Haryana-based Innovision files IPO papers with Sebi, eyes Rs 315 cr

Manpower services company Innovision Ltd has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The Haryana-based company's proposed IPO is a mix of fresh issuance of Rs 315 crore and an Offer For Sale (OFS) of up to 1.181 million equity shares by promoters, according to the Draft Red Herring Prospectus (DRHP).

Those selling shares in the OFS are Randeep Hundal and Uday Pal Singh.

As per the draft papers filed on Monday, proceeds from the fresh issuance to the extent of Rs 55 crore will be used towards payment of debt, Rs 160 crore for funding working capital requirements of the company and, besides, a portion will be used for general corporate purposes. The company specialises in providing manpower services, which include manned private security, integrated facility management services, as well as manpower sourcing and payroll management.

 

The toll plaza management operations involves user fee collection and related services at toll plazas, secured through competitive bidding processes. Additionally, the company is empanelled with NHAI for toll collection at various locations.

Innovision also offers skill development training as a partner for the Centre and various state government initiatives. Through its wholly-owned subsidiary, Innovision International Pvt Ltd, the company provides recruitment, placement consultancy, and visa facilitation services as of June 30, 2024, Innovision has served over 200 clients across various sectors, providing services at more than 1,500 client locations.

Currently, Innovision operates at six toll plazas located in Lachhiwala (Uttarakhand), Nazirakhat (Assam), Sarsawa (Uttar Pradesh), Paschim Madati (West Bengal), Newadakanthi (Uttar Pradesh) and Tarwa Dewa (Uttar Pradesh).

Innovision's revenue from operations doubled to Rs 510.33 crore in fiscal 2024 from Rs 255.56 crore in fiscal 2023 and profit after tax rose by 14 per cent to Rs 10.13 crore in FY24 from Rs 8.88 crore a year ago.

For the three months ended June 30, 2024, revenue from operations stood at Rs 198.69 crore and profit after tax was at Rs 7.38 crore.

Emkay Global Financial Services is the sole book-running lead manager to the issue.