The initial public offering of Innovision Ltd. entered its second day of bidding on Wednesday after opening for subscription on Tuesday. The IPO is a book-built issue worth Rs 322.84 crore, consisting of a fresh issue of 47 lakh shares aggregating to Rs 255 crore and an offer-for-sale of 12 lakh shares valued at Rs 67.84 crore.
The issue is priced in the range of Rs 521–548 per share. Retail investors are required to apply for a minimum lot size of 27 shares, which translates to an investment of Rs 14,796 at the upper end of the price band.
The subscription window will remain open until March 12. Following the close of bidding, the allotment of shares is expected to be finalised on March 13. Shares will be credited to the demat accounts of successful applicants on March 16, while refunds for those who do not receive an allotment will also be processed the same day. The company is scheduled to list on both the BSE and NSE on March 17.
Hyderabad-based Innovision provides manpower services, with a focus on managing large-scale toll plaza operations and offering private security services to clients.
The company plans to utilise Rs 43 crore from the net proceeds of the fresh issue towards repayment and prepayment of borrowings. As of Nov. 30, its outstanding debt stood at Rs 72.36 crore. Another Rs 127 crore will be allocated for working capital requirements, while the remaining funds will be used for general corporate purposes.
Emkay Global Financial Services Ltd. is acting as the book-running lead manager for the issue, while KFin Technologies Ltd. has been appointed as the registrar.
Innovision IPO Subscription Status — Day 2
The IPO saw a muted response on the first day of bidding. As of noon Wednesday, the issue had been subscribed 8% overall.
Qualified Institutional Buyers (QIBs): 96%
Non-Institutional Investors (NIIs): 15%
Retail Individual Investors (RIIs): 3%
Innovision IPO GMP
According to InvestorGain, the grey market premium for the Innovision IPO stood at Rs 59 as of Wednesday noon, implying an upside potential of around 10%.
Note that grey market premium is unofficial and speculative in nature.
Disclaimer: Investments in initial public offerings are subject to market risks. Investors should consult financial advisors and read the red herring prospectus carefully before making investment decisions.
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