Innovision, a leading player in manpower services, toll plaza management, and skill development training, has received approval from the Securities and Exchange Board of India (SEBI). SEBI issued its observation letter on 12 March 2025, marking a significant milestone for its upcoming initial public offering (IPO).
Innovision IPO: Offer Details and Structure
The IPO comprises a fresh issue and an offer for sale (OFS). The fresh issue size is up to INR 255 crore, and the offer for sale component includes 17.72 lakh equity shares by the promoters. The IPO will be listed on both BSE and NSE, with the designated stock exchange to be confirmed in the final prospectus.
Promoters Lt Col Randeep Hundal and Uday Pal Singh will offload up to 88.59 lakh equity shares each through the OFS component. Emkay Global Financial Services Limited is acting as the Book-Running Lead Manager (BRLM), while KFin Technologies Limited is the registrar of the issue. The offer will be made through the Book Building Process with
- Qualified Institutional Buyers (QIBs):Â 75%
- Retail Individual Investors (RIBs):Â 10%
- Non-Institutional Investors (NIIs):Â 15%
Innovision IPO: Business Operations
Innovision Limited’s core business includes manned private security services, integrated facility management (IFM) services, manpower sourcing and payroll, toll plaza management, and skill development training. The company has demonstrated significant operational breadth and diversity in services. It manages toll plaza operations including fee collection and traffic management across multiple locations.
Additionally, the company is impaneled with NHAI for toll collection services. Its IFM services span technical maintenance, soft services like housekeeping and waste management, and manpower sourcing. The company also runs six PMKVY centers in Haryana and provides skill development training across multiple states for various government schemes. As of 30 September 2024, the company operated in 22 states and 3 union territories, with 35 offices across India and licenses under the Private Security Agencies Regulation Act (PSARA) in 18 states and 4 union territories.
Innovision IPO: Financial Performance
The company’s financial performance is further detailed below:
| FY2022 | FY2023 | FY2024 | H1 FY2025 | |
| Revenue | 209.77 | 255.57 | 510.33 | 412.99 |
| Net income | 4.05 | 8.88 | 10.27 | 15.00 |
| Margin (%) | 1.93 | 3.47 | 2.01 | 3.63 |
| ROCE (%) | 20.01 | 32.28 | 27.08 | 22.27 |
| EBITDA (%) | 4.16 | 6.40 | 3.85 | 5.54 |
| Debt/Equity | 1.11 | 0.83 | 0.92 | 1.00 |
These key indicators reflect consistent improvement in profitability, operational efficiency, and financial discipline, making Innovision a promising player in its sector.
Use of IPO Proceeds
Innovision plans to use the net proceeds from the IPO for the following purposes:
- To repay or prepay certain borrowings amounting to INR 43 crore
- To fund working capital requirements of INR 127 crore
- The remainder will be allocated for general corporate purposes.
Clientele and Industry Presence
The company’s diverse portfolio includes major clients across healthcare, warehousing and logistics, BFSI, retail, and government departments. With over 200 clients served and more than 1,300 client premises managed as of 30 September 2024, Innovision continues to strengthen its presence in the industry.
Drone Training Initiatives
Additionally, the company has ventured into the growing drone training sector through its subsidiary, Aerodrone Robotics, which provides remote pilot training courses certified by the Directorate General of Civil Aviation (DGCA).
Conclusion
The SEBI approval, marked by the observation letter issued on 12 March 2025, paves the way for Innovision’s public market debut, showcasing its robust growth, diversified business model, and future ambitions in expanding its service offerings and geographical footprint.
In the first two months of 2025, a total of 10 Mainboard IPOs were listed in the Indian markets. These IPOs cumulatively raised INR 15,983.05 crore. Out of these, 3 IPOs delivered negative returns. The average listing returns for the last two months stand at 17.53%. It is quite low compared to 29.15% for the IPOs listed in November and December 2024. For more details related to IPO GMP, and Live Subscription stay tuned to IPO Central.