IPO: Innovision Ltd has extended the closing date of its initial public offering (IPO) to March 17. The IPO, which opened for subscription on March 10, was earlier scheduled to close on March 12.
Besides, the company has also reduced the price band. The decision to extend the closing date and also revise the price band was taken after a lukewarm response from investors.
Innovision Ltd is a manpower and toll plaza management services provider.
Innovision IPO Price Band
The company has now revised the price band to Rs 494-519 per share, lower than the earlier band of Rs 521-548 per share, an update with the stock exchange showed.
The new price band would be effective from March 13, it added.
Innovision IPO Subscription Data
Investor participation remained subdued during the first three days of the issue. As of the third day, the IPO was subscribed 32 per cent overall, according to data available with the National Stock Exchange (NSE).
Among the investor categories, the portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 99 per cent, while the non-institutional investors (NIIs) category saw a 36 per cent subscription.
The retail investor segment witnessed the weakest demand, with subscriptions at 28 per cent.
The Haryana-based company's proposed IPO comprised a combination of a fresh issuance of Rs 255 crore and an Offer For Sale (OFS) of 12.38 lakh equity shares. Now, it's offering 61.32 lakh shares.
Proceeds from the fresh issuance will be used towards payment of debt, fund the company's working capital requirements, and for general corporate purposes.
