Innovision Ltd Trims IPO Target Amid Tepid Investor Interest

Innovision Ltd, a Haryana-based manpower and toll plaza management services provider, has extended the closing date of its initial public offering (IPO) to March 17. The decision comes after a tepid response from investors, leading the company to revise its price band.

Initially scheduled to close on March 12, the IPO saw subdued participation, being subscribed only 32% overall. The Qualified Institutional Buyers (QIBs) category saw a near-complete subscription at 99%, non-institutional investors (NIIs) at 36%, and retail investors at a mere 28%.

The company's IPO involved a fresh issuance of Rs 255 crore combined with an Offer For Sale (OFS) of 12.38 lakh equity shares. The proceeds will be directed toward debt repayment, working capital needs, and general corporate purposes. Innovision operates across six toll plazas and also provides manpower services, skill development training, and other related offerings.