Innovision IPO opens for subscription on March 10, 2026, and closes on March 12, 2026. This mainboard bookbuilding IPO aims to raise ₹322.84 crores through a combination of fresh issue and offer for sale (OFS). Innovision Limited is a manpower services and facility management company with a pan-India presence across 23 states and 5 union territories. Here is a complete review covering IPO dates, price band, lot size, financials, peer valuation comparison, and whether this IPO is worth applying.
Innovision IPO – Key Highlights
| Parameter | Details |
|---|---|
| IPO Open Date | March 10, 2026 (Tuesday) |
| IPO Close Date | March 12, 2026 (Thursday) |
| Price Band | ₹521 – ₹548 per share |
| Lot Size | 27 Shares |
| Issue Size | ₹322.84 Crores |
| Fresh Issue | ₹255.00 Crores (46,53,284 shares) |
| Offer for Sale | ₹67.84 Crores (12,38,000 shares) |
| Listing Date | March 17, 2026 (Tentative) |
| Listed On | BSE & NSE |
| Face Value | ₹10 per share |
| Market Cap (Pre-IPO) | ₹1,290.72 Crores |
| Registrar | Kfin Technologies Ltd. |
| Lead Manager | Emkay Global Financial Services Ltd. |
About Innovision Limited
Incorporated in 2007, Innovision Limited is a Delhi-based company providing manpower services, toll plaza management, and skill development training across India. With 35 offices spread across the country, the company operates in 23 states and 5 union territories as of January 15, 2026.
Business Segments
Innovision’s Manpower Services division operates across three key segments:
- Manned Private Security Services – Providing trained security personnel to corporate, retail, healthcare, and logistics clients
- Integrated Facility Management (IFM) Services – End-to-end facility management solutions for client premises
- Manpower Sourcing and Payroll – Staffing and payroll management services
The company also runs a physical and classroom training centre at Turkiawas, Rewari, Haryana for security personnel, compliant with the Private Security Agency Regulatory Act, 2025.
As of January 15, 2026, Innovision serves more than 180 clients across over 1,000 client premises. Notable clients include Max Healthcare Limited, Stellar Value Chain, and Sequel Logistics. The company caters to sectors such as retail, healthcare, warehousing, logistics, and BFSI.
Promoters: Lt Col Randeep Hundal and Uday Pal Singh
Innovision IPO Date & Timetable
| Event | Date |
|---|---|
| IPO Open | March 10, 2026 (Tuesday) |
| IPO Close | March 12, 2026 (Thursday) |
| Allotment Date | March 13, 2026 (Friday) |
| Refund Initiation | March 16, 2026 (Monday) |
| Credit of Shares to Demat | March 16, 2026 (Monday) |
| Listing Date | March 17, 2026 (Tuesday) |
Innovision IPO Price Band & Lot Size
The price band is set at ₹521 to ₹548 per share, with a face value of ₹10 per share.
Lot Size Details
| Category | Lots | Shares | Amount (at ₹548) |
|---|---|---|---|
| Retail (Minimum) | 1 | 27 | ₹14,796 |
| Retail (Maximum) | 13 | 351 | ₹1,92,348 |
| S-HNI (Minimum) | 14 | 378 | ₹2,07,144 |
| S-HNI (Maximum) | 67 | 1,809 | ₹9,91,332 |
| B-HNI (Minimum) | 68 | 1,836 | ₹10,06,128 |
Retail investors need a minimum investment of ₹14,796 (1 lot = 27 shares at the upper price band of ₹548).
IPO Reservation – Category-Wise Allocation
| Investor Category | Allocation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 1% of the Offer |
| Retail Individual Investors (RII) | Not less than 65% of the Offer |
| Non-Institutional Investors (NII) | Not less than 34% of the Offer |
Note: This IPO has an unusually high retail allocation of 65% and NII allocation of 34%, with QIB capped at just 1%. This is quite different from a typical mainboard IPO where QIBs get 50%. It signals the company is primarily targeting retail and HNI investors for this offering.
Objects of the Issue – Where Will the Money Go?
