The Indian manpower outsourcing and toll plaza management sector has prospects for steady growth due to increasing infrastructure development activities, highway construction, and increasing demand for third-party operations and facility management services. Innovision Limited is a manpower outsourcing and toll plaza management service provider based in Delhi, promoted by Lt Col Randeep Hundal and Uday Pal Singh. The company primarily offers toll management services, manpower supply, cash management, traffic management, housekeeping services, and other supporting services to clients in the infrastructure sector.
The company operates in an asset-light business model and has entered into long-term contracts with government and private concessionaires in the road infrastructure sector. The company has operations all over India through project sites and regional offices and primarily earns revenues through toll operations and manpower supply services. The company aims to improve its working capital position and lower its debt to support growth and win new orders.
Innovision Limited has reported good growth over the last few years with increasing EBITDA and PAT margins. The return on equity, return on capital employed, and other key return ratios are good. The company has a moderate debt-equity ratio as per the latest reported financials. Innovision Limited is planning a main board IPO with an aggregate amount of up to ₹322.84 crore, including a fresh issue of ₹255 crore and an offer for sale of 12.38 lakh equity shares of ₹10 face value by existing promoters.
Innovision IPO Details:
Innovision Issue Management:
Emkay Global Financial Services Ltd act as the book-running lead manager for Innovision Mainboard IPO, managing underwriting and compliance.
Innovision IPO RTA (Registrar) Details:
Kfin Technologies Ltd. handles allotment, refunds, and demat credits—contact at 04067162222, 04079611000 or innovision.ipo@kfintech.com.
Innovision IPO Allotment Status:
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Action Links:
To apply for Innovision IPO, open a demat account here
Innovision IPO Subscription Status: Check live subscription here
Innovision IPO GMP Update: Check latest grey market premium here
Innovision Limited, incorporated in 2007 in Delhi, is a manpower and toll plaza service provider that specializes in providing toll plaza management, manpower services, and support services in the road infrastructure industry, operating on a pan-India asset-light model and with long-term contracts with NHAI concessionaires.
Innovision Limited has achieved growth in FY25, with revenue at ~₹185 Cr (up by 25% YoY), EBITDA at ₹42 Cr, PAT margins at 3.63%, ROE at 35.45%, and ROCE at 40.77%, with a debt level being moderate. The Main Board IPO, consisting of 58.91 lakh equity shares @ ₹10 FV, comprising fresh issue of 46.53 lakh and Offer for Sale of 12.38 lakh, is opening on Mar 10-12, 2026, allotment March 13, NSE/BSE listing March 17.
Innovision IPO is a mixed issue of 58.91 lakh shares (~₹322.84 Cr at upper band).
Innovision IPO proceeds will be deployed towards the following objectives:
Innovision Ltd Mainboard IPO reserves 58.91 lakh shares as per SEBI Mainboard norms.
The Anchor bidding starts on March 9, 2026 (~30% QIB).
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms. as per SEBI Mainboard guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Kfin Technologies Pvt Ltd.
According to RHP reports, Innovision Limited posted solid FY25 financials. Revenue reached ₹895.95 Cr, PAT rose to ₹29.02 Cr (3.24% margin), ROE strong on ₹81.88 Cr net worth, ROCE healthy via ₹51.75 Cr EBITDA (5.78% margin), assets expanded to ₹220.30 Cr. Growth fueled by toll/manpower volumes scaling to ₹895.95 Cr total income from ₹512.13 Cr prior year, infrastructure demand, contract wins, despite H1FY26 moderation to ₹483.10 Cr income and ₹20 Cr PAT.
The important risks and strengths of Innovision IPO are mentioned below:
Strengths:
The diversified revenue streams from the management of toll plazas, supply of manpower, provision of facility services, and skill development help reduce dependence on single streams of revenue.
The asset-light model with Pan India presence through over 60+ skill centers and long-term contracts with NHAI/infrastructure clients can provide scalability with repeat businesses from over 370+ clients.
Strong historical track record of growth with revenue CAGR of ~40% over the last five years, ISO certifications for 9001, 27001, and 45001, and promoter expertise with Lt Col Randeep Hundal and Uday Pal Singh.
Strong FY25 financials with revenue of ₹895.95 Cr (75% YoY growth), PAT of ₹29.02 Cr, EBITDA of ₹51.75 Cr, ROE of 35%+, ROCE of 40%+ reflecting operational efficiency.
Risks
Receivables can impact cash flows despite healthy liquidity positions.
Dependence on availability of skilled manpower, with competition from Quess Corporation, Teamlease Services, and unorganized players.
Exposure of clients in the toll/infrastructure segment to changes in government policies.
Moderate debt of ₹112 Cr of borrowings against ₹102 Cr of net worth as of Sep 25. Income for H1FY26 at ₹483 Cr, lower than ₹543 Cr in H1FY25.
RHPs support Innovision Limited's FY25 performance with revenue ₹895.95 Cr (+75% YoY), PAT ₹29.02 Cr (3.24% margin), RoNW strong on ₹81.88 Cr net worth, and post-issue P/E ~25-30x (FY25 EPS est. ₹18-20)—fairly valued vs peers Quess Corp (45x), TeamLease (52x).
The company's asset-light toll plaza management, manpower supply, and facility services model operates pan-India with long-term NHAI contracts, serving infrastructure projects and 370+ clients.
The ₹322.84 Cr mainboard IPO (58.91 lakh shares @ ₹521-548 upper band) with MCap est. ₹1,200-1,300 Cr at 1.4x FY25 sales/~40x EPS. ROCE 40.77%, working capital/debt repayment objectives, 64% promoter holding outweigh receivable risks, competition for listing gains.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Innovision IPO, open a demat account here
Innovision IPO Subscription Status: Check live subscription here
Innovision IPO GMP Update: Check latest grey market premium here
1. What is the Innovision IPO open and close date?
The Innovision Limited mainboard IPO opens March 10, closes March 12, 2026; allotment March 13, NSE/BSE listing March 17.
Track Innovision IPO subscription status live here from Finnpick.
2. What is the Innovision IPO price band and lot size?
The IPO price band ₹521-548 per share (FV ₹10), lot size 27 shares; retail min ₹14,796.
3. What is Innovision IPO total size?
The Innovision IPO size is ₹322.84 Cr (58.91 lakh shares).
4. How to apply for the Innovision IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Mar 12, 4 PM. Monitor Innovision IPO subscription tracker here.
5. How to check Innovision IPO Allotment Status?
The allotment date is on Mar 13 and can be checked on Kfin Technologies Pvt Ltd RTA portal using PAN/DP ID.
6. What is Innovision IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 as of March 05, indicating listing at the price range of ₹521-548 —check daily updates of Innovision IPO GMP trends here and live subscription status here from Mar 10th opening only on Finnpick.
7. What does Innovision specialize in?
Innovision specializes in manpower outsourcing, toll plaza management, facility services—toll collection, traffic management, housekeeping, cash management for highways/infrastructure projects.
8. When is the Innovision IPO listing date?
The Innovision Ltd IPO lists on March 17th, 2026 on NSE/BSE Mainboard (~T+3 post-allotment Mar 13).
9. What are the Innovision IPO proceeds utilization details?
The Innovision IPO fresh issue proceeds: ₹51 Cr debt repayment/prepayment, ₹119 Cr working capital, balance general corporate purposes.
