Innovision IPO Day 3 LIVE: Issue subscribed 31% so far. GMP hints 13% listing gain. Apply or avoid the last day?

The firm initially focused on manned private security services and has since diversified into facility management, workforce sourcing, payroll management, toll plaza operations, and employee training initiatives. Its offerings target sectors including retail, healthcare, warehousing, logistics, BFSI, and government entities. Innovision operates nationally across 23 states and 5 union territories, providing services to more than 200 clients at over 1,500 sites.

The firm's revenue from operations for six monthsperiod ended September 30, 2025 and for the Fiscals 2025, 2024 and 2023 were ₹4,799.96 million, ₹8,931.31 million, ₹5,103.26 millionand ₹2,555.65 million respectively for the periods mentioned.

The company's total profit for the year (after tax) was ₹200.04 million, ₹290.23 million, ₹102.72 million and ₹88.81 million for six months period ended September 30, 2025, and for the Fiscals 2025, 2024 and 2023, respectively.

Innovision IPO lot size is 27, and the minimum amount required for application is ₹14,796.

Innovision demonstrates strong profitability when compared to its peers, boasting an EPS of ₹15.62 and a notable RoNW of 35.45%, although it has a relatively high P/E of 35.69. In contrast, Krystal Integrated Services Limited presents a considerably higher EPS of ₹44.61 but has a lower P/E of 13.47, with total revenue amounting to ₹1,212.7 crore and a RoNW of 14.30%.

Updater Services operates on a larger scale, reporting a revenue of ₹2,736 crore and a P/E of 8.62, while SIS Limited and Quess Corp Limited generate significantly higher revenues yet have comparatively lower profitability ratios. At the same time, Highway Infrastructure Limited records moderate revenue alongside a reasonably strong RoNW of 19.03%.

The company reported a profit of ₹29 crore for the fiscal year, marking a remarkable increase of 182.5% from ₹10.3 crore in the previous year. Revenue saw a substantial rise of 75%, totaling ₹893.1 crore, compared to ₹510.3 crore before.

For the six-month period ending in September 2025, Innovision achieved a profit of ₹20 crore on revenues amounting to ₹480 crore.

Currently, Innovision operates at six toll plazas located in Lachhiwala (Uttarakhand), Nazirakhat (Assam), Sarsawa (Uttar Pradesh), Paschim Madati (West Bengal), Newadakanthi (Uttar Pradesh) and Tarwa Dewa (Uttar Pradesh).

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

The Manpower Services division consists of three operational areas: Manned Private Security Services, Integrated Facility Management (IFM) Services, and Manpower Sourcing and Payroll.

As of January 15, 2026, the company has more than 180 clients from various sectors and has provided services to over 1,000 client sites.

“Given thin margins (~5.78% EBITDA) and a commoditized manpower/toll services business, this valuation leaves limited margin of safety. Long-term upside at this price needs consistent margin expansion to play out. Not a strong conviction long-term hold at this valuation unless margins show a clear upward trajectory in coming quarters,”said Swastika Investmart.

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

In terms of revenue mix, toll plaza management contributed around 56% of total revenue in FY2025, while manpower services accounted for roughly 41%, reflecting a diversified service portfolio across infrastructure management and workforce outsourcing. The company employs more than 13,000 personnel, including security staff, toll operators, and facility management workers, supporting a large client base across India.

Diversified service portfolio across manpower outsourcing and toll plaza management provides multiple revenue streams and scalability. Strong nationwide presence, large client base, and government partnerships support growth alongside rising demand for outsourced workforce and infrastructure services.

The Company proposes utilizing the Net Proceeds from the Offer towards the

following objects:

1. Working Capital Requirements for the company – INR 119 Cr Funding working capital expenditure of the company.

2.Repayment/Pre-payment of Certain Borrowings – INR 51 Cr Repayment/pre-payment, in full or in part, of certain outstanding loans availed by the company.

3.General Corporate Purposes

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.

The Manpower Services division is divided into three operational segments: Manned Private Security Services, Integrated Facility Management (IFM) Services, and Manpower Sourcing and Payroll.

As of January 15, 2026, the company has more than 180 clients from various industries and has provided services to over 1,000 client locations.

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.

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.

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.

The initial public offering (IPO) of Innovision Ltd, which specializes in manpower and toll plaza management services, garnered a 12% subscription by the end of the second day of bidding on Wednesday.

The IPO, valued at ₹322.84 crore, had received bids for 7,14,258 shares out of the 61,32,433 shares available, as stated by NSE data.

The Qualified Institutional Buyers (QIBs) segment saw a subscription of 96%. The portion allocated for non-institutional investors was subscribed at 19%, while the quota for Retail Individual Investors (RIIs) achieved a 6% subscription.

Innovision IPO GMP is 71. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Innovision shares is indicated as ₹619 apiece, which is 12.96% higher than the IPO price of ₹548.

Based on the grey market activities over the past nine sessions, today the IPO's GMP is trending upwards and is anticipated to have a robust listing. The minimum GMP recorded is ₹0.00, whereas the maximum GMP stands at ₹71, as indicated by experts.

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

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