Innovision IPO to open on March 10: Check price band, issue size & other details

Gurgaon-based Innovision, which provides manpower services and toll plaza management, is set to launch its initial public offering (IPO), for subscription on March 10 to March 12, 2026. The company has fixed the price band at Rs 521-548 per equity share, with a minimum application size of one lot comprising 27 shares.

At the upper end, Innovision seeks to raise Rs 322.84 crore, which includes a fresh issue of Rs 255 crore and an offer-for-sale of 12.38 lakh equity shares. The post-listing market capitalisation is estimated to be Rs 1,290.72 crore. The IPO allocates 65 per cent of the issue size to retail investors, 34 per cent to non-institutional investors, and 1 per cent to institutional investors.

Innovision, established in 2007, started as a manned private security services company and has since diversified its portfolio to include skill development in FY14 and toll plaza management in FY19. As of 15 January 2026, the company operates across 23 states and five union territories in India.

Innovision plans to use Rs 51 crore of the fresh issue proceeds to repay certain borrowings and Rs 119 crore towards working capital requirements, with the remaining amount allocated for general corporate purposes. The outstanding working capital borrowings as of 15 January 2026 stood at Rs 134.5 crore, and the company expects to materially reduce this liability following the IPO.

For the financial year 2025, Innovision reported a profit of Rs 29 crore, a rise of 182.5 per cent from Rs 10.3 crore in the previous fiscal year. Revenue increased by 75 per cent to reach Rs 893.1 crore from Rs 510.3 crore in the previous period. For the six months ended September 2025, the company recorded a profit of Rs 20 crore on a revenue of Rs 480 crore.

Emkay Global is the sole book-running lead manager for the issue, while Kfin Technologies will be the registrar. The IPO share allotment is expected to be finalised on 13 March 2026, with shares tentatively scheduled to list on both BSE and NSE on 17 March 2026. In FY25, manpower services contributed 41 per cent and toll plaza management 56 per cent to the total revenue.

Founded with a focus on private security, Innovision has systematically broadened its service offerings and geographical presence. The reduction in debt and allocation of funds towards working capital are intended to support future growth. The company’s business model now spans manpower provision and infrastructure management across India.