The Innovision IPO will raise 58,91,284 shares at a face value of ₹10. The total issue amounts to ₹323 crore. The issue opens for bidding on March 10, 2026. The subscription window stays open until March 12, 2026. The share allotment will be finalised on March 13, 2026. The IPO will list on NSE and BSE on March 17, 2026.
The price band ranges from ₹521 to ₹548, and each lot consists of 27 shares. The minimum bid starts at ₹14,796 for individual investors. The sNII must apply for at least 14 lots, making their investment ₹2,07,144. The bNII category will have to apply for 68 lots, amounting to an outlay of ₹10,06,128.
Innovision IPO Details
The essential information about this issue is presented below:
| Particulars | Details |
| IPO Opens | March 10, 2026 |
| IPO Closes | March 12, 2026 |
| Face Value | ₹10 per share |
| Issue Type | Bookbuilding |
| Issue Price | |
| Price Band | ₹521 to ₹548 |
| IPO Lot Size | 27 Shares |
| Listing at | NSE, BSE |
| Offer for Sale | 12,38,000 shares (₹68 crore) |
| Fresh Issue | 46,53,284 shares (₹255 crore) |
| Total Issue | 58,91,284 shares (₹323 crore) |
| Minimum Investment | ₹14,796 |
Innovision IPO Timeline
The issue is scheduled to proceed according to the following timeline:
| Particulars | Details |
| IPO Opens | March 10, 2026 |
| IPO Closes | March 12, 2026 |
| Expected Allotment | March 13, 2026 |
| Initiation of Refunds | March 16, 2026 |
| Demat Credit of Shares | March 16, 2026 |
| Tentative Listing | March 17, 2026 |
| UPI mandate cut-off | – |
Innovision Key Performance Indicators
The following table presents Innovision’s key performance indicators (KPIs):
| KPIs | FY23 | FY24 | FY25 |
| ROE (%) | 22.06 | 19.62 | 35.45 |
| ROCE (%) | 32.05 | 26.92 | 40.77 |
| Debt Equity (times) | 0.83 | 0.92 | 0.97 |
| RoNW (%) | 22.06 | 19.62 | 35.45 |
| PAT Margin (%) | 3.48 | 2.01 | 3.25 |
| EBITDA margin (%) | 6.40 | 3.85 | 5.79 |
| Price Book Value | – | – | 12.65 |
Innovision Financials
An overview of Innovision’s main financial metrics is provided below:
| Particulars (in ₹ million) | 2023 | 2024 | 2025 |
| Revenue | 2,576.24 | 5,121.27 | 8,959.46 |
| Total Assets | 1,081.71 | 1,570.51 | 2,202.95 |
| Profit | 88.81 | 102.72 | 290.23 |
Subscription Status of the Innovision IPO
The subscription data for the Innovision IPO is not available yet because the bidding period has not started. These details will be updated once the issue opens for applications on March 10, 2026.
Investors can place bids between 10:00 AM and 5:00 PM during the issue days.
Innovision IPO Grey Market Premium Today
The grey market premium (GMP) for this issue is currently ₹0, indicating weak investor interest. The premium has remained unchanged over the past three days.
At this level, the issue will list close to ₹548, indicating zero listing gains.
| Date | GMP | Estimated Listing Price | Estimated Listing Gain | Trend |
| 06-03-2026 | ₹0 | ₹548 | 0.00% | Neutral |
| 05-03-2026 | ₹0 | ₹548 | 0.00% | Neutral |
Note: The GMP reflects informal market trading and may fluctuate as demand and market sentiment change.
