Manpower and toll plaza management services provider Innovision Ltd. on Thursday said its ₹323-crore initial public offering (IPO) will open for public subscription on March 10. 

The price band for the issue has been fixed at ₹521–548 per share, valuing the Haryana-based company at nearly ₹1,300 crore at the upper end of the band. 

The proposed IPO comprises a fresh issue of shares worth ₹255 crore and an offer for sale (OFS) of 12.38 lakh equity shares by promoters, amounting to about ₹68 crore at the higher price band. 

Promoters Randeep Hundal and Uday Pal Singh will offload shares through the OFS. 

The public issue will close on March 12, with the company scheduled to list on stock exchanges on March 17. 

Use of proceeds from the fresh issue

Proceeds from the fresh issue will be used for repayment of debt, funding working capital requirements and for general corporate purposes, the company said. 

Innovision provides manpower services, including private security, integrated facility management, manpower sourcing, and payroll management. Its toll plaza management operations include user-fee collection and related services at toll plazas secured through competitive bidding. 

The company is also empanelled with the National Highways Authority of India (NHAI) for toll collection at multiple locations. 

Additionally, Innovision offers skill development training under various central and state government initiatives. Through its wholly owned subsidiary, Innovision International Pvt Ltd., it also provides recruitment, placement consultancy and visa facilitation services. 

As of June 30, 2024, the company had served more than 200 clients across over 1,500 locations. It currently operates six toll plazas located in Uttarakhand, Assam, Uttar Pradesh, and West Bengal. 

Emkay Global Financial Services is the sole book-running lead manager for the issue. 

Markets remain positive 

Meanwhile, benchmark equity indices pared part of their early gains but remained in positive territory in afternoon trade. 

At 1:55 pm, the BSE Sensex was up 247 points, or 0.3%, at 79,363, while the Nifty 50 rose 110 points, or 0.45%, to 24,590. Market breadth remained positive, with 2,195 shares advancing against 1,615 declines.