Manpower-Solutions Company Innovision Again Files Draft Papers For IPO
The Innovision IPO consists of a fresh issue of shares worth Rs 255 crore, and an offer-for-sale component consisting of 17.72 lakh shares.
Innovision Ltd. has once again filed its preliminary documents with the Securities and Exchange Board of India on Wednesday for its initial public offering.
The professional security solutions company's offer, which had previously been returned by SEBI, now comprises a fresh issue of Rs 255 crore and an offer-for-sale component consisting of 17.72 lakh shares of Rs 10 face value each.
Lt. Col. Randeep Hundal and Uday Pal Singh will be among the promoters selling their shares. Emkay Global Financial Services Ltd. is the book running lead manager, and KFin Technologies Ltd. is the registrar of the offer.
The equity shares are proposed to be listed on both Bombay Stock Exchange and National Stock Exchange.
Net proceeds from the issue amounting to Rs 43 crore will be used for repayment and pre-payment of borrowings availed by the company. A total of Rs 127 crore will go towards working capital requirements of the company, and the remaining will be used for general corporate purposes.
Innovision Business
The Hyderabad-based firm has expanded its offerings to include a comprehensive range of manpower services. The company has also been involved in skill development services and toll plaza management services.
Additionally, the company is empaneled with NHAI for toll collection at various locations, and operates six toll plazas across India. Innovision also offers skill development training as a partner for various central and state government initiatives. As of Sept. 30, the company was operating in 22 states and three union territories of India.
Their manpower services span across diversified industries and sectors such as healthcare, warehousing and logistics, government departments, retail and BFSI.
As of Nov. 30, the company's outstanding debt pile stood at Rs 72.36 crore.
