Innovision IPO

About Innovision Limited IPO

The Innovision IPO opens on Tuesday, March 10, 2026 and closes on Thursday, March 12, 2026. The allotment of shares will take place on Friday, March 13, 2026. The credit of shares to the demat account will take place on Monday, March 16, 2026. The initiation of refunds will take place on Monday, March 16, 2026. The listing of shares will take place on Tuesday, March 17, 2026.

The offer consists of both, a fresh issue and an offer for sale component. The fresh issue will include 0.47 crore shares aggregating to ₹255.00 crores. The offer for sale portion includes 0.12 crore shares aggregating to ₹67.84 crores. The total number of shares and aggregate amount are 58,91,284 shares (aggregating up to ₹323 crores).

Innovision IPO’s price band is set at ₹521 to ₹548 per share. The lot size for an application is 27. The minimum amount of investment required by a retail is ₹14,796 (27 shares) (based on upper price). The lot size investment required by sNIIs is 14 lots (378 shares), amounting to ₹2,07,144, and for bNIIs, it is 68 lots (1,836 shares), amounting to ₹10,06,128.

Inovision is in the business of providing manpower services, toll plaza management and skill development training to their clients across India. Their business of manpower services focuses on providing manned private security services, integrated facility management (“IFM”) services, manpower sourcing and payroll services. Their toll plaza management operations consist of user fee collection and other related services on toll plazas awarded to us by the relevant authority, subsequent to a tender based competitive bidding process.

Objectives of Innovision Limited IPO

• Repayment or pre-payment, in part or full, of all or certain borrowings availed by the company.
• Funding working capital requirements of the company.
• General corporate purposes.

Industry Outlook

The Indian integrated facility management (IFM) services market was valued at Rs 160900 crores in CY19 and reached around Rs 113400 crores in CY24, representing a CAGR of 13.2% from CY19-CY24. Integrated Facility Management includes Hard FM, Soft FM, PSS, business support services, energy audits, emergency services and waste management. The in-house market accounts for about 60%, and the remaining 40% accounts for outsourced. In-house refers to a provider that owns all core facility services in-house, while outsourced refers to a provider that hires an external party (third party) to provide all core facility services. Furthermore, the market is projected to reach Rs 228600 crores by CY29, growing at a CAGR of 14.9% from CY23-CY29. This growth can be attributed to the increased focus on eco-friendly building practices and a resurgence in construction projects. Government initiatives, urbanisation, and commercial construction in India have driven this growth. These factors have created a greater demand for integrated facility management services, which help in efficiently managing buildings and their operations.

The Indian security services (manned security) market was valued at Rs 54700 crores in CY19 and has reached Rs 98800 crores by CY24, representing a CAGR of 12.6% from CY19 to CY24. Furthermore, the market is projected to reach Rs 171600 crores by CY29, growing at a CAGR of 11.5% from CY23 to CY29.

Company Information

Innovision Limited is in the business of providing manpower services, toll plaza management and skill development training to their clients across India. As on June 30, 2024, they have their operations in 22 states and 3 union territories of India. They started their business with a single service domain of providing manned private security services to their clients in the year 2007 and have gradually diversified their business to provide a suite of manpower services. They commenced offering skill development services from fiscal 2014 and toll plaza management services from fiscal 2019.

Their manpower services span diversified industries and sectors such as healthcare, warehousing and logistics, government departments, retail and BFSI. The skill development focuses on government initiatives for skill development. Toll plazas segment comprises undertaking user fee collection at toll plazas on national highways.

Risks of Innovision Limited IPO

• They have been issued debarment notices from their clients.

• They have a large workforce deployed across workplaces and client premises.

• Pricing pressure from clients, statutory payments and competitive bidding process may affect profit margin and ability to increase their prices.

• Operational risks are present in their business as it includes providing services in different business environments.

• Some of their client contracts can be terminated by their clients without cause.

• For their revenue from ‘Toll Plaza Management’, they are dependent on a single client i.e. NHAI.

• A significant portion of revenue is concentrated in a few segments i.e. manpower services and toll plaza management operations.

They rely on their top 10 clients for the majority of their revenue.

• The company is involved in labour disputes for delayed or non-payment of salaries, which could affect their operations.

• A significant portion of their revenues are derived from a few geographical regions, especially Northern India.

Anchor Investor Bidding Date: Monday, March 9, 2026

Registrar: KFIN Technologies Limited

Book Running Lead Managers: Emkay Global Financial Services Limited

Business Model

The company earns its revenue through providing manpower services, toll plaza management and skill development training to their clients across India.

Innovision Growth Trajectory

Innovision’s Total Income for FY25 was ₹895.946 crores, whereas in FY24 and FY23 it was ₹512.127 crores and ₹257.624 crores, respectively.

The Profit After Tax for FY25 was ₹29.023 crores, whereas in FY24 and FY23 it was ₹10.272 crores and ₹8.881 crores, respectively.

Their EBITDA for FY25 was ₹51.751 crores, whereas in FY24 and FY23 it was ₹19.660 crores and ₹16.361 crores, respectively .

Innovision Market Position

They are also empanelled with NHAI for toll collection services at its various toll plazas. In addition, they also provide skill development training as a training partner for various Central and State Government schemes. As on January 15, 2026, they have their operations in 23 states and 5 union territories of India.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹895.946 crores, ₹29.023 crores, and ₹51.751 crores, respectively.

How To Check Allotment Status of Innovision Limited IPO?

• Step 1:  Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.

• Step 2:  Specify IPO details. Enter the number of lots and the price you wish to apply for.

• Step 3:  Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

• Step 4:  Mandate Notification. Your UPI app will receive a mandate notification to block funds.

• Step 5:  Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.