The IPO, with a face value of Rs 10 each, is a combination of a fresh issue of shares of Rs 315 crore and an offer for sale of up to 11.81 lakh shares by the selling shareholders of the promoter.
According to the SFO, Lt Col Randeep Hundal and Uday Pal Singh will sell 5.9 lakh shares each.
Approximately 75% of the offering will be available to qualified institutional buyers (QIBs), 15% to non-institutional investors and 10% to retail investors.
The proceeds from its fresh issue will be used for repayment or prepayment of debt, to fund the working capital needs of the company and for general corporate purposes. Innovision Limited was founded with a single service domain – providing manned private security services. Over time, the company has expanded its offering to include a wide range of manpower services. Since FY14, they have also been involved in skill development services and in FY19, they ventured into toll plaza management services. The Haryana-based company specialises in providing manpower services, which include manned private security, integrated facility management (IFM) services, as well as manpower recruitment and payroll management. Toll plaza management operations encompass user fee collection and related services at toll plazas, procured through competitive bidding processes.
The company is also associated with NHAI for toll collection at various locations. Innovision also offers skill development training as a partner for various central and state government initiatives.
Innovision’s manpower services cater to diverse industries such as healthcare, warehousing and logistics, government departments, retail, and BFSI. Skill development efforts are aligned with government initiatives, while the toll plaza segment focuses on user fee collection on national highways.
Its operating income increased by almost 100% to Rs 510 crore in FY24, mainly due to a significant 625.43% increase in revenue from the toll management business, besides nominal increase in the security services business. Profit after tax increased by 14% to Rs 10.13 crore in the same period.
For the three months ended June 30, 2024, revenue from operations was Rs 198.69 crore and profit after tax was Rs 7.38 crore.
Emkay Global Financial Services is the sole lead bookrunner and KFin Technologies Limited is the registrar for the offering.
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