Innovision's ₹323cr IPO subscribed 3.32 times
Innovision Ltd.'s IPO wrapped up with 3.32 times more bids than shares on offer, thanks to a last-minute rush after the company lowered its price band to ₹494 to ₹519 and extended the deadline.
Over 2.12 crore shares were bid for, compared to just under 64 lakh available.
Interest from institutional investors
Most of the excitement came from institutional and non-institutional investor categories: QIBs subscribed about 13.75 times and non-institutional investors about 8.26 times their allotted shares.
Retail investors weren't as enthusiastic, filling only about half their quota, but interest picked up sharply on the final day after a slow start.
Fresh issue, offer for sale
Based in Haryana, Innovision handles everything from private security and facility management to manpower sourcing and payroll services. They also run toll plazas for NHAI through competitive bidding.
The IPO is for about ₹323 crore in total (a fresh issue of ₹255 crore and an offer for sale of about ₹68 crore).
Proceeds from the fresh issue (₹255 crore) will be used primarily to repay or prepay certain borrowings, meet working-capital requirements and for general corporate purposes; proceeds from the offer-for-sale will go to the selling shareholders, with Emkay Global managing the process.