Price band of Rs. 521 to Rs. 548 per Equity Share bearing face value of Rs 10 each (“Equity Shares”)
Bid/Offer Opening Date – Tuesday, March 10, 2026 and Bid/Offer Closing Date – Thursday, March 12 , 2026.
Minimum Bid Lot is 27 Equity Shares and in multiples of 27 Equity Shares thereafter.
Mumbai, March 6, 2026: Innovision Ltd has fixed the price band of ₹ 521/- to ₹ 548/- per Equity Share of face value ₹ 10/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Issue”) of the Company will open on Tuesday, March 10, 2026, for subscription and close on Thursday, March 12, 2026.
Investors can bid for a minimum of 27 Equity Shares and in multiples of 27 Equity Shares thereafter.
Equity shares outstanding as on date 18,900,000 Equity Shares of Rs 10 each
The IPO is a fresh issue for Rs 2,550.00 million and an offer-for-sale for 1,238,000 shares by promoter selling shareholders - Lt Col Randeep Hundal and Uday Pal Singh.
The proceeds from the fresh issue to the extent of Rs 510.00 million will be for repayment or pre-payment, in part or full, of all or certain borrowings availed by the Company, Rs 1,190.00 million for funding working capital requirements of the Company, and general corporate purposes.
The Company is in the business of providing manpower services, toll plaza management and skill development training to its clients across India. As on January 15, 2026, the Company has its operations in 23 states and 5 union territories. The Company started its business with a single service domain of providing manned private security services to its clients in and has gradually diversified its business to provide a suite of manpower services.
The Company commenced offering skill development services from Fiscal 2014 and toll plaza management services from Fiscal 2019.
The Company’s business of manpower services focuses on providing manned private security services, integrated facility management (IFM) services, manpower sourcing and payroll services. Company’s toll plaza management operations comprise of user fee collection and other related services on toll plazas awarded to the Company by the relevant authority, subsequent to a tender based competitive bidding process. Furthermore, the Company is also empanelled with NHAI for toll collection services at its various toll plazas. In addition, Company also provides skill development training as a training partner for various Central and State Government schemes. The skill development initiatives cover diverse sectors, including management and entrepreneurship, media and entertainment, healthcare, telecommunications, electronics, beauty and wellness, construction, apparel, logistics, BFSI and retail. These training programs are conducted in collaboration with sector skill councils, state missions, and other recognized entities, ensuring alignment with industry standards and requirements.
The Company provides skill training to Indian youth to enable them to acquire industry relevant skill that will help them in securing a better livelihood. Through company’s wholly owned subsidiary, Innovision International Private Limited (Innovision International), the Company provides services in respect of recruitment, placement consultancy and visa facilitation services.
Company also provides remote pilot training courses to enthusiasts and budding drone-operations through its subsidiary, Aerodrone Robotics. The Company’s manpower services spans diversified industries and sectors such as healthcare, warehousing and logistics, government departments, retail and BFSI.
The skill development focuses on government initiatives for skill development. Toll plaza segment comprises undertaking user fee collection at toll plazas on national highways.
Manpower Services
Company’s manpower Services comprise of 3 operational segments – i) Manned Private Security Services, ii) IFM Services; and iii) Manpower Sourcing and Payroll.
As at January 15, 2026, the Company served more than 180 clients across various sectors and rendered its services at more than 1,000 client premises. Company’s portfolio of manpower services and a diverse client base have enabled it to design and deliver a range of solutions suited to the specific needs of its clients. Some of the Company’s key clients include Max Healthcare Limited, Stellar Value Chain and Sequel Logistics. Through Company’s subsidiary, Innovision International Private Limited, the Company is also providing services in respect of recruitment, placement and consultancy and visa services. Innovision International Private Limited has also obtained the Regulated Canadian Immigration Consultant (RCIC) certification through collaboration with a Canadian agency.
The Company’s revenue from operations for the six-months ended September 30, 2025 was Rs 4,799.96 million and its net profit was Rs 235.73 million.
Its revenue from operations was Rs 8,931.31 million during FY25 vis-à-vis Rs 2,555.65 million during FY23.
Its net profit was Rs 390.48 million during FY 25 vis-à-vis Rs 103.06 million during FY23.
Emkay Global Financial Services Limited is the bookrunning lead manager to the Offer; and Kfin Technologies Limited is the registrar of the offer.
The Offer is being made through the book-building process, wherein not more than 1% of the Offer is allocated to qualified institutional buyers, and not less than 34% is assigned to non-institutional bidders and not less than 65% of the Offer is assigned to retail individual bidders respectively.
Toll Plaza Management
The Company also undertakes toll plaza management which inter-alia includes user fee collection, maintenance and cleanliness of user fee plazas/user fee collection booths and surrounding area, maintenance of computers and other equipment, traffic management at toll plaza. The Company makes use of technologies such as Electronic Toll Collection (“ETC”) through Radio-Frequency Identification (“RFID”) reader, toll lane controller, cameras including user fare display board, automatic vehicle classification sensors and automatic boom barriers for user fee collection which helps in improving operational efficiency and ensuring transparency.
As on January 15, 2026, the Company is operating 9 toll plazas for user fee collection. As on the date of the RHP, the Company has undertaken 60 projects including existing 24 toll plaza management projects. The ongoing projects are located across Northern Western and Eastern States in India namely Uttar Pradesh, Assam, Jharkhand, Rajasthan and Haryana. The Company believes that its ability to manage multiple projects across different geographies provide it with a significant advantage to efficiently manage growth and expansion. As on January 15, 2026, the toll plaza management business employed more than 550 persons comprising of fee collectors, fee attendants, and shift incharge etc. at the aforementioned plazas.
Skill Development
The Company is associated as training partner with NSDC and various sector skill councils to undertake skill development training. The Company is also conducting training for various state skill development missions and currently working in the States of Haryana, Rajasthan, West Bengal, Chhattisgarh, Bihar Punjab and Maharashtra for implementation of short-term training and recognition of prior learning programs. The Company also conducted training for Ministry of Rural Development (MoRD) for implementation of Deen Dayal Upadhyay Gramin Kaushal Yojna projects.
The Skill Development segment focuses on imparting vocational and technical training across industries to enhance employability. The courses range from vocational education, media & entertainment, healthcare, tourism and hospitality, logistics, automotive, information technology and information technology enabled services, telecom, apparel, beauty and wellness, green jobs, retail, instrumentation, agriculture, electronics and hardware and construction.
INNOVISION LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a red herring prospectus dated MARCH 02, 2026, with the RoC. The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLM i.e., https://www.emkayglobal.com/, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at https://innovision.co.in/. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section “Risk Factors” beginning on page 32 of the RHP. Potential investors should not rely on the DRHP for making any investment decision but should only rely on the information included in the RHP filed by the Company with the RoC.
The Equity Shares offered in the Issue have not been, and will not be, registered under the U.S. Securities Act and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The Equity Shares offered in the issue are being offered and sold only outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act (“Regulation S”).
Disclaimer Clause of Securities and Exchange Board of India (“SEBI”): SEBI only gives its observations on the offer documents and this does not constitute approval of either the Offer or the specified securities stated in the Offer Documents. The investors are advised to refer to page 417 of the RHP for the full text of the disclaimer clause of SEBI.
Disclaimer Clause of BSE: It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to the page 419 of the RHP for the full text of the disclaimer clause of BSE.
Disclaimer Clause of NSE (the Designated Stock Exchange): It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Issue Document. The investors are advised to refer to page 420 of the RHP for the full text of the disclaimer clause of NSE.
