The Innovision IPO opens for subscription on March 10, 2026, as Gurgaon-based Innovision Limited enters the securities market with a ₹322.84 crore mainboard IPO on BSE and NSE. This initial public offering includes a fresh issue of 0.47 crore shares aggregating to ₹255 crore and an offer for sale of 0.12 crore shares aggregating to ₹67.84 crore by existing promoters.
Innovision Limited was incorporated in 2007 and has built a scalable business model across providing manpower services, toll plaza management, and skill development training - operating across India through 39 offices in 23 states and 5 union territories. As of January 15, 2026, the company served over 180 clients and rendered services to 1,000+ client premises across India.
The net proceeds of this Innovision IPO will fund working capital requirements (₹119 crore), repayment or pre payment of all or certain borrowings availed by the company (₹51 crore), and general corporate purposes - supporting the next phase of Innovision Ltd's expansion.
Innovision IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 10 to 12 Mar, 2026 |
| Listing Date | Tue, Mar 17, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹521 to ₹548 per share |
| Lot Size | 27 Shares |
| Minimum Investment Required | ₹14,796 (27 shares at upper price band) |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Issue & OFS |
| Issue Size | ₹322.84 Crores |
| Fresh Issue | ₹255 Crores (46,53,284 shares) |
| Offer for Sale | ₹67.84 Crores (12,38,000 shares) |
| Listing At | BSE, NSE |
The Innovision IPO price band is ₹521 to ₹548 per share with face value of ₹10. The minimum order quantity is 27 shares and the investment required for retail investors is ₹14,796 at the upper price band. The Innovision IPO lot size is 27 shares per lot. The maximum lot size for retail investors is 13 lots for a total investment of ₹1,92,348. Investors must read all related documents carefully and review the IPO application form before investing.
Innovision IPO Date & Timeline
| Event | Date |
|---|---|
| IPO Opening Date | Tue, Mar 10, 2026 |
| IPO Closes | Thu, Mar 12, 2026 |
| Allotment | Fri, Mar 13, 2026 |
| Refund Initiation | Mon, Mar 16, 2026 |
| Credit of Shares | Mon, Mar 16, 2026 |
| Listing Date | Tue, Mar 17, 2026 |
The Innovision IPO date of opening is March 10, 2026 and the IPO open window closes on March 12, 2026. Listing is scheduled for Mar 2026 on BSE NSE on March 17, 2026. The Innovision IPO is a mainboard IPO with IPO allotment finalised on March 13, 2026. Successful bidders will receive shares in their demat account on March 16, 2026. Those who fail to get the allotment will also receive refunds on March 16, 2026.
Innovision Limited - Company Overview
Innovision Limited was incorporated in January 2007 by company promoters Hundal and Uday Pal Singh - Lt Col Randeep Hundal and Uday Pal Singh. Innovision Ltd commenced operations in 2007 with manned private security services and later expanded into integrated facility management, manpower sourcing and payroll services, skill development training, and toll plaza management - building a diverse portfolio backed by manpower services established systems and processes leading to consistent growth.
Innovision Limited operates across 23 states and 5 union territories as of January 15, 2026, through 39 offices including registered and corporate offices nationwide. The company serves customers across various sectors including healthcare, warehousing, logistics, retail, and BFSI, and rendered services to over 1,000 client premises across India.
Key clients include Max Healthcare Limited, Stellar Value Chain, and Sequel Logistics - reflecting the company's strength in healthcare, warehousing, and logistics verticals.
Registered Office: 1/209, First Floor, Sadar Bazar, Delhi Cantt, New Delhi - 110010 Corporate Office: Plot 251, 1st Floor, Udyog Vihar Phase-4, Gurgaon, Haryana - 122 015
Innovision Limited - Business Segments
Innovision Limited operates a diverse portfolio of workforce solutions across three core manpower services segments and two additional verticals - building a truly integrated workforce management platform across India.
Manned Private Security Services
Manned private security services is Innovision's original business, started in 2007. The company deploys trained security personnel across corporate campuses, hospitals, warehouses, and retail premises under the PSARA license. Over 6,900 security personnel are currently deployed across client premises.
