Upcoming IPO: Innovision files fresh DRHP with SEBI, reduces issue size to ₹255 crore. Check details | Stock Market News
Source: Live Mint
Upcoming IPO: Innovision Limited, a company providing manpower and toll plaza management services, has refiled its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO) after the Securities and Exchange Board of India (SEBI) returned its previous submission made on August 19. The earlier documents were sent back on September 30, prompting the company to revise its offer.
What changed in Innovision’s revised DRHP?
The company has revised its IPO structure, lowering the fresh issue size to ₹255 crore from the earlier ₹315 crore, while the Offer for Sale (OFS) has expanded to 17.71 lakh shares, up from 11.81 lakh shares. Innovision had initially submitted its IPO papers on August 19, but SEBI returned them on September 30, prompting the company to refile.
The fresh issue component has been adjusted to raise funds up to ₹2,550 million, while the Offer for Sale (OFS) will include up to 1,771,874 equity shares. This marks an increase in the OFS size compared to the 11.81 lakh shares outlined previously.
Innovision operates in 22 states and 3 union territories, serving over 200 clients across sectors. According to the DRHP, the company will use ₹43 crore of the fresh issue proceeds for debt repayment, ₹127 crore for working capital needs, with the remainder allocated for general corporate purposes. As of November 2024, the company reported outstanding debt of ₹72.4 crore.
Financially, the company, led by promoters Lt Col Randeep Hundal and Uday Pal Singh, has shown steady growth. For fiscal 2024, Innovision posted a profit of ₹10.3 crore, reflecting a 15.6% increase from ₹8.9 crore in the previous year. Revenue during the same period nearly doubled, reaching ₹510.3 crore compared to ₹255.6 crore. In the first half of FY2025, the company reported a profit of ₹15 crore on revenue of ₹413 crore.
The IPO will be conducted as a 100% book-built issue, and the company will aim to meet SEBI’s eligibility requirements while targeting Qualified Institutional Buyers (QIBs), Non-Institutional Buyers (NIBs), and Retail Individual Investors (RIIs).
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