in 2007, Innovision Limited provides manpower services, toll plaza management, and skill development training to clients across India. The company has 35 offices, including registered and corporate offices, across India. As of Jan 15, 2026, Innovision Limited operates in in 23 states and 5 union territories of India.
Manpower Services comprises 3 operational segments as follows: Manned Private Security Services, Integrated Facility Management (IFM) Services and Manpower Sourcing and Payroll.
As of Jan 15, 2026, the company served more than 180 clients across various sectors and rendered services to over 1,000 client premises.
The company serves customers across sectors including retail, healthcare, warehousing, logistics and BFSI. Max Healthcare Limited, Stellar Value Chain and Sequel Logistics are some of the customers.
Innovision Limited also provides physical and classroom training to security personnel by the Private Security Agency Regulatory Act, 2025 at a training centre located at Turkiawas, Rewari, Haryana.
Competitive Strengths
- Wide geographical reach and locations across India.
- Diverse portfolio of manpower services
- Established systems and processes leading to a scalable business model
- Experienced management and operational team
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- Recruitment capability, domain knowledge and knowledge of labour regulations
Strengths
- Diversified service portfolio: Innovision operates across private security, manpower sourcing, integrated facility management, toll plaza management and skill development services.
- Established operating experience: The company has been operating in the manpower and security-services sector for many years.
- Strong revenue growth: Revenue increased significantly in FY2025 compared with FY2024, indicating business expansion.
- Multiple end-user industries: The company serves clients across sectors such as healthcare, retail, logistics, warehousing and BFSI.
- Infrastructure-related business exposure: Toll plaza management provides exposure to India's growing road and infrastructure sector.
- Pan-India presence: Its operations across multiple states help diversify its geographical customer base.
Risks to Consider
- High competition: The manpower, security and facility-management industries are highly competitive, which can put pressure on margins.
- Dependence on contracts: Revenue depends significantly on winning new contracts and renewing existing contracts.
- Customer concentration risk: Loss or reduction of business from major customers could adversely affect revenue.
- Labour-intensive business: The business depends heavily on manpower, making employee costs and availability important factors.
- Working-capital requirements: Delays in receiving payments from customers can affect cash flows and working capital.
- Government/tender dependence: Certain businesses, particularly toll plaza management, depend on government and infrastructure contracts.
- Margin pressure: Rising employee wages and operating costs could negatively affect profitability.
- Regulatory risk: Changes in labour laws, minimum wages, licensing requirements or other regulations could increase operating costs.
- Execution risk: The company's ability to maintain service quality and efficiently manage a large workforce is important for retaining contracts.
- IPO valuation risk: Investors should compare the final IPO valuation with the company's earnings, growth prospects and listed peers before investing.
KPIs & Valuation
Innovision operates in manpower, security, facility management and toll-management services. Investors can evaluate the company using revenue growth, profitability, earnings per share and valuation relative to its issue price.
Objects of the Issue
The fresh issue of Innovision IPO was intended to provide funds for the company's specified capital expenditure and other general corporate purposes. The final offer document should be referred to for the exact allocation of the fresh-issue proceeds.
- The IPO proceeds from the fresh issue of ₹255 crore were proposed to be used for the purposes specified in the Prospectus, including:
- Funding the company's identified capital expenditure requirements.
- General corporate purposes.
- Meeting issue-related expenses.
- The Offer for Sale proceeds do not accrue to Innovision Limited; they are received by the promoter selling shareholders.
Promoters, Lead Managers & Registrar
Innovision Limited is promoted by Lt Col Randeep Hundal and Uday Pal Singh. The final offer comprised a fresh issue of ₹255 crore and an Offer for Sale of 12.38 lakh shares by the promoter selling shareholders.
Promoters
Lead Managers (BRLM)
Innovision IPO Review
Innovision operates in manpower services, private security, integrated facility management, toll plaza management and related service segments. Its diversified service portfolio and long operating track record provide a base for continued business growth. The company highlights 19+ years of operational experience and a recurring-revenue business model.
The key positives include its established presence in manpower and security services, diversified service offerings and exposure to institutional and infrastructure-related clients. However, investors should carefully consider the company's customer concentration, working-capital requirements, competitive environment and dependence on large contracts.
The IPO also saw weak initial investor demand, resulting in an extension of the bidding period to March 17, 2026, along with a reduction in the price band. This indicates that valuation and market appetite were important considerations during the issue.
How to Apply
Innovision IPO applications could be made through ASBA and, for eligible investors, through the UPI facility.
Through UPI
- Log in to your stockbroker's app or website.
- Go to the IPO section.
- Select Innovision IPO.
- Enter the number of lots/shares you want to apply for.
- Enter your UPI ID linked to your bank account.
- Submit the IPO application.
- Open your UPI app and approve the mandate request.
- The application amount will be blocked in your bank account.
- If shares are allotted, the required amount will be debited.
- If shares are not allotted, the blocked amount will be released.
Last updated Aug 12, 2026.