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19 Nov 2024
Innovision Limited has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise ₹315 crore through an initial public offering (IPO). The IPO will consist of a fresh issuance of equity shares worth ₹315 crore, alongside an offer for sale (OFS) of 1,181,250 equity shares by its promoters, Lieutenant Colonel Randeep Hundal and Uday Pal Singh, who will each sell 590,000 shares.
The funds raised from the IPO are earmarked for several purposes, including repaying ₹55 crore of outstanding debt and supporting working capital requirements, which are critical for the company's operations. As of July 2024, Innovision's total borrowings stood at ₹60.98 crore, indicating that the IPO proceeds will significantly alleviate its debt burden.
Based in Gurgaon, Innovision operates across 22 states and 5 union territories in India, providing a range of services, including manpower services, toll plaza management, and skill development training. The company has established a strong client base, serving over 200 clients across various sectors, including notable names like Max Healthcare and Stellar Value Chain.
For the fiscal year ending March 2024, Innovision reported a net profit of ₹10.13 crore, reflecting a 14.06% growth from the previous year, alongside a revenue increase of nearly 100% to ₹510.3 crore. The company's earnings before interest, tax, depreciation, and amortization (EBITDA) rose by 24.9% to ₹17.86 crore, although the operating margin experienced a slight decline.
Emkay Global Financial Services is the sole book-running lead manager for the IPO, which is part of a broader trend of companies tapping into the public markets for capital.
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