Innovision Ltd, a manpower services and integrated facility management company in India, is launching its Initial Public Offering (IPO) from 10 March to 12 March 2026 to raise up to ₹323 crore. The company has built a strong presence in security services, facility management, toll operations, and skill development, serving clients across multiple sectors, including healthcare, logistics, BFSI, and government institutions.
Founded in 2007, Innovision has expanded rapidly across India and has demonstrated significant revenue growth in recent years. The IPO aims to strengthen the company’s financial position, support expansion, and reduce existing debt.
This detailed guide explains Innovision Ltd IPO details, price band, financial performance, business model, risks, and investment outlook. The content is useful for retail investors, IPO applicants, and market participants researching upcoming IPOs in India.
Table of Contents:
- Innovision IPO Overview
- Innovision IPO Key Dates
- Innovision IPO Price Band and Lot Size
- Innovision Company Background
- Innovision Business Model and Services
- Innovision Promoters and Leadership
- Reasons for Innovision IPO
- Innovision Financial Performance
- Innovision Peer Comparison
- Strengths of Innovision Ltd
- Innovision IPO: Key Risks and Concerns
- Innovision IPO Review and Outlook
- Frequently Asked Questions (FAQs)
Innovision Ltd is launching its IPO through a combination of fresh issue and offer for sale. The funds raised from the fresh issue will primarily be used for working capital requirements, debt repayment, and general corporate purposes.
| IPO Detail |
Information |
| IPO Opening Date |
10 March 2026 |
| IPO Closing Date |
12 March 2026 |
| Price Band |
₹521 to ₹548 per share |
| Issue Size |
Up to ₹323 crore |
| Fresh Issue |
Up to ₹255 crore |
| Offer for Sale |
12.38 million shares |
| Listing |
BSE and NSE |
| Tentative Listing Date |
17 March 2026 |
| Allotment Date |
13 March 2026 |
The IPO provides investors an opportunity to participate in the growth of a company operating in the rapidly expanding manpower services industry in India.
Get all the latest updates on the Innovision IPO, including offer structure, price band movement, subscription trends, and key investor participation metrics.
Understanding the IPO timeline is important for investors planning to apply.
| Event |
Date |
| IPO Opens |
10 March 2026 |
| IPO Closes |
12 March 2026 |
| Basis of Allotment |
13 March 2026 |
| Refund Initiation |
14 March 2026 |
| Shares Credited to Demat |
16 March 2026 |
| Listing Date |
17 March 2026 |
Retail investors should ensure that their demat and trading accounts are active before applying for the IPO.
The price band for the Innovision IPO has been fixed between ₹521 and ₹548 per share.
| Category |
Details |
| Price Band |
₹521 to ₹548 |
| Lot Size |
27 shares |
| Minimum Investment |
₹14,067 |
| Maximum Retail Investment |
₹1,96,938 |
Retail investors must apply for at least one lot of 27 shares, while institutional investors may bid for larger quantities.
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Innovision Limited began operations in 2007 as a security services provider. Over the years, the company expanded into integrated facility management, manpower outsourcing, toll operations, and skill development training.
By 2015, the company had expanded into pan-India operations and diversified its service offerings.
Key operational highlights include:
-
39 offices across India
-
Presence in 23 states and 5 union territories
-
180+ clients across multiple industries
-
Services delivered across 1,000+ locations
-
Workforce of 6,900+ security personnel
The company operates with strong regulatory compliance and holds PSARA licences in 19 states and 4 union territories. It also maintains ISO certifications for quality management, environmental standards, and safety compliance.
Innovision operates as an integrated manpower services provider, offering workforce solutions to large enterprises, government agencies, and infrastructure projects.
The company's business model focuses on long-term service contracts, manpower deployment, and operational management services.
Key Service Segments
1. Security Services
Innovision provides manned security services for corporate offices, hospitals, infrastructure projects, and government facilities. Security personnel form a large portion of the company's workforce.
2. Integrated Facility Management
Facility management services include:
- Housekeeping
- Maintenance services
- Operational support services
- Infrastructure management
These services help businesses outsource non-core operational functions.
3. Staffing and Recruitment
The company offers temporary staffing, payroll processing, and recruitment services for corporate clients. Innovision also manages HR compliance, workforce management, and statutory obligations.
4. Toll Plaza Management
Innovision manages toll collection and operations for infrastructure projects.
Key highlights:
- 9 toll plazas operated for NHAI
- 60 toll management projects completed
This segment contributes stable revenue due to long-term infrastructure contracts.
5. Skill Development and Training
Innovision also focuses on skill development training programmes through partnerships with the National Skill Development Corporation (NSDC).
Key highlights:
- 54,149 trainees trained in FY25
- Training programmes in healthcare, logistics, and other sectors
The company is also expanding into drone pilot training and advanced workforce development programmes through subsidiaries.
