The Innovision IPO is set to enter the primary market next week, bringing another manpower services company into the spotlight. According to details shared in the Red Herring Prospectus (RHP), the public issue will open for subscription on March 10 and remain available to investors until March 12.
The company plans to raise around ₹323 crore through this offering. The Innovision IPO price band has been fixed between ₹521 and ₹548 per share. If everything proceeds according to the current schedule, share allotment may be completed on March 13, and the company is targeting March 17 for the listing of its shares on the BSE and NSE.
The issue combines a fresh share sale by the company along with an offer for sale by existing promoters.
Innovision IPO Timeline and Key Dates
The Innovision IPO will follow a three-day subscription window. The timeline has already been outlined in the company’s RHP.
Important dates related to the Innovision IPO
- Opening date: March 10
- Closing date: March 12
- Expected allotment date: March 13
- Proposed listing date: March 17
- Stock exchanges: BSE and NSE
The Innovision IPO price band has been set in the range of ₹521–₹548 per share, positioning the issue in the mid-range segment of recent public offerings.
Innovision IPO Size and Structure
The Innovision IPO has been designed in two parts — one where the company will issue new shares, and another where promoters will sell a portion of their existing stake through an offer for sale (OFS)
Issue structure
- Fresh issue: Nearly 47 lakh shares expected to raise ₹255 crore
- Offer for Sale: 12.4 lakh shares aggregating ₹67.84 crore
- Total issue size: Approximately ₹323 crore
The fresh issue component will bring funds directly into the company, while the OFS portion involves existing shareholders selling a part of their holdings.
Selling Shareholders in the Offer for Sale
The offer for sale portion of the Innovision IPO includes shares being sold by the company’s promoters.
Promoters participating in the OFS
- Lt Col Randeep Hundal
- Uday Pal Singh
These promoters will divest a part of their shareholding through the public issue.
Use of Funds From the Fresh Issue
The company has outlined the planned use of funds raised from the fresh issue portion of the Innovision IPO.
Primary purposes include:
- Reducing certain outstanding borrowings
- Supporting working capital needs
- General corporate requirements
These allocations are aimed at supporting the company’s ongoing operations and strengthening its financial structure.
Innovision Business Overview
Innovision operates in the manpower services segment, offering workforce solutions and operational support to various clients across India.
Main services offered
- Manpower services
- Toll plaza management
- Skill development training
The company provides these services to different organizations that require manpower-intensive operational support.
As of January 15, 2026, Innovision had established operations across:
- 23 states
- 5 union territories
This wide reach highlights the company’s presence across several regions of the country.
Innovision Financial Performance
Financial numbers disclosed in the RHP show strong growth in both revenue and profit over the past few financial years.
Revenue From Operations
The company has reported a sharp rise in revenue.
- FY23: ₹255.56 crore
- FY24: ₹510.3 crore
- FY25: ₹893.1 crore
This indicates that the company’s operational scale has expanded significantly within a short period.
Net Profit
Profit numbers have also improved during the same period.
- FY23: Nearly ₹9 crore
- FY24: ₹10.3 crore
- FY25: ₹29 crore
The increase in profitability reflects the company’s growing business volume.
Promoters and Management
The company is led by two promoters who also hold leadership roles within the organization.
Key leadership positions
- Lt Col Randeep Hundal (49)
- Chairman and Managing Director
- Uday Pal Singh (48)
- Whole-Time Director and Chief Executive Officer
Both promoters have been responsible for overseeing the company’s operations and expansion.
Industry Growth in Security and Manpower Services
Innovision operates within the manned security and manpower services sector, which has experienced steady expansion in India.
Data mentioned in the RHP indicates strong growth in the industry.
- The Indian manned security services market was valued at ₹547 billion in 2019
- By 2024, the market size reached ₹988 billion
This represents a 12.6% compound annual growth rate between 2019 and 2024.
Industry projections mentioned in the document suggest that the market could reach ₹1,716 billion by 2029, reflecting a CAGR of 11.5% from 2023 to 2029.
Listed Companies Operating in the Same Segment
Innovision operates in an industry that includes several listed companies providing manpower and security services.
Some of the companies mentioned as industry peers include:
- Krystal Integrated Services Limited
- Updater Services Limited
- SIS Limited
- Quess Corp Limited
- Highway Infrastructure Ltd
These companies operate in similar segments involving manpower solutions and operational support services.
Key Risk Mentioned in the RHP
One of the major operational risks highlighted in the document relates to the manpower-dependent nature of the business.
Since the company’s services rely heavily on workforce availability, any difficulty in recruiting or retaining skilled employees may affect operations and business performance.
This dependence on human resources is a core aspect of the company’s business model.
Innovision IPO: Quick Summary
The Innovision IPO is scheduled to open for public subscription on March 10 and will remain available until March 12. Through this public issue, the company plans to raise ₹323 crore, combining a fresh issue of shares with an offer for sale by existing shareholders.
Key highlights
- Price band: ₹521–₹548 per share
- Total issue size: ₹323 crore
- Fresh issue: Around ₹255 crore
- Offer for sale: ₹67.84 crore
- Operations: 23 states and 5 union territories
- Proposed listing: March 17 on BSE and NSE
The company has reported strong growth in recent years, with revenue rising from ₹255.56 crore in FY23 to ₹893.1 crore in FY25, while profit increased from nearly ₹9 crore to ₹29 crore during the same period.
As the Innovision IPO approaches its subscription window, the public issue brings another manpower services company to the Indian primary market.
Source: Livemint
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