The initial public offering (IPO) of Innovision, a provider of manpower services, which opened for subscription today, March 10, received a muted response from investors. By the end of the day, the issue was subscribed to just 0.02 times, with 1.24 lakh shares bid for against the 58.91 lakh shares on offer, according to exchange data.
The retail portion was subscribed 0.02 times, while the qualified institutional buyer (QIB) portion was fully subscribed, and the non-institutional investor (NII) portion has not yet opened for bidding.
Innovision IPO details
The IPO, which opened today, will remain available for bidding until Thursday, March 12. It aims to raise ₹322.84 crore through this IPO, which is a combination of a fresh issue of 0.47 crore shares aggregating to ₹255 crore and an offer for sale of 0.12 crore shares aggregating to ₹67.84 crore.
The price band for the issue was set between ₹521 and ₹548 per share, while the minimum lot size for retail investors has been set at one lot consisting of 27 shares, requiring a minimum investment of ₹14,796. Investors can apply for a maximum of 13 lots, which requires capital of ₹1,92,348.
The allotment of the issue is likely to be finalised on March 13, and the shares are scheduled to be listed on both the BSE and NSE, with a tentative listing date of Tuesday, March 17.
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 nil, which indicates the stock might list at around the IPO price.
About Innovision
The company is 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 comprise 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.
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