Innovision IPO subscription falls to 30% as investors withdraw applications; check fresh allotment, listing dates

Innovision IPO allotment is expected by March 18.

• Innovision IPO subscription falls to 30% after withdrawals.
• Price band revised to Rs 494-519 per share from Rs 521-548.
• Shares allotment on March 18, listing scheduled for March 20.

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Innovision initial public offering (IPO) subscription fell to 30 percent on Friday after some investors withdrew their applications, according to the data available with the National Stock Exchange (NSE).

The IPO of the manpower and toll plaza management services provider had opened for subscription on March 10 and was earlier scheduled to close on March 12.

On Thursday, the company extended the issue closing date to March 17 and lowered the price band following a subdued response from investors.

According to an exchange filing, the company has revised the price band to Rs 494-519 per share from the earlier Rs 521-548 per share. The revised price band came into effect from March 13.

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Investor participation remained muted during the first three days of the issue. By the end of the third day, the IPO had received an overall subscription of 32 percent, as per data on NSE.

However, after withdrawal of some applications on Friday, the subscription level slipped to 30 percent.

Among investor categories, the portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 95 percent. The non-institutional investors (NIIs) segment saw 35 percent subscription, while the retail investors portion received the lowest response at 26 percent.

Innovision IPO allotment, listing dates

The allotment of shares is expected to be finalised on March 18, while the company’s shares are scheduled to list on the exchanges on March 20.

Proceeds from the fresh issue will be used for repayment of debt, funding working capital requirements and for general corporate purposes.

Haryana-based Innovision provides manpower services including manned private security, integrated facility management, manpower sourcing and payroll management.

The company also manages toll plaza operations, which include user fee collection and related services secured through competitive bidding. It is empanelled with the National Highways Authority of India (NHAI) for toll collection at various locations.

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