Integrated Facility Management (IFM)
Integrated facility management IFM covers housekeeping, building maintenance, electrical work, waste management, and facility support across client sites. Integrated facility management is a key growth vertical as corporates increasingly outsource these functions to specialized providers like Innovision.
Manpower Sourcing and Payroll
Manpower sourcing and payroll services cover end-to-end workforce management, recruitment, and payroll outsourcing. Innovision brings domain knowledge in labour regulations and manpower sourcing across various sectors - a competitive advantage backed by processes leading to scalable deployment.
Services Toll Plaza Management
The services toll plaza management segment involves user fee collection and related operations at toll plazas, primarily for the National Highways Authority of India (NHAI). Plaza management and skill operations are conducted through contracts awarded via competitive bidding. Toll plaza management is Innovision's fastest-growing vertical and contributed 56% of total revenue in FY25. Manpower services toll plaza operations together account for the majority of Innovision's top line.
Management and Skill Development
The management and skill development segment delivers vocational and technical training under various central and state government schemes. Innovision's training centre located in Turkiawas, Rewari, Haryana provides physical and classroom training for security personnel as per the Private Security Agency Regulatory Act, 2025. Classroom training at this training centre follows government norms for private security agencies, and the skill development segments support both internal workforce quality and external contract compliance.
Innovision IPO - Company Financials
Innovision Limited has demonstrated strong growth in revenues and profitability across restated consolidated financials. Revenue from operations increased from ₹255.56 crore in FY23 to ₹510.32 crore in FY24 and further to ₹893.13 crore in FY25 - a 3.5x jump in just two years - driven by rapid scaling of services toll plaza management and manpower services.
Financial Summary (₹ Crore) - Restated Consolidated
| Period Ended | H1 FY26 (Sep 2025) | FY25 (Mar 2025) | FY24 (Mar 2024) | FY23 (Mar 2023) |
|---|---|---|---|---|
| Revenue from Operations | 480.00* | 893.13 | 510.32 | 255.56 |
| EBITDA | 30.42 | 51.75 | 19.66 | 16.36 |
| Profit After Tax | 20.00 | 29.02 | 10.27 | 8.88 |
*H1 FY26 revenue approximate based on reported total income of ₹483.10 crore
Key Highlights from Company Financials
- Revenue growth: Revenue from operations grew from ₹255.56 crore (FY23) to ₹893.13 crore (FY25) - a 3.5x increase
- FY24 revenue: Revenue from operations: ₹510.32 crore in FY24, up from ₹255.56 crore in FY23
- Consistent growth: The company has reported growth in its revenue from operations and profit after tax over the last three years
- PAT growth: PAT rose from ₹8.88 crore (FY23) to ₹10.27 crore (FY24) to ₹29.02 crore (FY25) - a 182.5% jump in FY25
- EBITDA: EBITDA scaled from ₹19.66 crore (FY24) to ₹51.75 crore (FY25)
- PAT margin: Approximately 3.2% - typical for providing manpower services businesses with high operational costs
- Pre-IPO EPS (FY25): ₹15.62
- Post-IPO P/E: Approximately 35.08x at upper price band
- Market capitalisation: Approximately ₹1,290.72 crore at upper price band of ₹548
The company financials show meaningful improvement in profitability. However, manpower services businesses structurally carry thin margins due to high employee cost ratios - a key factor investors must weigh against the Innovision IPO valuation.
Peer Comparison
Innovision Ltd competes with listed peers SIS Limited and Krystal Integrated Services in the organized manpower services and integrated facility management space in India. At ~35.08x P/E, the Innovision IPO carries a premium valuation relative to the thin-margin nature of the business.
Use of Funds - Working Capital and Debt Pre-Payment
The net proceeds from the fresh issue of this Innovision IPO will be used for:
- Working capital funding: ₹119 crore - Funding working capital requirements of the company (manpower services businesses require significant cash flow as salaries are paid monthly while client collections take time)
- Debt repayment: ₹51 crore - Repayment or pre payment in full or part of all or certain borrowings availed by the company (working capital borrowings availed exceed ₹130 crore)
- General corporate purposes: Balance - General corporate purposes including operational expansion across various sectors
Emkay Global Financial Services
Emkay Global Financial Services Ltd is the book-running lead manager for the Innovision IPO. Emkay Global Financial Services manages institutional book-building and distribution for this initial public offering, bringing strong market access and research coverage to the issue.
