Innovision IPO will open for subscription on March 10, 2026 and close on March 17, 2026. The company plans to raise approximately ₹306 crores through a book build issue. The IPO consists of a fresh issue of ₹242 crores and an offer for sale of up to 12,38,000 equity shares with a face value of ₹10 each.
The price band for the IPO is fixed at ₹494 to ₹519 per share. The investor allocation is 65% for retail investors, 34% for Non-Institutional Investors (HNI/NII), and 1% for Qualified Institutional Buyers (QIB). The allotment is expected to be finalized on March 18, 2026 and the shares are scheduled to list on BSE and NSE on March 23, 2026.
The company reported revenue of ₹895.95 crores in FY2025 compared to ₹512.13 crores in FY2024. Profit after tax increased to ₹29.02 crores in FY2025 from ₹10.27 crores in FY2024.
Contents
Innovision IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | March 10, 2026 |
| IPO Close Date | March 17, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹494 to ₹519 Per Share |
| Issue Size | Approx ₹306 Crores |
| Fresh Issue | Approx ₹242 Crores |
| Offer for Sale | Approx 12,38,000 Equity Shares |
| Issue Type | Book build Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Innovision IPO
Open: 10-12 March
Issue Size: ₹323 Cr.
Objective: To repay borrowings, fund working capital, and support business growth.
Exchange: NSE SME
Innovision IPO Review
Innovision Limited operates in manpower services, facility management, and toll plaza management across India. While the company has shown strong revenue growth in the past two financial years, the business operates in a highly competitive manpower outsourcing industry where margins are typically low.
The company’s EBITDA and PAT margins remain relatively thin compared to peers, which indicates limited pricing power. Although the company serves multiple sectors such as healthcare, logistics, retail, and BFSI, the valuation appears relatively aggressive considering the business model and margins. Investors should carefully assess the risk profile and industry competition before considering this IPO.
Innovision IPO Market Lot
The minimum market lot for Innovision IPO is 27 shares with an application amount of ₹14,013. Retail investors can apply for up to 14 lots.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 27 | ₹14,013 |
| Retail Maximum | 14 | 378 | ₹1,96,182 |
| S-HNI Minimum | 15 | 405 | ₹2,10,195 |
| S-HNI Maximum | 71 | 1,917 | ₹9,94,923 |
| B-HNI Minimum | 72 | 1,944 | ₹10,08,936 |
IPO Reservation
| Investor Category | Share Offered | Shares (%) |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | 58,913 Shares | 1% |
| NII Shares Offered | 20,03,037 Shares | 34% |
| Retail Shares Offered | 38,29,335 Shares | 65% |
Innovision IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | March 10, 2026 |
| IPO Close Date | March 17, 2026 |
| Basis of Allotment | March 18, 2026 |
| Refunds | March 19, 2026 |
| Credit to Demat Account | March 19, 2026 |
| IPO Listing Date | March 23, 2026 |
| IPO Bidding Cut-off Time | March 17, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Lt Col Randeep Hundal and Uday Pal Singh.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,89,00,000 | 100% |
| Promoter Holding Post Issue | 2,35,53,284 | 74.99% |
Objects of the Issue
The company plans to use the IPO proceeds mainly for strengthening its financial position and supporting business operations. Around ₹51 crores will be used for repayment or prepayment of certain borrowings availed by the company.
Another ₹119 crores will be utilized for funding the company’s working capital requirements to support its expanding manpower and facility management operations. The remaining funds will be used for general corporate purposes.
About Innovision Limited Company
Innovision Limited was established in 2007 and provides manpower services, toll plaza management, and skill development training across India. The company operates through three major segments which include Manned Private Security Services, Integrated Facility Management (IFM) Services, and Manpower Sourcing and Payroll Services.
As of January 16, 2026, the company operates 35 offices across 23 states and 5 union territories in India. Innovision serves more than 180 clients across industries such as healthcare, logistics, warehousing, retail, and BFSI. Some of its major customers include Max Healthcare Limited, Stellar Value Chain, and Sequel Logistics.
The company also operates a training centre in Rewari, Haryana, where it provides skill development and security guard training programs as per government guidelines.
Business Analysis and Financial Health
Innovision Limited operates in the manpower outsourcing and facility management industry, which has seen steady demand due to increasing outsourcing trends among corporates. The company has experienced strong revenue growth, with income rising from ₹257.62 crores in FY2023 to ₹895.95 crores in FY2025.
This growth indicates expanding operations and client acquisition. However, the business operates on thin margins, with PAT margin around 3.25%, which is typical for manpower and facility management companies. The company’s return ratios such as ROE and ROCE are relatively strong, indicating efficient use of capital.
At the same time, the business is labour-intensive and sensitive to wage costs, compliance requirements, and contract renewals. Long-term performance will depend on maintaining client relationships and scaling operations efficiently.
Innovision IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 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 |
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 |
| Price/Earning P/E Ratio | N/A |
| Return on Net Worth (RoNW) | 35.45% |
| Net Asset Value (NAV) | ₹43.32 |
Peer Group Comparison
| Company | EPS | PE 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 |
IPO Lead Managers aka Merchant Bankers
| Particular | Details |
|---|---|
| Lead Manager | Emkay Global Financial Services Ltd. |
Company Address
| Particular | Details |
|---|---|
| Company Name | Innovision Ltd. |
| Address | 1/209, First Floor, Sadar Bazar, Delhi Cantt, New Delhi – 110010 |
| Phone | +91 011 208 9790 |
| cs@innovision.co.in | |
| Website | https://www.innovision.co.in |
IPO Registrar
| Particular | Details |
|---|---|
| Registrar | Kfin Technologies Ltd. |
| Phone | 04067162222, 04079611000 |
| innovision.ipo@kfintech.com | |
| Website | https://ipostatus.kfintech.com |
Innovision IPO FAQs
What is Innovision IPO?
Innovision IPO is a Mainboard IPO through which the company aims to raise around ₹306 crores. The issue price band is ₹494 to ₹519 per equity share.
When will Innovision IPO open for subscription?
The IPO will open on March 10, 2026 and close on March 17, 2026.
What is the investor allocation in Innovision IPO?
The allocation is 65% for retail investors, 34% for Non-Institutional Investors, and 1% for Qualified Institutional Buyers.
How can investors apply for Innovision IPO?
Investors can apply through the ASBA facility using their bank account or through UPI via stock brokers. Offline applications through brokers are also available.
What is the issue size of Innovision IPO?
The total issue size is approximately ₹306 crores.
What is the price band of Innovision IPO?
The IPO price band is ₹494 to ₹519 per share.
What is the minimum lot size for Innovision IPO?
The minimum application size is 27 shares with an investment amount of ₹14,013.
What is the Innovision IPO allotment date?
The allotment is expected to be finalized on March 18, 2026.
What is the Innovision IPO listing date?
The IPO is expected to list on BSE and NSE on March 23, 2026.
Expert Comment
Innovision Limited has demonstrated strong revenue growth and expanding operations in the manpower and facility management sector. The company serves multiple industries and has built a diversified client base across India. However, the business operates in a competitive sector where margins are generally thin and operational risks are relatively high due to labour-intensive operations.
The IPO valuation also appears demanding compared to the company’s profitability profile. Investors should carefully evaluate financial margins, competitive positioning, and long-term growth prospects before considering investment in this issue.
