Innovision IPO is a book-built public issue worth ₹322.84 crore. The IPO consists of two parts. The company is issuing 0.47 crore fresh shares worth ₹255.00 crore, while existing shareholders will sell 0.12 crore shares through an Offer for Sale (OFS) valued at ₹67.84 crore.
The Innovision IPO will open for subscription on March 10, 2026, and close on March 12, 2026. The share allotment is expected to be finalised on March 13, 2026. After the allotment process, the shares are scheduled to list on both the BSE and NSE on March 17, 2026.
The price band for the Innovision IPO has been fixed between ₹521 and ₹548 per share. Investors need to apply for a minimum lot size of 27 shares. At the upper price band, the minimum investment required for retail investors is ₹14,796.
For Non-Institutional Investors (NIIs), the investment requirements are higher. The small NII (sNII) category requires a minimum of 14 lots, which equals 378 shares, amounting to ₹2,07,144. Meanwhile, the big NII (bNII) category requires a minimum of 68 lots, or 1,836 shares, with an investment value of ₹10,06,128.
Emkay Global Financial Services Ltd. is acting as the Book Running Lead Manager (BRLM) for the issue, while Kfin Technologies Ltd. has been appointed as the registrar responsible for handling the IPO application and allotment process.
Company Overview
Innovision provides manpower services, toll plaza management, and skill development training across India. As of January 15, 2026, the company operates in 23 states and 5 union territories. It began operations in 2007 by offering manned private security services and later expanded its offerings. Skill development services were introduced in Fiscal 2014, followed by toll plaza management services in Fiscal 2019.
The company’s manpower services include private security, integrated facility management (IFM), and manpower sourcing with payroll support. Innovision also manages toll plazas by handling user fee collection on national highways, including projects awarded through competitive bidding and empanelment with NHAI. In addition, the company runs skill development programs under various central and state government initiatives across multiple sectors. Through its subsidiaries, Innovision also provides recruitment, visa consultancy, and drone pilot training, serving over 180 clients across more than 1,000 locations in India.
(Source: RHP)
Industry Context
- India’s manned security services market grew from ₹547 billion in CY19 to ₹988 billion in CY24.
- The security services market is projected to reach ₹1,716 billion by CY29, driven by rising safety needs.
- Increasing demand from sectors like banking, retail, IT, and hospitality supports specialised private security services.
- Low police-to-population ratio in India increases reliance on private security firms for enhanced protection services.
Business Strengths
- Wide geographical presence across India
- Diversified manpower service portfolio
- Established systems and scalable operating processes
- Strong domain knowledge and labour regulation expertise
- Experienced management team
- Recruitment capability and structured training infrastructure
(Source: RHP)
Financial Performance
Innovision Limited – Financials (₹ in crore)
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 271.66 | 220.3 | 157.05 | 108.17 |
| Total Income | 483.1 | 895.95 | 512.13 | 257.62 |
| Profit After Tax | 20 | 29.02 | 10.27 | 8.88 |
| EBITDA | 30.42 | 51.75 | 19.66 | 16.36 |
| Net Worth | 102.33 | 81.88 | 52.35 | 40.26 |
| Reserves & Surplus | 83.43 | 62.98 | 33.45 | 38.91 |
| Total Borrowings | 112.39 | 79.05 | 48.15 | 33.34 |
(Source: RHP)
Key Ratios & Metrics
| KPI | FY25 |
|---|---|
| ROE | 35.45% |
| ROCE | 40.77% |
| Debt/Equity | 0.97 |
| RoNW | 35.45% |
| PAT Margin | 3.25% |
| EBITDA Margin | 5.79% |
| Price to Book Value | 12.65 |
IPO Objects
The net proceeds from the fresh issue are proposed to be utilised towards:
- ₹51 crore for repayment or prepayment of certain borrowings
- ₹119 crore to fund the company’s working capital requirements
- Remaining amount for general corporate purposes
(Source: RHP)
Market Outlook & GMP Trends
As of March 10, 2026, at 12:33 PM, the Innovision IPO grey market premium (GMP) stands at ₹0, indicating no premium over the issue price. With the upper price band fixed at ₹548, the estimated listing price is also around ₹548 per share, suggesting no expected gain or loss at the moment. Based on grey market activity over the past seven sessions, the GMP has remained largely unchanged. This flat trend indicates limited speculative interest so far, and a similar movement may continue until the listing date.
(Note: Grey market prices are unofficial and provided for informational purposes only. They should not be considered a reliable indicator of actual listing performance or investment returns.)
(Source: Market updates)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 10 – 12 March, 2026 |
| Listing Date | Tuesday, March 17, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹521 – ₹548 |
| Lot Size | 27 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue + OFS |
| Total Issue Size | ₹323 Cr |
| Minimum Retail Investment | ₹14,796 |
| Maximum Retail Investment | ₹1,92,348 |
| Listing Exchange | BSE, NSE |
Conclusion
Innovision IPO offers exposure to India’s expanding manpower and facility management services industry. The company has demonstrated strong revenue growth, improving profitability, and expanding geographic reach across multiple sectors.
However, the business remains labour-intensive with moderate margins and working capital sensitivity. The unusual allocation structure with limited QIB participation may influence short-term institutional demand signals.
At the upper price band, the IPO appears valued at a mid-to-high earnings multiple relative to its service industry profile. Investors should carefully assess growth sustainability, margin stability, and valuation comfort before participating.
Disclaimer: Investment in securities market is subject to market risks. Read all the related documents carefully before investing. This content is purely for information purpose only and in no way is to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation. Investors are requested to do their own due diligence before investing.
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