KFin Technologies - IPO Registrar
KFin Technologies Ltd is the IPO registrar for the Innovision Limited IPO. KFin Technologies handles allotment processing, refund management, and IPO allotment status queries. Investors can check Innovision IPO allotment status and allotment status on the KFin Technologies registrar portal after March 13, 2026.
Innovision IPO GMP - Grey Market Premium
Innovision IPO GMP Today
Innovision IPO GMP today is currently nil, indicating the stock may list at par with the issue price. The grey market is showing muted interest in the Innovision IPO ahead of subscription opening on March 10 2026.
The grey market premium of nil means the Innovision IPO is expected to list at approximately ₹548 - the upper price band - with no meaningful listing gains at current levels. Grey market premium data is unofficial and not regulated by SEBI. Innovision IPO GMP should not be the sole basis for investment decisions.
Innovision IPO Allotment Status
- IPO allotment: IPO allotment finalised on March 13, 2026
- Share credit: Successful bidders will receive shares in demat account on March 16, 2026
- Refunds: Those who fail to get the allotment will receive refunds on March 16, 2026
- Listing date: March 17, 2026 on BSE and NSE
- IPO registrar: KFin Technologies Ltd
- Allotment status: Check allotment status and IPO allotment status at the KFin Technologies registrar portal
Retail investors can apply for the Innovision IPO online using UPI as a payment method via stock brokers, or ASBA through bank account net banking. The IPO application form can be submitted digitally during March 10 2026 to March 12, 2026. 65% of the net issue is reserved for retail investors.
Allocation Breakdown
- Retail Investors (RII): 65% of net issue
- Non-Institutional Investors (NII): 34%
- Qualified Institutional Buyers (QIB): 1%
Risks to Consider
- Premium valuation: Post-IPO P/E of ~35.08x is steep for a business with ~3.2% PAT margins
- Government contract dependency: Services toll plaza management (56% of FY25 revenue) depends on NHAI contract renewals via competitive bidding
- Thin margins: Providing manpower services is a high-volume, low-margin business - labour cost increases directly impact company financials
- Client concentration: Max Healthcare, Stellar Value Chain, Sequel Logistics are key clients - exit of any major client impacts revenues
- Regulatory risk: PSARA compliance requirements and the company has challenged one debarment decision from specific clients in court
- Working capital intensity: Working capital requirements are high as security personnel salaries must be paid before client collections
- Revenue mix: Heavy dependence on toll plaza management (56%) with manpower services needing to scale to balance revenue
- Geographic complexity: Operating across 23 states and 5 union territories brings compliance complexity across India
How to Apply for Innovision IPO
- Open Tradejini demat account
- Go to IPO section in Products Menu
- Fill the IPO application form and bid within price band of ₹521 to ₹548
- Authorize UPI as payment method
Conclusion
The Innovision IPO brings a mainboard IPO opportunity in India's organized manpower services sector for Mar 2026. Innovision Limited has built genuine pan-India scale - operating across India in 23 states and 5 union territories through 39 offices - with a diverse portfolio spanning manned private security services, integrated facility management IFM, manpower sourcing and payroll, services toll plaza management, and skill development training under central and state government schemes.
The company financials show strong momentum: revenue from operations grew from ₹255.56 crore in FY23 to ₹893.13 crore in FY25, and PAT rose from ₹8.88 crore to ₹29.02 crore over the same period. The restated consolidated figures demonstrate Innovision Limited is a fast-scaling business backed by domain knowledge in workforce management and manpower services established systems.
That said, the ~35.08x P/E at the upper price band of ₹548 prices in significant future growth. With Innovision IPO GMP today nil and the grey market showing muted interest, short-term investors may find limited upside. Long-term investors seeking exposure to India's organized manpower services and toll plaza management sector - with clients like Max Healthcare, Stellar Value Chain, and Sequel Logistics - may consider this initial public offering for portfolio allocation.
Always read all related documents carefully and consult a SEBI-registered advisor before investing.
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