Innovision IPO Reservation
The distribution of shares across investor segments is outlined below:
| Investor Category | Reservation |
| QIB Shares | Maximum 1% of the offer |
| NII (HNI) Shares | Minimum 34% of the offer |
| Retail Shares | Minimum 65% of the offer |
Lot Size of the Innovision IPO
Bids should be placed following the required lot size specifications:
| Investor Type | Lots | Shares | Amount |
| Individual Investors (Minimum) | 1 | 27 | ₹14,796 |
| Individual Investors (Maximum) | 13 | 351 | ₹1,92,348 |
| S-HNI (Minimum) | 14 | 378 | ₹2,07,144 |
| S-HNI (Maximum) | 67 | 1,809 | ₹9,91,332 |
| B-HNI (Minimum) | 68 | 1,836 | ₹10,06,128 |
Anchor Investors in the Innovision IPO
Given below are the details regarding anchor investor involvement in this issue:
| Particulars | Details |
| Anchor Bidding Opens | March 9, 2026 |
| Shares Offered | To be announced |
| Portion Size | 60% of the QIB portion |
| 50% Shares Lock-in (30 Days) | April 12, 2026 |
| Remaining shares Lock-in (90 Days) | June 11, 2026 |
Innovision IPO Prospectus
Additional details about the issue can be found in the documents mentioned below:
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | Not Available Yet |
| Final Prospectus | Not Disclosed |
About Innovision
Innovision was founded in January 2007 by its promoters, Uday Pal Singh and Lt. Col. Randeep Hundal. Out of these two, the latter serves as the managing director, strategically guiding the operations. It offers workforce management services along with vocational training, and toll plaza operations. At present, its operations span 5 union territories and 23 Indian states.
Innovision started with private security services and has gradually expanded into diverse manpower solutions. It has a foothold in multiple industries, including warehouse and logistics, BFSI, healthcare, and retail. It also provides services related to placement consultancy and visa facilitation. SIS Limited and Krystal Integrated Services are its industry peers.
| Issue Registrar | Kfin Technologies |
| Lead Manager | Emkay Global Financial Services |
Objectives of the Innovision IPO
The net proceeds of the issue are intended to support the following objectives:
| S. No. | Particulars | Amount (in ₹ million) |
| 1. | Loan Repayment / Pre-payment | 510.00 |
| 2. | Working Capital Requirements | 1,190.00 |
| 3. | General Corporate Use | – |
Strengths of Innovision
The advantages listed below contribute to the company’s competitiveness:
- Geographical Presence: Innovision has a nationwide presence through an established network of 39 cities. It reduces dependence on any one sector.
- Broad Service Portfolio: The company’s services include security, facility management, staffing, and payroll solutions. A wide range allows it to address diverse client requirements.
- Scalable Operations: Innovision follows standardised processes for recruitment, training, deployment, and service monitoring. It enables scalable growth without compromising quality.
- Experienced Management: An experienced promoter pair with more than fifteen years of expertise leads the company. Their leadership, combined with a skilled management team, allows strategic growth and operational efficiency.
Risks of Innovision
It is important to assess the major risk factors linked to Innovision before investing:
- Workforce Risk: With a large workforce deployed across multiple client sites, it increases exposure to workforce-related problems like compliance issues or service-related claims. This impacts the reputation and the daily operations.
- NHAI Debarment: The NHAI issued a debarment order in 2025, which is still under review. If the decision is unfavourable, it directly impacts the revenue and leads to underutilisation of the IPO funds.
- High Working Capital: The business requires significant working capital due to delays between payments and receivables. Limited financing access or poor cash flows can adversely affect operations.
- Skilled Manpower: The business is dependent on recruiting and retaining skilled employees. High attrition rates or inadequate training can disrupt service delivery and increase costs, affecting profitability.
Innovision IPO Review
This offering presents investors with an opportunity to participate in a robust manpower services business with a wide presence across India. Its diverse product portfolio and strong management support its growth. At present, the GMP reflects subdued expectations for the listing. Challenges such as workforce management, regulatory concerns, and high working capital needs still persist.
Overall, the issue may suit investors with a cautious and long-term outlook.
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Innovision IPO FAQs
Innovision IPO is a book-built public issue worth about ₹323 crore. It consists of a fresh issue of 46,53,284 shares (₹255 crore) and an OFS of 12,38,000 shares (₹68 crore).
Investors can apply for the Innovision IPO through ASBA via their bank account or through online trading platforms. Applications have to be submitted during the subscription period.
The IPO presents exposure to a company operating in manpower and other supporting services with a growing revenue base. However, investors should also consider risks such as workforce challenges and regulatory issues before making an investment decision.
Currently, the grey market premium (GMP) indicates neutral expectations, suggesting limited listing gains. At a premium of ₹0, the issue will list at ₹548, the upper price band.
The Innovision IPO will open for subscription on March 10, 2026, and close on March 12, 2026.
The minimum lot size is 27 shares. Retail investors need to invest ₹14,796 at the upper price band of ₹548.
The allotment of Innovision IPO shares will be finalised on March 13, 2026.
Innovision shares are expected to list on BSE and NSE on March 17, 2026.
