Innovision Ltd. is launching a book-building IPO comprising a fresh issue aggregating to approximately Rs. 255.00 crore and an offer for sale of 12,38,000 equity shares. The IPO opens for subscription on Tuesday, March 10, 2026 and closes on Thursday, March 12, 2026. The allotment is expected to be finalised on Friday, March 13, 2026, and the shares are proposed to be listed on BSE and NSE with a tentative listing date of Tuesday, March 17, 2026.
IPO Size: Rs. 255.00 crore (Fresh Issue) + OFS
Business: Manpower services, toll plaza management and skill development training
Network: Operations across 23 states and 5 union territories
Key Risk: Labour-intensive model and margin pressures
Chanakya View: Expanding manpower services platform; valuation comfort key
🕗 Last Update: 4 March 2026, 6.00 AM
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IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opening Date | Tuesday, 10 Mar 2026 |
| IPO Closing Date | Thursday, 12 Mar 2026 |
| Listing Date (Tentative) | Tuesday, 17 Mar 2026 |
| Face Value | Rs. 10 per share |
| Price Band | To be declared |
| Lot Size | To be declared |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue cum Offer for Sale |
| Total Issue Size | Fresh Issue Rs. 255.00 crore + OFS 12,38,000 shares |
| Total Issue Amount | Rs. To be declared |
| Fresh Issue | Shares aggregating up to Rs. 255.00 crore |
| Offer for Sale | 12,38,000 Equity Shares |
| Listing At | BSE, NSE |
| Employee Discount | NA |
| Share Holding Pre Issue | 1,89,00,000 shares |
| Share Holding Post Issue | To be declared |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Tue, Mar 10, 2026 |
| IPO Closes | Thu, Mar 12, 2026 |
| Allotment | Fri, Mar 13, 2026 |
| Refunds | Mon, Mar 16, 2026 |
| Credit of Shares | Mon, Mar 16, 2026 |
| Listing | Tue, Mar 17, 2026 |
Investor Reservation
| Category | Shares Offered |
|---|---|
| QIB | Not more than 1.00% of Net Offer |
| NII | Not less than 34.00% of Net Offer |
| Retail | Not less than 65.00% of Net Offer |
IPO Lot Size & Investment Amount
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min) | To be declared | To be declared | To be declared |
| Retail (Max) | To be declared | To be declared | To be declared |
| S-HNI (Min) | To be declared | To be declared | To be declared |
| S-HNI (Max) | To be declared | To be declared | To be declared |
| B-HNI (Min) | To be declared | To be declared | To be declared |
What Does Innovision Ltd. Do?
Innovision Limited, incorporated in 2007, provides manpower services, toll plaza management and skill development training across India. The company operates through a network of 35 offices including registered and corporate offices, and as of January 15, 2026 it has operations across 23 states and 5 union territories.
The company’s manpower services are delivered through three operational segments: Manned Private Security Services, Integrated Facility Management (IFM) Services and Manpower Sourcing and Payroll Services. Innovision serves clients across sectors including retail, healthcare, warehousing, logistics and BFSI.
As of January 15, 2026 the company served more than 180 clients across various sectors and delivered services across over 1,000 client premises. Key customers include Max Healthcare Limited, Stellar Value Chain and Sequel Logistics.
Innovision Limited also provides training to security personnel through both physical and classroom programmes under the Private Security Agency Regulatory Act. The company operates a training centre located at Turkiawas, Rewari in Haryana.
Competitive Strengths
Wide geographical reach across India
Diversified manpower service offerings
Established systems enabling scalable operations
Experienced management and operational team
Strong recruitment capability and labour regulation expertise
Financials (Rs. crore – Restated Consolidated)
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 271.66 | 220.30 | 157.05 | 108.17 |
| Total Income | 483.10 | 895.95 | 512.13 | 257.62 |
| EBITDA | 30.42 | 51.75 | 19.66 | 16.36 |
| PAT | 20.00 | 29.02 | 10.27 | 8.88 |
| Net Worth | 102.33 | 81.88 | 52.35 | 40.26 |
| Reserves & Surplus | 83.43 | 62.98 | 33.45 | 38.91 |
| Total Borrowings | 112.39 | 79.05 | 48.15 | 33.34 |
Key Performance Indicators (KPI)
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 19.55% | 35.45% |
| ROCE | 18.19% | 40.77% |
| Debt/Equity | 1.10 | 0.97 |
| RoNW | 19.55% | 35.45% |
| PAT Margin | 4.17% | 3.25% |
| EBITDA Margin | 6.34% | 5.79% |
Valuation Snapshot
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | To be declared | To be declared |
| P/E (x) | To be declared | To be declared |
| Particulars | Details |
|---|---|
| Market Cap (Pre-IPO) | To be declared |
Company Address
Innovision Ltd.
1/209, First Floor
Sadar Bazar
Delhi Cantt
Delhi, New Delhi – 110010
IPO Lead Manager(s)
Emkay Global Financial Services Ltd.
IPO Registrar
| Registrar | Contact |
|---|---|
| Kfin Technologies Ltd. | 04067162222 / 04079611000 |
| innovision.ipo@kfintech.com |
Innovision IPO – Review
Innovision operates in the manpower services and facility management industry, a segment witnessing steady demand from sectors such as logistics, healthcare, retail and BFSI. With operations spread across 23 states and a diversified manpower services portfolio, the company has built a scalable service platform supported by an experienced management team.
The company’s financial performance has shown strong revenue expansion in recent years, although margins remain relatively modest due to the labour-intensive nature of the business. Debt levels have also increased alongside business expansion, making efficient working capital management an important factor.
While the manpower outsourcing industry offers long-term growth potential driven by organised workforce demand and regulatory compliance, competition remains intense and pricing pressure can impact profitability.
Chanakya View
Neutral to Positive. Innovision offers exposure to the growing manpower and facility management services sector with expanding national presence. However, investors should watch valuation comfort and margin sustainability. APPLY for medium- to long-term perspective.
About Chanakya IPO Analysis
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Disclaimer
This IPO coverage is for informational purposes only. Investors are advised to read the RHP carefully and consult a SEBI-registered investment advisor before investing.
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