The IPO, with a face value of Rs10 each, is a mix of fresh issuance of Rs 315 crore and an offer for sale of up to 11,81,250 lakhs equity shares by promoter selling shareholders
FinTech BizNews Service
Mumbai, August 21, 2024: Haryana-based Innovision Limited provider of manpower services, toll plaza management and skill development training, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise capital through an Initial Public Offering (IPO).
The IPO, with a face value of Rs10 each, is a mix of fresh issuance of Rs 315 crore and an offer for sale of up to 11,81,250 lakhs equity shares by promoter selling shareholders. The offer for sale consists of up to 5,90,625 equity shares each by Lt Col Randeep Hundal and Uday Pal Singh.
The offer is being made through the book-building process, wherein at least 75% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the offer shall be available for allocation to non-institutional investors, and not more than 10% of the offer shall be available for allocation to retail individual investors.
The proceeds from its fresh issuance to the extent of Rs 55 crore will be towards repayment or pre-payment, in part or full, of all or certain borrowings availed by the Company, Rs 160 crore for funding working capital requirements of the Company and general corporate purposes.
Innovision Limited, founded in 2007 by Lt Col Randeep Hundal and Uday Pal Singh, 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 Fiscal 2014, they have also been involved in skill development services, and in Fiscal 2019, they ventured into toll plaza management services.
The Haryana-based Company specializes 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. Through their wholly-owned subsidiary, Innovision International Private Limited, provides recruitment, placement consultancy, and visa facilitation services. Moreover, their subsidiary, Aerodrone Robotics Private Limited, offers remote pilot training courses for drone enthusiasts and aspiring operators.
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.
As of June 30, 2024, Innovision Limited has served over 200 clients across various sectors, providing services at more than 1,500 client locations. Their diverse portfolio allows them to tailor solutions to meet the specific needs of their clients. Key clients include Max Healthcare Limited, Stellar Value Chain, and Sequel Logistics. Innovision International also provides recruitment, placement, consultancy, and visa services, having obtained the Regulated Canadian Immigration Consultant (RCIC) certification in partnership with a Canadian agency.
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.
As of June 30, 2024, the company has operations in 22 states and 5 union territories, with licenses under the PSARA Act to provide manned private security services in 17 states and 3 union territories. Innovision also runs a training center for private security personnel, operates more than 60 skill development centers, and manages 6 toll plazas. The company employs over 13,000 personnel across India, providing security and facility management services to more than 200 client locations nationwide.
Innovision's revenue from operations increased by 99.69% to Rs5,10.33 crore in Fiscal 2024 from Rs255.56 crore in Fiscal 2023, primarily due to significant increase of 625.43% in revenue from toll management business in addition to nominal increase in security services business. Profit after tax increased by 14.06% to Rs10.13 crore in Fiscal 2024 from Rs8.88 crore in Fiscal 2023.
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 Limited is the sole book running lead manager and KFin Technologies Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.
