Innovision IPO sees tepid response on Day 4; subscribed 0.31 times, GMP signals flat listing
Innovision Limited's IPO has seen weak demand, with bids for only 19.08 lakh shares out of 61.51 lakh. The company extended the bidding period by three days and lowered its price band. The proceeds aim to address debt and working capital needs.
The initial public offering (IPO) of Innovision Limited, a manpower and toll plaza management services provider, which was extended by another three days due to weak response from investors, has continued to witness weak demand during the fourth day of bidding.
By the end of Day 04, the issue had received bids for 19.08 lakh shares against a total offer size of 61.51 lakh shares, translating into an overall subscription of just 0.31 times, as per exchange data.
Among investor categories, the Qualified Institutional Buyers (QIB) portion was the only segment fully subscribed, while the non-institutional investors (NII) quota was subscribed 0.36 times. The retail investor segment saw the weakest response, with subscriptions of just 0.27 times.
The IPO, which opened for bidding on March 10, was scheduled to close yesterday, March 12, but has been extended by another three days due to weak participation across all investor categories. The weaker response has also led the company to cut its IPO price band to ₹494– ₹519 per share from an earlier ₹521– ₹548 per share, the company said in its filing with the BSE.
The lot size for retail investors remains the same at one lot, consisting of 27 shares.
The company is looking to raise ₹305.76 crore during the extended bidding period.
The company proposes to use the proceeds from the issue toward debt repayment, funding working capital requirements, and general corporate purposes.
Meanwhile, the grey market premium (GMP) of Innovision as of today was 04, indicating that stock might slightly list above the IPO price.
About Innovision
The company is engaged in the business of providing manpower services, toll plaza management, and skill development training to clients across India.
It focuses on providing manned private security services, integrated facility management services, manpower sourcing, and payroll services, while its toll plaza management operations include user fee collection and other related services at toll plazas.
In addition, the company also provides skill development training as a training partner for various central and state government schemes.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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