Innovision IPO Subscription Status and Updates

The Innovision IPO concluded its six-day bidding period on March 17, 2026, reaching a final subscription of 3.46 times. While the retail response remained lukewarm, the issue sailed through thanks to heavy bidding from Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) during the final 48 hours.

The company maintained a price band of ?494 to ?519 per share. The total issue size of ?319.25 crore comprised 61,51,295 equity shares, with a significant portion (65%) reserved for retail investors.

Innovision IPO Subscription Status - Final

By the close of the final bidding window, the QIB category (excluding the anchor portion) was oversubscribed by 14.30 times. The Non-Institutional category also saw robust interest, particularly from Large HNIs (bNII). However, the retail portion ended undersubscribed at 0.60x.

Last updated: Tuesday, 18 Mar 2026, 11:34 IST

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.

FAQs:

• How many times was the Innovision IPO subscribed in total?
  The Innovision IPO was subscribed a total of 3.46 times by the close of the bidding period.

• What was the final subscription status for QIBs in the Innovision IPO?
  The Qualified Institutional Buyers (QIB) segment of the Innovision IPO was subscribed 14.30 times.

• How did Non-Institutional Investors (NII) participate in the Innovision IPO? The Non-Institutional Investors (NII) category saw a subscription of 8.60 times for the Innovision IPO.

• What was the retail investor response to the Innovision IPO?
  The retail portion of the Innovision IPO ended with a subscription of 0.60 times.

• Which NII sub-category saw higher demand in the Innovision IPO?
  The bNII category (bids > ?10L) saw higher demand at 10.29x compared to the sNII category in the Innovision IPO.

• On which day did the Innovision IPO see the maximum subscription surge? The Innovision IPO witnessed its largest surge in bidding on the final day, March 17, 2026.

• Was the Innovision IPO fully subscribed on its opening day?
  No, the Innovision IPO had a slow start with only 0.02x subscription on the first day of bidding.