The 2007-founded manpower and infrastructure services company is raising Rs 322.8 crore.
Innovision Limited, an integrated workforce management and infrastructure support company, is currently open for subscription with its IPO closing tomorrow ie March 12. Founded in 2007, the company started with manned security services and has since expanded into facility management, manpower sourcing, payroll management, toll plaza operations, and workforce training.
The firm employs over 13,000 personnel, serves more than 200 clients across 1,500-plus locations, and operates in 23 states and 5 union territories. Its client base spans retail, healthcare, warehousing, logistics, BFSI, and government departments.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | March 10, 2026 |
| Issue Closes | March 12, 2026 (Tomorrow) |
| Price Band | Rs 521 – Rs 548 per share |
| Issue Size | Rs 322.8 crore |
| Fresh Issue | Rs 255 crore (0.47 crore shares) |
| Offer for Sale | Rs 67.84 crore (0.12 crore shares) |
| Face Value | Rs 10 per share |
| Market Lot | 27 shares |
| Post-Issue Market Cap | Rs 1,287.8 crore (at upper band) |
| QIB / NII / Retail Split | Up to 1% / Min 34% / Min 65% |
| Listing | BSE and NSE |
Business Model
Innovision operates across two primary businesses. Toll plaza management is the larger of the two, contributing around 56% of FY25 revenue, covering operations and staffing for highway toll infrastructure. Manpower services accounts for the remaining 41%, covering security, facility management, payroll outsourcing, and workforce training. The company’s government partnerships and nationwide footprint are its key competitive advantages — though its heavy dependence on toll management contracts, which are subject to renewal cycles, is a concentration risk worth noting.
Where the IPO Proceeds Go
| Object | Amount (Rs cr) |
|---|---|
| Working capital requirements | 119.0 |
| Repayment of borrowings | 51.0 |
| General corporate purposes | Balance |
| Total Fresh Issue Proceeds | 255.0 |
The bulk of the fresh issue proceeds — Rs 119 crore — goes toward working capital, which reflects the nature of the business. Manpower and toll operations are cash-intensive, requiring upfront deployment of large workforces before client payments come in. Another Rs 51 crore goes toward debt repayment.
Financials and Valuation
| Particulars (Rs crore) | FY24 | FY25 |
|---|---|---|
| Revenue from Operations | 510.3 | 893.1 |
| EBITDA | 17.9 | 48.9 |
| EBITDA Margin | 3.5% | 5.5% |
| PAT | 10.4 | 30.0 |
| PAT Margin | 2.0% | 3.4% |
Revenue jumped 75% YoY in FY25, EBITDA grew 174%, and PAT nearly tripled with 189% YoY growth. The improvement in margins — while still thin at 5.5% EBITDA and 3.4% PAT — signals that operating leverage is beginning to kick in as the business scales. At the upper band of Rs 548, the post-issue market cap stands at Rs 1,287.8 crore.
Promoter shareholding drops from 100% pre-issue to 75% post-issue, with public float at 25%. The minimum investment at the upper band works out to Rs 14,796 for one lot of 27 shares. The retail allocation is unusually high at a minimum 65% of the net offer, making this relatively accessible for retail investors compared to most mainboard IPOs. Revenue mix is currently skewed toward toll management — any shift in government contracting policy could have an outsized impact.
Innovision’s grey market premium is nil.
Risks to Consider
Thin margins. At 5.5% EBITDA, there is limited buffer against wage inflation or pricing pressure in what is a highly competitive, labor-intensive segment. Contract renewal risk. Toll plaza management drives 56% of revenue and is government-dependent — loss or delay in contract renewals could significantly dent topline in any given year. Working capital heavy. The largest use of IPO proceeds is working capital, reflecting a structural cash-flow challenge inherent to the business model. Short track record at scale. Revenue nearly doubled in a single year. Sustaining that trajectory will require consistent new contract wins, which is not guaranteed. Thin institutional interest. QIB allocation is capped at just 1%, which is unusually low for a mainboard listing and may weigh on post-listing liquidity.
