The unlisted shares of Innovision were trading flat at ₹548 in the grey market today.
However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.At the upper end of the price band, Innovision aims to raise ₹322.84 crore, comprising a fresh issue of ₹255 crore and an offer-for-sale of 12.38 lakh equity shares.
At this price, the company’s post-listing market capitalisation is estimated at ₹1,290.72 crore.
Of the total issue size, 65% has been reserved for retail investors, 34% for non-institutional investors, and 1% for institutional investors.
Founded in 2007 as a provider of manned private security services, Innovision has gradually diversified into a broader suite of manpower services. It entered the skill development segment in FY14 and expanded into toll plaza management in FY19.As of January 15, 2026, the company operates across 23 states and 5 union territories.
From the fresh issue proceeds, ₹51 crore will be used to repay certain borrowings, ₹119 crore will be allocated towards working capital requirements, and the remaining amount will be utilised for general corporate purposes.
As of January 15, 2026, total outstanding working capital borrowings stood at ₹134.5 crore, and the fresh issue is expected to materially reduce this burden.
In FY25, Innovision derived 41% of its revenue from manpower services and 56% from toll plaza management.
The company reported a profit of ₹29 crore for the fiscal, up 182.5% from ₹10.3 crore in the previous year. Revenue rose 75% to ₹893.1 crore from ₹510.3 crore.
For the six months ended September 2025, Innovision posted a profit of ₹20 crore on revenue of ₹480 crore.
Emkay Global Financial Services is the book-running lead manager to the issue, while Kfin Technologies is the registrar.
The IPO allotment is expected to be finalised on March 13, 2026, and the shares are tentatively scheduled to list on the BSE and NSE on March 17.
