Manpower services provided Innovision Limited files DRHP for IPO

Haryana-based Innovision Limited, provider of manpower services, toll plaza management and skill development training, has filed its draft red herring prospectus (DRHP) with capital markets regulator Sebi to raise funds through an IPO.

The IPO, with a face value of Rs 10 each, is a mix of fresh equity issue of Rs 315 crore and an offer for sale of up to 11.81 lakh shares by promoter selling shareholders.

Under the OFS, Lt Col Randeep Hundal and Uday Pal Singh will offload 5.9 lakh shares each.


About 75% of the offer will be available for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 10% for retail investors.

The proceeds from its fresh issue will be used towards repayment or pre-payment of debt, to fund working capital requirements of the company and for general corporate purposes.

Innovision Limited is founded with a single service domain of providing manned private security services. Over time, the company has expanded its offerings to include a comprehensive range of manpower services. Since FY14, they have also been involved in skill development services, and in FY19, they ventured into toll plaza management services.

The Haryana-based company specialises in providing manpower services, which include manned private security, integrated facility management (IFM) services, as well as manpower sourcing and payroll management.

The toll plaza management operations encompass 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 various central and state government initiatives.

Innovision's manpower services cater to diverse industries such as healthcare, warehousing and logistics, government departments, retail, and BFSI. The skill development efforts align with government initiatives, while the toll plaza segment focuses on user fee collection on national highways.

Its revenue from operations increased by nearly 100% to Rs 510 crore in FY24, primarily due to significant increase of 625.43% in revenue from toll management business in addition to nominal increase in security services business. The profit after tax rose 14% to Rs 10.13 crore in the same period.

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

Emkay Global Financial Services is the sole book running lead manager and KFin Technologies Limited is the registrar of the offer.