The company plans to utilize the net proceeds from the fresh issue (₹255 Crores) as follows:
| # | Use of Proceeds | Amount (₹ Cr.) |
|---|---|---|
| 1 | Repayment/prepayment of borrowings | ₹51.00 |
| 2 | Funding working capital requirements | ₹119.00 |
| 3 | General Corporate Purposes | Balance |
| Total | ₹170.00 |
The OFS portion (₹67.84 Crores) will go entirely to the selling shareholders and does not benefit the company.
A significant chunk — ₹119 Crores for working capital — reflects the capital-intensive nature of manpower businesses where large amounts are locked in receivables and payroll cycles.
Innovision Financial Performance
Here is a look at the company’s restated consolidated financials:
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) | EBITDA Margin | Net Worth (₹ Cr) | Total Borrowing (₹ Cr) |
|---|---|---|---|---|---|---|
| Sep 30, 2025 (H1) | 483.10 | 20.00 | 30.42 | 6.34% | 102.33 | 112.39 |
| Mar 31, 2025 | 895.95 | 29.02 | 51.75 | 5.79% | 81.88 | 79.05 |
| Mar 31, 2024 | 512.13 | 10.27 | 19.66 | 3.85% | 52.35 | 48.15 |
| Mar 31, 2023 | 257.62 | 8.88 | 16.36 | 6.40% | 40.26 | 33.34 |
Key Observations:
- Revenue has grown explosively — from ₹257 Cr (FY23) to ₹895 Cr (FY25), a 2-year CAGR of ~87%. This is exceptional growth for a manpower services firm.
- PAT has grown ~3.3x from ₹8.88 Cr (FY23) to ₹29.02 Cr (FY25), with a 2-year PAT CAGR of ~81%.
- EBITDA margins improved from 3.85% (FY24) to 5.79% (FY25) and further to 6.34% in H1 FY26.
- Debt has risen sharply — borrowings jumped from ₹33 Cr (FY23) to ₹112 Cr (Sep 2025), which is a concern given the Debt/Equity ratio now stands at 1.10.
- H1 FY26 income of ₹483 Cr already represents ~54% of full-year FY25 revenue, suggesting continued strong growth.
Key Performance Indicators (KPIs)
| 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% |
| Price to Book Value | – | 12.65x |
| EPS (Pre-IPO) | – | ₹15.36 |
| EPS (Post-IPO) | – | ₹16.99 |
Innovision IPO Valuation Analysis
At the upper price band of ₹548:
- P/E (Pre-IPO): 35.69x (based on FY25 EPS of ₹15.36)
- P/E (Post-IPO): 32.26x (based on post-issue EPS of ₹16.99)
- Price to Book Value: 12.65x
- Market Cap (Pre-IPO): ₹1,290.72 Crores
Peer Comparison & Valuation vs. Listed Companies
(Source: Innovision RHP | Peer data on consolidated basis for FY2025)
| Company | Face Value (₹) | Total Income (₹ Mn) | EPS (₹) | P/E (x) | RoNW (%) | NAV/Share (₹) |
|---|---|---|---|---|---|---|
| Innovision Limited | 10 | 8,931.31 | 15.62 | ~32.26* | 35.45% | 43.32 |
| Krystal Integrated Services Ltd | 10 | 12,127.84 | 44.61 | 13.47 | 14.30% | 312.92 |
| Updater Services Limited | 10 | 27,360.63 | 17.70 | 8.62 | 12.33% | 144.07 |
| SIS Limited | 5 | 1,31,890.37 | 0.81 | 401.85 | 0.49% | 166.79 |
| Quess Corp Limited | 10 | 1,49,671.99 | 3.07 | 63.37 | 4.23% | 72.92 |
| Highway Infrastructure Ltd | 5 | 4,957.15 | 3.40 | 15.15 | 19.03% | 20.37 |
*Innovision P/E calculated at upper price band ₹548 based on post-issue EPS of ₹16.99
What the Peer Comparison Tells Us
RoNW is the standout metric. At 35.45%, Innovision’s Return on Net Worth is the highest in the peer group — comfortably ahead of Krystal Integrated (14.30%), Updater Services (12.33%), Highway Infrastructure (19.03%), and far above Quess Corp (4.23%) and SIS (0.49%). High RoNW signals efficient use of shareholder capital.
