Innovision Ltd Files for IPO to Raise ₹315 Crore

21 Aug 2024 , 11:12 AM

Innovision Ltd, a manpower services company, has filed draft papers with SEBI to raise funds through an Initial Public Offering (IPO).

The IPO will consist of a fresh issuance of shares worth ₹315 Crore and an Offer For Sale (OFS) of up to 1.181 million equity shares by promoters Randeep Hundal and Uday Pal Singh.

According to the Draft Red Herring Prospectus (DRHP), ₹55 Crore from the fresh issuance will be used to pay off debt, ₹160 Crore will fund the company’s working capital, and a portion will go toward general corporate purposes.

Innovision Ltd specializes in providing manpower services, including manned private security, integrated facility management, manpower sourcing, and payroll management.

The company also manages toll plaza operations, handling user fee collection and related services through competitive bidding, and is empanelled with NHAI for toll collection at various locations.

Innovision offers skill development training in partnership with the central and state governments and provides recruitment, placement consultancy, and visa facilitation services through its wholly-owned subsidiary, Innovision International Pvt Ltd.

As of June 30, 2024, Innovision has served over 200 clients across various sectors at more than 1,500 locations. The company currently operates at six toll plazas located in Uttarakhand, Assam, Uttar Pradesh, and West Bengal.

Innovision’s revenue from operations doubled to ₹510.33 Crore in fiscal 2024 from ₹255.56 Crore in fiscal 2023, with profit after tax increasing by 14% to ₹10.13 Crore in FY24 from ₹8.88 Crore the previous year.

For the three months ended June 30, 2024, the company reported revenue of ₹198.69 Crore and a profit after tax of ₹7.38 Crore. Emkay Global Financial Services is the sole book-running lead manager for the IPO.