Innovatiview India Ltd. plans to raise Rs 2,000 crore through an initial public offering, which will consist of only an offer for sale with no fresh issues available at a face value of Rs 5 each.
The OFS will take place by selling the shares of the promoters, helping the company in achieving the benefits of listing on the stock exchanges, according to the draft red herring prospectus filed with market regulator SEBI.
Both Ashish Mittal and Ankit Agarwal will be selling shares worth Rs 800 crore each, while Vishal Mittal and Abhishek Agarwal will offload shares worth Rs 320 crore and Rs 80 crore respectively.
The net proceeds from the offer will be received by the promoter selling their shares after deducting their proportion of the offer expenses and the required taxes. Innovatiview will not receive any proceeds from the offer.
The price band for the offer will be decided by the company after consulting with the book-running lead managers and following the applicable laws.
DAM Capital Advisors Ltd., ICICI Securities Ltd., JM Financial Ltd., Motilal Oswal Investment Advisors Ltd. and Shannon Advisors Pvt. are the leading bookrunners, and MUFG Intime India Pvt. is the registrar for the offer.
Innovatiview is a tech-focused company offering automated security and surveillance solutions for exams, elections and large events across India. By Sept. 30, 2024, it became the leading provider of exam security solutions in India and held a 73.7% revenue market share in the last fiscal.
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