Summary of this article
Innovision IPO opened for subscription on March 10, and will close on March 12
Innovision has allocated 1% of the issue to QIBs, 34% to NIIs, and 65% to retail investors
The current GMP indicates no expected gain or loss for investors
Innovision's initial public offering (IPO) opened for bidding on March 10, 2026 and will close on March 12. The Gurugram-based, diversified manpower and services provider seeks to raise Rs 322.84 crore through its offer, which includes a fresh issue of 4.65 million shares worth Rs 255 crore, and offer for sale of 1.24 million shares aggregating to Rs 68 crore.
The firm is offering its shares with a price band of Rs 521 to Rs 548 per share, in lot sizes of 27 shares. Retail investors are therefore required to invest a minimum of Rs 14,796 to bid for one lot.
Post-bidding, the allotment of shares is expected to be finalised on March 13. It will make its stock market debut on both the exchanges – NSE and BSE – with a tentative listing date fixed as March 17.
Emkay Global Financial Services is the book-running lead manager to the issue, while Kfin Technologies is acting as the registrar.
Innovision IPO Subscription Status: Day 1
Innovision Limited is offering a total of 58,91,285 shares in its public issue. Of this, 1 per cent or 58,913 shares have been reserved for qualified institutional buyers (QIBs), while 34 per cent or 20,03,037 shares are allocated to non-institutional investors (NIIs) and the remaining 65 per cent or 38,29,335 shares are set aside for retail investors.
As of 3:50 PM on Day 1, the Innovision IPO has been subscribed an overall 0.02 times the total offer. QIBs booked the issue 0.96 times, and retail investors 0.01 times, while NIIs category still has nil subscription.
Innovision IPO GMP Today
The grey market premium (GMP) of Innovision Limited IPO stood at nil as of 2:29 PM on March 10, according to websites that track such trades. Based on the upper price band of Rs 548 and the current GMP, the company’s shares are estimated to list around Rs 548, indicating no expected gain or loss for investors at the current grey market levels.
What the Company Does
Founded in 2007, Innovision Limited provides manpower services, toll plaza management, and skill development training across India. Its manpower business includes manned private security services, integrated facility management (IFM), and manpower sourcing and payroll.
According to the red herring prospectus (RHP), the company serves over 180 clients across sectors such as retail, healthcare, logistics, warehousing, and BFSI, including Max Healthcare Limited, Stellar Value Chain, and Sequel Logistics. As of January 15, 2026, the company operates through 35 offices with a presence in 23 states and five union territories.
Innovision IPO Selling Promoters
Promoters Lt Col Randeep Hundal and Uday Pal Singh are trimming their stake in Innovision Limited through the OFS. Each of them is offloading 6,19,000 shares in the public issue.
Their weighted average cost of acquisition of Innovision shares is Rs 1.66 per share. At the upper end of the price band of Rs 548, each promoter is set to sell shares worth about Rs 33.92 crore. This translates into a profit of about Rs 33.82 crore each. This implies a return of around 330 times on their initial investment.
Innovision Financial Performance
Innovision Limited reported revenue of Rs 483.1 crore, Ebitda of Rs 30.42 crore, and profit after tax (PAT) of Rs 20 crore for the half year ended September 30, 2025.
For the full financial year ended March 31, 2025, the company posted revenue of Rs 895.95 crore, up from Rs 512.13 crore in FY24 and Rs 257.62 crore in FY23. EBITDA came in at Rs 51.75 crore in FY25, compared with Rs 19.66 crore in FY24 and Rs 16.36 crore in FY23. Net profit stood at Rs 29.02 crore in FY25, rising from Rs 10.27 crore in FY24 and Rs 8.88 crore in FY23.
As of September 30, 2025, the company reported total assets of Rs 271.66 crore. Its net worth stood at Rs 102.33 crore, while reserves and surplus were at Rs 83.43 crore. Total borrowings were reported at Rs 112.39 crore.
