The Innovision Ltd initial public offering (IPO) got off to a subdued start on its first day of subscription, with investor response remaining muted. Priced between ₹521 and ₹548 per share, the ₹323‑crore IPO was subscribed by less than 1 per cent by mid‑day, according to exchange data.
Most of the early bids came from retail individual investors (RIIs). By afternoon, the retail portion, allocated about 40 lakh shares, was only 1 per cent subscribed, with around 30,672 bids submitted. The majority of these were at the cut‑off price, indicating cautious optimism among smaller investors.
Meanwhile, demand from non‑institutional investors (NIIs) was very low, with just 378 shares bid against an allocation of over 20 lakh shares. Qualified institutional buyers (QIBs) showed minimal activity, highlighting hesitancy among large institutional investors on the opening day.
Headquartered in Gurgaon, Innovision operates in manpower services and toll plaza management, covering 23 states and five union territories. The company has reported strong revenue and profit growth in recent years, driven by its experience in manpower supply and toll operations.
The IPO comprises a fresh issue of ₹255 crore and an offer for sale of 12.38 lakh shares. The proceeds will be used to repay borrowings, support working capital needs, and for general corporate purposes. If fully subscribed, Innovision’s post-IPO market capitalisation is expected to be around ₹1,290 crore.
With subscription slow on Day 1, attention now turns to whether interest will pick up in the remaining two days, as the IPO closes on March 12.
Allotment is expected by March 13, and the shares are tentatively set to list on March 17 on both the BSE and NSE.
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