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19 Nov 2024
Manpower services provider Innovision Ltd, based in Haryana, has submitted draft documents to the Securities and Exchange Board of India (Sebi) for a proposed initial public offering (IPO).
The IPO aims to raise Rs 315 crore through a combination of a fresh issue and an Offer For Sale (OFS) of up to 1.181 million equity shares by the company's promoters, as outlined in the Draft Red Herring Prospectus (DRHP).
Promoters Randeep Hundal and Uday Pal Singh are the primary sellers in the OFS. According to the draft papers submitted on Monday, the fresh issuance proceeds will be allocated as follows: Rs 55 crore for debt repayment, Rs 160 crore for working capital needs, and the remainder for general corporate purposes.
Innovision specializes in manpower services, including private security, integrated facility management, and payroll management. The company is involved in toll plaza management, handling user fee collection at toll booths through competitive bidding and is empaneled with the NHAI for various toll collection locations.
Additionally, Innovision provides skill development training in partnership with central and state government initiatives and offers recruitment, placement consultancy, and visa facilitation through its wholly-owned subsidiary, Innovision International Pvt Ltd. As of June 30, 2024, Innovision has served over 200 clients across multiple sectors, managing services at more than 1,500 client sites.
The company operates toll plazas in six locations: Lachhiwala (Uttarakhand), Nazirakhat (Assam), Sarsawa (Uttar Pradesh), Paschim Madati (West Bengal), Newadakanthi (Uttar Pradesh), and Tarwa Dewa (Uttar Pradesh). Innovision's revenue from operations surged to Rs 510.33 crore in fiscal 2024, up from Rs 255.56 crore the previous year, with a 14% increase in profit after tax, reaching Rs 10.13 crore. For the quarter ending June 30, 2024, revenue was Rs 198.69 crore, and profit after tax was Rs 7.38 crore.
Emkay Global Financial Services is the sole book-running lead manager for the IPO.
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