Innovision is promoted by experienced leadership with a strong background in defence and operational management.
| Promoter |
Role |
| Lt. Col. Randeep Hundal |
Chairman and Managing Director |
| Uday Pal Singh |
CEO and Director |
| Lt. Col. Gurpal Singh (Retd.) |
Executive Director |
Lt. Col. Randeep Hundal is a fourth-generation army officer and a member of the Territorial Army, bringing discipline and operational expertise to the organisation.
Promoters are selling a portion of their shares through the Offer for Sale (OFS) but will continue to retain majority ownership after the IPO.
The IPO proceeds will support Innovision's next phase of growth.
| Use of Funds |
Amount |
| Working Capital |
₹119 crore |
| Debt Repayment |
₹51 crore |
| General Corporate Purposes |
Remaining funds |
The company's borrowings had increased to ₹112 crore as of September 2025, leading to a debt-to-equity ratio of 1.10.
By raising capital through the IPO, Innovision aims to:
- Reduce leverage
- Improve financial flexibility
- Support operational expansion
- Strengthen nationwide service delivery
Innovision has demonstrated rapid revenue growth over the past few years.
| Metric |
FY23 |
FY24 |
FY25 |
| Revenue (₹ Cr) |
255.57 |
510.33 |
893.13 |
| EBITDA (₹ Cr) |
14.37 |
18.06 |
50.40 |
| Profit After Tax (₹ Cr) |
8.88 |
10.27 |
29.02 |
| EPS (₹) |
5.01 |
6.29 |
15.62 |
Key financial highlights:
-
Revenue CAGR of 86.94% over two years
-
EBITDA margin improved to 5.79% in FY25
-
EBITDA margin further improved to 6.34% in H1 FY26
-
Assets increased to ₹166 crore in FY25
However, operating cash flow turned negative in FY25, mainly due to increased working capital requirements.
Comparing Innovision with the listed manpower and facility management companies helps evaluate valuation and positioning.
| Company |
P/E Ratio |
Revenue (₹ Cr) |
| Innovision Ltd |
33.35 to 35.08 |
893.13 |
| Krystal Integrated Services |
13.47 |
1,212.78 |
| Updater Services |
8.62 |
2,736 |
| SIS Limited |
401.85 |
13,189 |
Innovision's valuation appears higher than some peers, mainly due to its strong revenue growth and expanding service portfolio.
Several factors support the company's growth potential.
1. Rapid Revenue Growth
Innovision recorded nearly 87% revenue CAGR, indicating strong demand for manpower and facility management services.
2. Pan-India Operational Presence
The company operates across 23 states and 5 union territories, providing geographical diversification.
3. Large Client Base
Innovision serves 180+ clients across 1,000+ locations, which strengthens recurring revenue.
4. Cross-Selling Opportunities
About 10 clients already use multiple service offerings, creating opportunities for cross-selling integrated services.
5. Regulatory Compliance
PSARA licences and ISO certifications enhance credibility with large institutional clients.
Despite strong growth, investors should consider several risks before investing.
1. Client Concentration Risk
The toll management business depends heavily on NHAI as the primary client, which creates revenue concentration risk.
2. Rising Debt Levels
Borrowings increased significantly, resulting in a debt-to-equity ratio of 1.10.
3. Competitive Industry
The manpower services industry in India is highly competitive, with many organised and unorganised players.
4. Working Capital Intensive Business
Manpower services require high working capital due to salary payments and operational expenses, which can impact cash flow.
Innovision operates in the growing manpower outsourcing and facility management sector, which benefits from rising corporate outsourcing, infrastructure development, and security requirements.
Key positives include:
- Rapid revenue growth
- Nationwide presence
- Diverse service portfolio
- Strong client base
However, investors should also evaluate:
- Premium valuation compared to some peers
- Rising debt levels
- Dependence on specific clients
For long-term investors, the company's growth trajectory and expanding services could provide opportunities, but careful evaluation of the Red Herring Prospectus (RHP) and subscription data is recommended before making an investment decision.
Want to compare the Innovision offering with other recent service-sector listings? Use this IPO dashboard to track pricing trends, subscription demand, and listing performance.
1. What is the Innovision IPO date?
The Innovision IPO opens on 10 March 2026 and closes on 12 March 2026.
2. What is the price band of the Innovision IPO?
The price band for the Innovision IPO is ₹521 to ₹548 per share.
3. What is the minimum investment for the Innovision IPO?
The minimum investment for retail investors is ₹14,067, which corresponds to one lot of 27 shares.
4. What does Innovision Ltd do?
Innovision Ltd provides security services, facility management, manpower outsourcing, toll plaza management, and skill development training across India.
5. When will Innovision shares list on the stock exchange?
Innovision shares are expected to list on BSE and NSE on 17 March 2026, subject to regulatory approvals.
6. How strong is Innovision's financial growth?
The company has recorded 86.94% revenue CAGR between FY23 and FY25, indicating strong operational growth.
7. What are the risks in Innovision IPO?
Major risks include client concentration, rising debt, working capital requirements, and intense competition in the manpower services sector.