Innovatiview India files draft papers with SEBI to raise Rs 2,000 crore via IPO

In the six months ending September 30, 2024, Innovatiview served 72 clients and secured over 1,409 examinations nationwide.

Innovatiview India Ltd has submitted its draft papers to the Securities and Exchange Board of India (SEBI) to raise Rs 2,000 crore through an initial public offering (IPO). The offering consists entirely of an Offer for Sale (OFS) by existing promoters and shareholders.

Under the OFS, Ashish Mittal and Ankit Agarwal will each offload shares worth up to Rs800 crore, while Vishal Mittal and Abhishek Agarwal will sell shares worth up to Rs320 crore and Rs32 crore, respectively.

The IPO is being managed by DAM Capital, ICICI Securities, JM Financial, Motilal Oswal Investment Advisors, and Shannon Advisors.

Innovatiview India Ltd is a technology-driven company specializing in automated security and surveillance solutions for examinations, elections, and large-scale events across India. As of September 30, 2024, it holds a 73.7% market share in the country’s examination-integrated security segment by revenue.

The company provides comprehensive security solutions, incorporating CCTV surveillance, biometric controls, physical security measures (such as frisking), VoIP communication systems, GPS tracking, and dedicated examination infrastructure. It is also among the pioneers in India to integrate artificial intelligence (AI) into CCTV surveillance and implement touchless biometric verification for impersonation control in examinations.

In the six months ending September 30, 2024, Innovatiview served 72 clients and secured over 1,409 examinations nationwide.

For FY24, the company reported revenue of Rs638 crore, a significant rise from Rs380.73 crore in the previous year. Net profit stood at Rs196.72 crore, up from Rs114.56 crore in FY23. As of September 2024, its net debt was Rs198 crore.