Innovision Ltd Lists at 10% Discount Amidst Tepid IPO Response

Innovision Ltd's shares made a subdued entry in the stock market on Monday, listing at a discount of over 10% from the IPO issue price of Rs 519. The stock opened at Rs 466 on the BSE, signaling a 10.21% drop, and showed a similar trend on the NSE, where it opened at Rs 467.70.

Despite the tepid response, the initial public offering was subscribed 3.32 times. Originally set to close earlier, the subscription period was extended to March 17, and the price band was adjusted to between Rs 494 and Rs 519 per share, down from the initial Rs 521-548.

The company, based in Haryana, planned to use the IPO proceeds of Rs 255 crore for debt repayment, working capital, and general corporate purposes. Innovision specialises in manpower and toll plaza management services, including a partnership role in various government skill development initiatives.