Innovision IPO Day 1 Updates: Issue subscribed 2% so far. GMP hints muted listing.Check key dates, review, issue details

Innovision IPO subscription status was 2% on day 1. The retail portion is subscribed 2%, and NII portion is yet to be booked, Qualified Institutional Buyers (QIBs) portion received 96% bids.

The company has received bids for 1,22,364 shares against 61,32,433 shares on offer, at 17:00 IST, according to data on BSE.

The company has implemented standardized recruitment, training, deployment, operations and services related quality measurement and business analysis systems and processes that enables it to develop a scalable business model, with quality service delivery. The company is led by a well-qualified and experienced management team, which has experience in the sectors in which it operates.

The promoters Lt Col Randeep Hundal and Uday Pal Singh have an experience of more than 15 years each in the manned private security services industry and have been instrumental in Company’s growth and development.

The company provides comprehensive manpower services to various sectors in India. The portfolio of services enables it to deliver specific needs of its clients, which bolsters client acquisition and retention capabilities. IFM services further entail various services including HVAC systems, electrical systems, plumbing, elevators, fire safety and building, cleaning, housekeeping, security, waste management, landscaping, pest control, catering. Innovision is also working on adding new businesses to its operations. Businesses like Remote Pilot Training is catching pace and Drone manufacturing will be undertaken by its subsidiary to diversify the business.

Toll Plaza management is the largest business vertical forming over 50% of overall revenue. Innovision currently operates 9 toll plazas and has undertaken 60 projects including existing 24 toll plaza management projects. This network is spread across North, West and East India.

Despite this wide range of toll plaza network, all of these toll plaza management contracts are with a single client National Highways Authority of India (NHAI).

1. Repayment or pre-payment, in part or full of all or certain borrowings availed by the Company
2. Funding working capital requirements of the Company
3. General Corporate Purposes

A. Significant Customer Concentration: A large portion of revenue is concentrated with a very small number of customers. In particular, National Highways Authority of India (NHAI) contributed 57.1%, 56.1%, 47.4%, and 13.0% of Innovision’s total revenue (Toll, skill management and manpower services) in 1HFY26, FY25, FY24, and FY23, respectively (100% of toll revenue comes from NHAI).

B. Dispute with NHAI: NHAI in its order dated July 25, 2025 debarred the Company from undertaking new projects with NHAI. The said debarment order has been stayed by the Hon’ble High Court of Delhi. Continuance of said debarment order, may.

1. Leveraging existing capabilities to increase the scale of operations and expansion of footprint outside India.
2. Tendering for more toll plazas and targeting new clients in manpower services.
3. Adoption of technologies like GPS devices, CCTV cameras and remote monitoring to diversify manpower services portfolio.
4. Retain, strengthen and grow client base for integrated facility management services with a focus on deepening relationships with existing clients.
5. Expansion into the Drone Training and Manufacturing Industry.

1. Diversified services across manpower, toll management, and skill development segments.
2. Pan-India presence with training centers and service operations across multiple states.
3. Strong partnerships with government bodies such as NSDC, MoRD, and NCVT.
4. A large trained workforce and candidate pool supporting manpower deployment.
5. Multiple business verticals contribute to diversified revenue streams.

“When compared to its peers, the IPO valuations appears to be premium. Furthermore, the company exhibits a significant concentration of business in terms of both clients and geographical regions. It is also facing a considerable number of legal and regulatory challenges, along with debarment noticesfrom some clients. While growth isstrong, the margins are very low and are subject to high employee attrition. Hence, we recommend investors to AVOID the issue and monitor the company's performance after it is listed,” said SBI Securities.

1. High dependence on NHAI contracts for revenue in the toll management segment.
2. Business is manpower-intensive and depends on the availability of skilled personnel.
3. High employee attrition may increase recruitment and training costs.
4. Delays in statutory filings or regulatory compliance may lead to penalties.
5. Fluctuations in return on capital employed could impact profitability.

1. Leveraging existing capabilities to increase scale of operations and expansion of footprint outside India.
2. Tendering for more toll plazas and targeting new clients in manpower services
3. Adoption of technologies to diversify manpower services portfolio
4. Retain, strengthen and grow client base for integrated facility management services with a focus on deepening relationships with existing clients.
5. Expansion into the Drone Training and Manufacturing Industry

The firm announced a profit of ₹29 crore for the fiscal year, reflecting an increase of 182.5% compared to ₹10.3 crore from the prior year. Revenue surged by 75%, reaching ₹893.1 crore, up from ₹510.3 crore.

For the half-year period ending September 2025, Innovision recorded a profit of ₹20 crore on revenues of ₹480 crore.

Innovision Limited offers manpower solutions, toll plaza management, and training for skill development to clients throughout India. The company operates from 35 offices, which include both registered and corporate locations, across the country. As of January 15, 2026, Innovision Limited functions in 23 states and 5 union territories within India.

At the upper end of the price band, Innovision intends to raise ₹322.84 crore, which includes a fresh issue amounting to ₹255 crore and an offer-for-sale of 12.38 lakh equity shares.

Of the proceeds from the fresh issue, ₹51 crore will be allocated to repay specific borrowings, ₹119 crore will be directed towards working capital needs, and the remaining funds will be used for general corporate purposes.

Tentatively, Innovision IPO basis of allotment of shares will be finalised on Friday, March 13 and the company will initiate refunds on Monday, March 16, while the shares will be credited to the demat account of allottees on the same day following refund. Innovision share price is likely to be listed on BSE and NSE on Tuesday, March 17.

Innovision IPO has reserved not more than 1% of the shares in the public issue for qualified institutional buyers (QIB), not less than 34% for non-institutional Institutional Investors (NII), and not less than 65% of the offer is reserved for retail investors.

Innovision IPO GMP today is ₹0, which means shares are trading at their issue price of ₹548 with no premium or discount in the grey market, according to investorgain.com.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.