New Delhi, 23 March (H.S.):
Shares of toll management and manpower services firm Innovision made a dismal stock market entry today, plunging right from the open and crushing hopes of IPO investors.
The shares, issued at Rs 519 apiece, listed at Rs 466 on BSE and Rs 467.70 on NSE – a near 10% hit straight out of the gate. Selling pressure piled on after that, with the stock trading at Rs 384.80 by 11 am, handing early investors a Rs 134.20 per share loss, or 25.86% down.
Innovision's IPO opened March 10 but saw sluggish demand, prompting an extension to March 17 for closing and March 20 for listing. To lure buyers, the company slashed its price band from Rs 521-548 to Rs 494-519.
Even then, it scraped by with 3.46 times overall subscription. QIBs excluding anchors grabbed their portion 14.30 times over; NIIs hit 8.60 times; retail managed just 0.60 times. The issue floated 58,91,284 shares of Rs 10 face value: 46,53,284 fresh ones worth Rs 255 crore, plus Rs 68 crore from 12,38,000 OFS shares. Fresh proceeds will trim old debt, fund working capital and general corporate needs.
Financials looked solid in the DRHP filed with SEBI. Net profit climbed from Rs 8.88 crore in FY23 to Rs 10.27 crore in FY24 and Rs 29.02 crore in FY25; H1 FY26 (Apr-Sep 2025) brought Rs 20 crore. Revenue surged too: Rs 257.62 crore (FY23), Rs 512.13 crore (FY24), Rs 895.95 crore (FY25), and Rs 483.10 crore in H1 FY26.
Debt ballooned though – Rs 33.34 crore end-FY23, Rs 48.15 crore FY24, Rs 79.05 crore FY25, hitting Rs 112.39 crore by Sep 30, 2025. Reserves and surplus swung: Rs 38.91 crore (FY23), down to Rs 33.45 crore (FY24), up to Rs 62.98 crore (FY25) and Rs 83.43 crore (H1 FY26). EBITDA rose from Rs 16.36 crore (FY23) to Rs 19.66 crore (FY24), Rs 51.75 crore (FY25) and Rs 30.42 crore (H1 FY26).
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Hindusthan Samachar / Jun Sarkar
