Manpower services provided Innovision Limited files DRHP for IPO
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,
