Innovision IPO Subscription Status and Updates

The Innovision IPO has concluded its bidding period, ending with a total subscription of 2.81 times on its closing day, March 17, 2026. After a slow start that led to a reduction in the price band and an extension of the issue period, the IPO saw a late surge in interest, primarily driven by Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII).

The company initially set a price band of Rs. 521 to Rs. 548 but later revised it to Rs. 494 to Rs. 519 per share, with a minimum lot size of 27 shares. The total issue size was approximately Rs. 319.25 crore, consisting of a fresh issue of Rs. 255.00 crore and an offer for sale (OFS) of Rs. 64.25 crore.

Innovision IPO Subscription Status - Final (Day 6)

By the end of the final bidding window, the IPO recorded varying levels of demand across investor categories. The QIB segment led the way significantly, being oversubscribed by 13.86 times. However, the retail portion remained undersubscribed, closing at 0.48x, indicating cautious sentiment among individual investors.

Last updated: Tuesday, 17 Mar 2026

Company Overview of Innovision Limited

Innovision Limited, headquartered in New Delhi, is a diversified service provider specializing in manpower services, toll plaza management, and skill development.

As of January 2025, the company operates across 23 states and 5 union territories in India. Its manpower division includes manned security, integrated facility management (IFM), and payroll sourcing.

The company's toll plaza management segment has become a significant revenue driver, involving user fee collection and related services for authorities like the NHAI. Innovision serves a broad client base of over 180 customers across sectors such as retail, healthcare, logistics, and BFSI.

Financial Performance

Innovision has demonstrated robust growth in its top-line figures over the last few years. For FY25, the company reported a total income of Rs. 895.95 crore and a Net Profit of Rs. 29.02 crore.

The growth momentum continued into the first half of FY26 (H1-FY26), with the company recording a total income of Rs. 483.10 crore and a profit of Rs. 20.00 crore.

The company maintains strong operational efficiency, reporting an EBITDA of Rs. 51.75 crore for FY25 with a healthy Return on Equity (ROE) of 35.45%.

Strengths and Risks of Innovision IPO

Key Strengths

• Rapid Revenue Growth: Revenue grew from Rs. 257.62 crore in FY23 to Rs. 895.95 crore in FY25, representing a high annual growth rate.

• Strong Market Presence: Operates a pan-India network with a significant presence in the growing toll management and outsourcing sectors.

• Diversified Service Portfolio: Multiple revenue streams across security, facility management, and government-backed tolling contracts.

• High Return Metrics: Boasts a strong Return on Capital Employed (ROCE) of 40.77% as of FY25.

Potential Risks

• Customer Concentration: A significant portion of revenue (over 56% in FY25) is derived from a single client, the National Highways Authority of India (NHAI).

• Negative Cash Flow: Despite paper profits, the company reported negative operating cash flows of Rs. 21.88 crore in FY25 due to long payment cycles.

• High Valuation: Even after the price revision, the P/E ratio remains at approximately 30.89x (post-IPO), which some analysts consider expensive compared to certain peers.

• Labor-Intensive & Legal Risks: With over 14,000 workers, the company faces risks related to labor laws and has several pending labor-related legal cases.

How to Apply for Innovision IPO

• Visit the Rupeezy app or here.

• Navigate to the IPO section on the Home Page

• Here, you can view all the IPOs with details such as market lot, minimum bid quantity, price range, and analysis.

• You can read the Red Herring Prospectus for the issue details.

• Click on Apply.

• Enter your UPI ID for payment & place the bid.

• While placing the bid, enter the cutoff price or desired price in the range specified. Select quantity as per lot size. 

• Submit to complete the order.