The initial public offering (IPO) of Innovision Limited, a manpower and toll plaza management services provider, was extended to Tuesday, March 17, after the issue received a tepid response during its three-day bidding window.
The IPO, which opened for bidding on March 10, was scheduled to close today, March 12, but has been extended by three more 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 BSE.
It said the new price band will be effective from tomorrow, March 13.
The lot size for retail investors remains the same at one lot, consisting of 27 shares.
Since the price band of the issue has been lowered, the total number of shares on offer has increased to 61,32,433 from an earlier 58.91 lakh shares. The company is looking to raise ₹305.76 crore during the extended bidding period.
During the three days of bidding, the issue had received bids for 19.39 lakh shares against a total offer size of 58.91 lakh shares, translating into an overall subscription of just 0.33 times, as per exchange data.
Among investor categories, the Qualified Institutional Buyers (QIB) portion was the only segment fully subscribed at 1.03 times, while the non-institutional investors (NII) quota was subscribed to 0.38 times. The retail investor segment saw the weakest response, with subscriptions of just 0.27 times.
The company proposes to use the proceeds from the issue toward debt repayment, funding working capital requirements, and general corporate purposes.
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.
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