P/E is moderate relative to the sector. At ~32x post-IPO P/E, Innovision is priced above the cheaper peers like Updater Services (8.62x) and Krystal Integrated (13.47x), but significantly below SIS Limited (401.85x) and Quess Corp (63.37x). The premium over Krystal and Updater is partly justified by Innovision’s significantly higher RoNW and faster growth trajectory.
Revenue scale is smaller, but growth rate is far superior. Quess Corp and SIS operate at 15x–17x Innovision’s revenue. However, Innovision’s 2-year revenue CAGR of ~87% and PAT CAGR of ~81% (FY23–FY25) dwarfs the growth profile of its larger listed peers.
P/B at 12.65x is the key concern. This is considerably higher than peers — Krystal trades at ~1.75x book and Updater at ~3.8x book. The premium is steep and entirely dependent on sustaining high RoNW going forward.
Valuation Summary
| Metric | Innovision | Cheaper Peers | Expensive Peers | Verdict |
|---|---|---|---|---|
| P/E (x) | ~32.26 | 8.62–15.15 | 63–401 | ⚠️ Premium to direct peers |
| RoNW (%) | 35.45% | 12–19% | 0.49–4.23% | ✅ Best in peer group |
| P/B (x) | 12.65 | 1.75–3.8 | – | ⚠️ Steep premium |
| Revenue CAGR | ~87% (2yr) | Low single digits | – | ✅ Fastest growing |
Promoter Holding – Pre & Post IPO
| Pre-IPO | Post-IPO | |
|---|---|---|
| Promoter Holding | 100% | 74.99% |
This is the first time external investors are getting access to Innovision equity. Promoters are diluting from 100% to 74.99% — retaining a comfortable controlling majority while bringing the company to public markets.
Competitive Strengths of Innovision
- Wide pan-India reach across 23 states and 5 union territories with 35 operational offices — a significant competitive moat in a geography-dependent business.
- Diversified manpower services spanning security, facility management, and payroll across multiple verticals.
- Scalable business model backed by established systems and processes — evidenced by the near-doubling of revenues two years running.
- Experienced management — promoter Lt Col Randeep Hundal brings military discipline and operational rigor to the security services business.
- In-house training capability — the Rewari training centre gives Innovision supply-side control over workforce quality and compliance.
Innovision IPO – GMP (Grey Market Premium)
(Last Updated: March 6, 2026 | Source: IPO Central, Chanakya IPO)
| Parameter | Status |
|---|---|
| Current GMP | ₹NA (Not yet active) |
| Kostak Rate | ₹NA |
| Subject to Sauda | ₹NA |
| Estimated Listing Price | To be updated once GMP activates |
As of March 6, 2026, no grey market activity has been reported for Innovision IPO. This is expected — grey market trading for an IPO typically picks up 2–3 days before the subscription opens and becomes more meaningful once Day 1 subscription numbers start coming in.
The IPO opens on March 10, 2026, so watch for GMP updates from March 8 onwards on platforms like IPO Central, InvestorGain, and IPO Watch.
What analyst sentiment says so far: Chanakya rates this IPO as “Neutral to Positive,” noting that Innovision offers exposure to the growing manpower and facility management services sector with expanding national presence, but investors should watch valuation comfort and margin sustainability. Their recommendation is to APPLY for a medium- to long-term perspective.
How to interpret GMP when it activates:
- GMP of ₹50+ (~9% above issue price) = Strong grey market demand, bullish listing likely
- GMP of ₹0–₹50 = Moderate interest, listing close to issue price
- Negative GMP = Weak demand, possible listing at discount
Important Disclaimer: GMP is unofficial and highly speculative. Grey market figures are not regulated by SEBI and should never be the sole basis for investment decisions. Always evaluate company fundamentals, financials, and valuation before applying. This article will be updated with live GMP figures as they become available.
Innovision IPO Allotment & Refund Status
- Allotment Date: March 13, 2026 (Friday)
- Refund Initiation: March 16, 2026 (Monday)
- Credit of Shares to Demat: March 16, 2026 (Monday)
- Listing Date: March 17, 2026 (Tuesday)
To check allotment status, visit the Kfin Technologies website or BSE/NSE portals with your PAN or application number.
