Innovision Ltd. on Thursday announced the price band, bidding period, allotment and listing dates, among other details of its upcoming initial public offering. The professional security solutions company's offer comprises a fresh issue of Rs 255 crore and an offer-for-sale component consisting of 12.38 lakh shares worth Rs 65 crore. The total issue size is Rs 320 crore.
The price band is set at Rs 521 to Rs 548 per equity share with a face value of Rs 10 each. Bids can be made for a minimum of 27 equity shares and in multiples thereafter.
The Innovision IPO will open for subscription on March 10 and close on March 12. The company will seek investments from large institutional players via the anchor round on March 9. The allotment of shares to IPO investors will be finalised on March 13 and credit of shares to the demats on March 16. Innovision will list on the BSE and NSE on March 17.
Innovision is valued at Rs 1,240 crore based on the upper price band.
Lt. Col. Randeep Hundal and Uday Pal Singh are the promoters selling their shares.
Net proceeds from the 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.
About Innovision
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.
ALSO READ: Walmart-Backed PhonePe Targets Up To $10.5 Billion Valuation In India IPO
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
