The initial public offering of Innovision Ltd. opened on Tuesday. The IPO is a book-built issue of Rs 322.84 crore and comprises a fresh issue of 47 lakh shares worth Rs 255 crore and an offer-for-sale (OFS) of 12 lakh shares amounting to Rs 67.84 crore.
The price band for the IPO is set between Rs 521 and Rs 548 per share. To participate in the IPO, retail investors need to bid for a single lot size of 27 shares, requiring an investment of Rs 14,796.
The subscription window will be open till March 12, with the allotment expected to be finalised on March 13. The company will transfer shares to the demat accounts of successful bidders on March 16 and refunds for non-allottees will be done on the same day.
Innovision will list on the BSE and NSE on March 17.
The Hyderabad-based company offers manpower services to its clients. Its expertise lies in managing large-scale toll plaza operations and private security services.
Net proceeds from the fresh issue amounting to Rs 43 crore will be used for repayment and pre-payment of borrowings availed by the company. As of Nov. 30, the company's outstanding debt pile stood at Rs 72.36 crore. 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.
Emkay Global Financial Services Ltd. is the book-running lead manager and KFin Technologies Ltd. is the registrar of the issue.
ALSO READ: Innovision IPO Price Band, Bidding Period, Listing Date Details Out — Check Details
IPO Day One Subscription Status
The Innovision IPO was subscribed 2% as of 1:50 p.m., Monday.
- Qualified Institutional Buyers (QIBs): 96%
- Non Institutional Investors: nil
- Retail Individual Investors: 1%
Innovision IPO GMP Today
According to InvestorGain, the grey market premium for the Innovision IPO was nil as of Monday noon. It indicates a flat listing next week.
Note: GMP does not represent official data and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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