Innovision IPO Review: The initial public offer of Innovision Ltd, a manpower and toll plaza management services provider, received 12 per cent subscription on the second day of bidding on Wednesday (March 11, 2026).
The Rs 322.84-crore IPO, which has a fresh issue of up to Rs 255 crore and an offer-for-sale of up to 12,38,000 equity shares, will conclude on March 12. Price range for the offer has been fixed at Rs 521-548 per share.
SBI Securities has recommended AVOID on Innovision IPO.
At the upper price band of Rs 548, it said, the issue is valued at a P/E ratio of 32.5x based on its 1HFY26 annualized earnings on post-issue capital.
Innovision demonstrated resilient performance with Revenue/EBITDA/PAT growing at a CAGR of 86.9%/85.0%/80.8% between FY23-FY25 to Rs 893 cr/ Rs 49 cr/ Rs 29 cr respectively.
When compared to its peers, the IPO valuations appears to be premium, the brokerage said.
Furthermore, the company exhibits a significant concentration of business in terms of both clients and geographical regions.
The company is also facing a considerable number of legal and regulatory challenges, along with debarment notices from some clients.
While growth is strong, the margins are very low and are subject to high employee attrition, the brokerage noted.
"Hence, we recommend investors to AVOID the issue and monitor the company's performance after it is listed," SBI Securities said.
Meanwhile, the company has said that proceeds from the fresh issuance will be used towards payment of debt, fund the company's working capital requirements, and for general corporate purposes.
The company specialises in providing manpower services, which include manned private security, integrated facility management services, as well as manpower sourcing and payroll management.
The toll plaza management operations involve user fee collection and related services at toll plazas, secured through competitive bidding processes. Additionally, the company is empanelled with NHAI for toll collection at various locations.
Innovision also offers skill development training as a partner for the Centre and various state government initiatives. Through its wholly-owned subsidiary, Innovision International Pvt Ltd, the company provides recruitment, placement consultancy, and visa facilitation services.
