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Innovision shares list at 10% discount to IPO priceThe Innovision stock opened at ₹467.70 and ₹466 on NSE and BSE, respectively, against the issue price of ₹519 per share. The company's post-listing market capitalisation stood at ₹1,113.75 crore.By Meghna Sen  March 23, 2026, 10:04:28 AM IST (Published)2 Min ReadIn a weak market debut, shares of Innovision Limited listed at 10% discount to the IPO price on Monday, March 23. The stock opened at ₹467.70 and ₹466 on NSE and BSE, respectively, against the issue price of ₹519 per share.

The company's post-listing market capitalisation stood at ₹1,113.75 crore.

The ₹319 crore IPO saw an overall subscription of 3.46 times, driven largely by strong institutional and high-net-worth investor participation.

The QIB portion was subscribed 14.30 times, while the NII segment saw 8.60 times subscription. In contrast, retail demand remained weak at just 0.60 times.

The Gurgaon-based manpower services and toll plaza management provider sold its shares in a fixed price band of ₹521-548. The issue was open for subscription from March 10 to March 12.

At the upper end of the price band, Innovision raised ₹322.84 crore, which comprised a fresh issue of ₹255 crore and an offer-for-sale of 12.38 lakh equity shares.

Founded in 2007 as a provider of manned private security services, Innovision has gradually diversified into a broader suite of manpower services. It entered the skill development segment in FY14 and expanded into toll plaza management in FY19.

As of January 15, 2026, the company operates across 23 states and 5 union territories.

From the fresh issue proceeds, ₹51 crore will be used to repay certain borrowings, ₹119 crore will be allocated towards working capital requirements, and the remaining amount will be utilised for general corporate purposes.

As of January 15, 2026, total outstanding working capital borrowings stood at ₹134.5 crore, and the fresh issue is expected to materially reduce this burden.

In FY25, Innovision derived 41% of its revenue from manpower services and 56% from toll plaza management.

The company reported a profit of ₹29 crore for the fiscal, up 182.5% from ₹10.3 crore in the previous year. Revenue rose 75% to ₹893.1 crore from ₹510.3 crore.

For the six months ended September 2025, Innovision posted a profit of ₹20 crore on revenue of ₹480 crore.

Emkay Global Financial Services was the book-running lead manager to the issue, while Kfin Technologies was the registrar.Continue ReadingTagsIPO