Innovision IPO kicks-off, should you apply: Check issue details, fresh GMP, ratings & more

The initial public offering (IPO) of Innovision kicks-off for bidding on Tuesday, March 17. The company is offering its shares in the range of Rs 521-548 apiece and investors can apply for a minimum of 27 equity shares and its multiples thereafter. The issue will close for subscription on Thursday, March 12.

The Rs 323 crore-IPO of Innovision includes a fresh share sale of Rs 255 crore and offer-for-sale (OFS) of up to 12.38 lakh shares worth Rs 65 crore. The net proceeds from the issue shall be utilized towards debt repayment, funding of working capital needs and general corporate purposes.

Incorporated in 2007, New Delhi-based Innovision provides manpower services, toll plaza management, and skill development training to clients across India. It has 35 offices, including registered and corporate offices, across India. Innovision operates in 23 states and 5 union territories of India as of January 2026.

Innovision reported a net profit of Rs 20 crore with a revenue of Rs 483.10 crore for the six months ended on September 30, 0225. The company clocked a net profit of Rs 29.02 crore with a revenue of Rs 895.95 crore for the financial year 2024-25. At the current valuations, the company commands a valuation of Rs 1,290 crore.

Innovision has reserved 65 per cent equity shares for retail investors, while non-institutional investors will have 34 per cent of shares allocated for them. Qualified institutional bidders have only one per cent reserved for them. There is no allocation for anchor investors in the IPO.

There is no grey market premium (GMP) for the issue. Emkay Global Financial Services is the sole book running lead manager of Innovision IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Tuesday, March 17. Here's what a host of brokerage firms say about the IPO of Innovision:
 

Ventura Securities
Rating: Subscribe
Diversified service portfolio across manpower outsourcing and toll plaza management provides multiple revenue streams and scalability. Strong nationwide presence, large client base, and government partnerships support growth alongside rising demand for outsourced workforce and infrastructure services, said Ventura Securities.

"Innovision has delivered strong growth over the past two years driven by expansion in its toll plaza management and manpower services businesses. Its services cater to industries such as retail, healthcare, warehousing, logistics, BFSI, and government departments," Ventura added with a 'subscribe' rating on the IPO.
 

Swastika Investmart
Rating: Avoid
RoNW of 35.45 per cent is the highest in the peer group by far (next best is 19 per cent), signaling efficient capital use, partially justifying the premium. At 35.69 times P/E, the stock is pricing in significant future growth already, said Swastika Investmart, with an 'avoid' rating.

"Given thin margins and a commoditized manpower/toll services business, this valuation leaves limited margin of safety.
long-term upside at this price needs consistent margin expansion to play out. Not a strong conviction long-term hold at this valuation unless margins show a clear upward trajectory in coming quarters," it added.
 

SBI Securities
Rating: Avoid
Innovision is valued at a P/E ratio of 32.5 times based on its 1HFY26 annualized earnings on post-issue capital. It demonstrated resilient performance with revenue/ebitda/PAT growing at a CAGR of 86.9 per cent/85 per cent/80.8 per cent between FY23-FY25 to Rs 893 crore/ Rs 49 crore/ Rs 29 crore respectively. The IPO valuations appear to be premium, said SBI Securities.

"The company exhibits a significant concentration of business in terms of both clients and geographical regions. It is also facing a considerable number of legal and regulatory challenges, along with debarment notices from some clients. While growth is strong, the margins are very low and are subject to high employee attrition," it added with an 'avoid' rating.
 

Lakshmishree Investments and Securities
Rating: Subscribe
Innovision has established a significant presence in the Indian services sector, specializing in integrated manpower and multifaceted workforce solutions. It has transitioned into a high-scale nationwide operator, leveraging a massive workforce and a pan-India network across 23 states to maintain a robust RoCE of 40.77 per cent, said LakshmiShree Investments & Securities.

"While the company operates with a 1.10 debt-to-equity ratio to fuel its rapid expansion, its primary focus remains the high-volume toll management and facility services markets. We suggest a ‘subscribe’ rating for investors seeking exposure to India’s high-growth, operationally efficient managed services landscape," it added.
 

BP Equities
Rating: Avoid
Innovision, at an EPS of Rs 10.82 implies a P/E of 51 times. Given the significant premium to its listed peers and concerning operational and regulatory risks faced by the company, we recommend an 'avoid' rating to the issue from a medium-to-long-term perspective, said BP Equities.