Registrar Contact: Kfin Technologies Ltd. 📞 040-67162222 / 040-79611000 📧 innovision.ipo@kfintech.com
How to Apply for Innovision IPO
You can apply through the following routes:
- UPI-based application via stockbroker apps (Zerodha, Groww, Upstox, Angel One, etc.)
- ASBA via your bank’s net banking or mobile banking app
- Offline through designated bank branches
Steps to apply via UPI:
- Open your broker app and navigate to the IPO section
- Search for “Innovision IPO”
- Enter the number of lots and bid at the cut-off price (₹548)
- Submit and approve the UPI mandate on your UPI app within the stipulated time
Innovision IPO – Should You Apply?
Positives
- Explosive revenue and profit growth — 87% revenue CAGR and 81% PAT CAGR over FY23–FY25 is rare for any sector.
- Highest RoNW in the peer group at 35.45% — a strong indicator of capital efficiency.
- Large addressable market — India’s organized security and facility management sector continues to grow rapidly as corporates outsource non-core functions.
- Debt repayment from IPO proceeds will lower the Debt/Equity ratio from 1.10x to more comfortable levels.
- 100% promoter pre-IPO holding indicates no prior PE/VC exits or financial engineering — a clean promoter background.
- 65% retail allocation — better odds for retail investors compared to standard mainboard IPOs.
Risks to Consider
- P/E of ~32x and P/B of 12.65x are not cheap, especially when direct peers like Krystal and Updater trade at far lower multiples.
- Debt/Equity of 1.10x is elevated for a services business; rising debt alongside revenue expansion needs monitoring.
- Thin margins — PAT margin of 3–4% and EBITDA margin of 5–6% leave little room for error; any cost escalation or client attrition can hurt profitability quickly.
- Working capital intensive — ₹119 Cr of IPO proceeds going to working capital signals high receivables pressure, a common risk in manpower businesses.
- Client concentration risk — with 180 clients across 1,000 premises, loss of a few large clients can materially impact revenues.
- Competitive sector — the organized security and facility management space has large, well-funded players like Quess Corp, SIS, and G4S competing for the same clients.
Our View
Innovision is a high-growth manpower and facility management company at an inflection point — revenue nearly doubled in two consecutive years, margins are expanding, and the business model is increasingly scalable. The IPO valuation at ~32x post-issue P/E is a premium over direct peers but justified partially by its superior RoNW and growth momentum.
For long-term investors, the company’s growth trajectory and pan-India expansion make it an interesting bet in the organized manpower services space. For listing gains, monitor GMP closely in the days leading up to March 10 — the 65% retail allocation improves allotment probability but may also weigh on listing-day premium.
This is not investment advice. Please consult your financial advisor and read the RHP carefully before investing.
Innovision IPO – FAQs
Q1. What is the Innovision IPO price band? The price band is ₹521 to ₹548 per share.
Q2. What is the lot size for Innovision IPO? The minimum lot size is 27 shares. Retail investors need a minimum of ₹14,796 to apply.
Q3. When is the Innovision IPO listing date? The tentative listing date is March 17, 2026 on BSE and NSE.
Q4. When is the allotment date for Innovision IPO? Allotment is expected to be finalized on March 13, 2026.
Q5. Who is the registrar for Innovision IPO? Kfin Technologies Ltd. is the registrar. You can check allotment at their website using your PAN or application number.
Q6. What is the total issue size of Innovision IPO? The total issue size is ₹322.84 crores — comprising a fresh issue of ₹255 Cr and OFS of ₹67.84 Cr.
Q7. What will the IPO proceeds be used for? The fresh issue proceeds will be used for debt repayment (₹51 Cr), working capital funding (₹119 Cr), and general corporate purposes.
Q8. Who are the promoters of Innovision Limited? Lt Col Randeep Hundal and Uday Pal Singh are the promoters. Post-IPO, promoter holding will be 74.99%.
Q9. What is the QIB allocation in Innovision IPO? Unusually, QIB allocation is capped at just 1% of the offer. Retail gets 65% and NII gets 34%.
Disclaimer: The information provided in this article is for educational purposes only and does not constitute financial advice. Investing in IPOs involves risk. Please read the Red Herring Prospectus (RHP) carefully and consult a SEBI-registered investment advisor before investing.
