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HomeIPOInnovision Limited

About Innovision Limited

Incorporated in 2007, Innovision Limited is a company that provides Manpower Services, Toll Plaza Management, and Skill Development Training to its clients in India. It has 35 offices, including registered offices and corporate offices, in India. As of Jan 15, 2026, Innovision Limited has operations in 23 states and 5 union territories in India. Manpower Services has 3 operational segments as follows: Manned Private Security Services, Integrated Facility Management (IFM) Services, and Manpower Sourcing and Payroll. As of Jan 15, 2026, the company has more than 180 clients in various sectors and has rendered its services to more than 1,000 client premises.The company serves customers in different sectors, including retail, healthcare, warehousing, logistics, and BFSI. Max Healthcare Limited, Stellar Value Chain, and Sequel Logistics are some of the customers of the company. Innovision Limited also provides physical and classroom training to security personnel under the Private Security Agency Regulatory Act, 2025, at its own training center at Turkiawas, Rewari, Haryana.

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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

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29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Innovision Limited

Innovision Limited

Open Date

Mar 10, 2026

Close Date

Mar 17, 2026

listed

Min Investment

₹14,013

Lot Size

27 Shares

Issue Size

₹319.25 Cr

Price Range

₹494 - ₹494

Listing Date

Mar 23, 2026

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The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

Innovision Limited IPO - Issue Objectives

The company will ₹51 crore for the repayment or part payment of outstanding borrowings. The company will use ₹119 crore for the working capital requirement of the business. Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Repayment of borrowing

20%

Working capital requirement

46.6%

General corporate purposes

33.3%

1

Repayment of borrowing

The company will ₹51 crore for the repayment or part payment of outstanding borrowings.

20.00%
2

Working capital requirement

The company will use ₹119 crore for the working capital requirement of the business.

46.60%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses

33.30%

IPO Subscription Status

QIB
14.30x
NII
8.60x
Individual
0.60x
Total
3.46x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Innovision Limited

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue483.10895.95512.13257.62
EBITDA30.4251.7519.6616.36
Expenses
Profit After Tax20.0029.0210.278.88
Assets271.66220.30157.05108.17
Net Worth102.3381.8852.3540.26
Reserves83.4362.9833.4538.91
Borrowing112.3979.0548.1533.34

Innovision Limited - Promoter(s)

Lt Col Randeep Hundal

Uday Pal Singh

Pre Issue Share Holding

100%

Post Issue Share Holding

74.99%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Massive nationwide scale and local reach

Innovision has its presence in 23 states and 5 UTs which gives the company a competitive edge over its peers. As of early 2026, the company has a massive workforce of over 14,000 employees.

02

Shift into high-margin businesses

The company has changed its focus to high-margin businesses such as Toll Plaza Management which now contributes 56.14% of the total revenue. Additionally, in 2025, the company’s skill development business has already trained over 54,000 people giving them a title of "talent factory" to feed their other businesses.

03

Deep ties with Government infrastructure

The company has a very "sticky" relationship with the Indian government, which contributes 82.54% of the revenue. Being an empanelled partner of the NHAI (National Highways Authority of India) is a huge victory in itself. The company has won 50% of the tenders that it has bid on as of mid-January 2026. In a world where it's notoriously hard to win government bids, it seems that Innovision has cracked the code to the "secret sauce."

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High dependency on manpower

The manpower services and toll plaza management segments bring in 97.5% of the company's total revenue in FY25. These two parts of the business are very important to the company, so it could be a problem if either of them slows down or the company loses a big contract in one of them.

02

Revenue visibility dependent on contract wins

Innovision's revenue visibility depends on its ability to win contracts, especially in the areas of manpower services, toll plaza management, and skill development contracts. In most cases, the contracts are given out through a bidding process, which means that the bidding process has to work well, and contracts have to be renewed regularly.

Contact Details

Innovision Limited

1/209, First Floor, Sadar Bazar, Delhi Cantt, Delhi, New Delhi, 110010

+910112089790
cs@innovision.co.in
https://www.innovision.co.in/

Registrar Contact Details

Kfin Technologies Ltd.

04067162222
innovision.ipo@kfintech.com
https://ipostatus.kfintech.com/

Innovision Limited IPO - FAQs

Innovision Limited IPO is a Mainboard IPO. The issue is priced at 494-₹519. The minimum order quantity is 27 Shares. The IPO opens on 10 Mar, and closes on 17 Mar. Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-03-09
  • Bidding Starts2026-03-10
  • Bidding Ends2026-03-17
  • Allotment Finalisation2026-03-18
  • Release of Funds2026-03-19
  • Demat Transfer2026-03-19
  • Listing2026-03-23
04

Dominance in skill development space

The company is having a huge impact in the government's push to develop the skills in India. The company has achieved over 24 lakhs training hours in 2025. The company has over 100 training centers, working directly with sector skill councils in areas such as logistics, banking, and retail, where the demand is the greatest. As 100% of this revenue is derived from the government's "top-tier" clients, it is a very stable source of income that is not tied to the volatility of the private sector.

03

Loss-making subsidiaries

Some of Innovision's subsidiaries are losing money. Aerodrone Robotics Private Limited lost ₹63 lakhs in FY25, and Innovision HR Consultancy LLC lost ₹18 lakhs in the same time period.

04

Dependency on government contracts

A big part of the company's business comes from contracts with the government and the public sector. These contracts are mostly for managing tolls and training programs. People can bid on these contracts, and strict rules must be followed. Tender approvals can take longer than expected, government policies can change, or contracts may not be signed.