Haryana Based Security and Man Power Provider Innovision Files for IPO with SEBI Innovision Limited, a provider of manpower, toll plaza management, and security services based out of Haryana, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Innovision Limited, a provider of manpower, toll plaza management, and security services based out of Haryana, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The company hopes to raise capital through an Initial Public Offering (IPO), with the company's DHRP reported to have valued its shares at a face value of INR 10 each. The offer will be a mix of fresh issuance of INR 315 crore and an offer for sale (OFS) of up to 11,81,250 lakh equity shares by promoter-selling shareholders. The OFS will consist of 5,90,625 equity by Lt Col Randeep Hundal, Chairman-cum-Managing Director, and Uday Pal Singh, CEO and Director at Innovision.
According to the company, INR 55 crore out of the proceeds from the IPO will be used towards repayment or pre-payment of borrowings and INR 160 crore towards working capital requirements and general corporate expenses.
Innovision was, founded by Lt Col Randeep Hundal and Uday Pal Singh, back in 2007, with a single service domain of manned private security services. Over the years, the company has expanded its offerings to include a wider range of comprehensive range of manpower services such as skill development and toll plaza management.
The company is said to be partnered with (National Highways Authority of India) NHAI for toll collection at various locations alongside offering skill development training as a partner for various Central and State Government initiatives. The company's, subsidiary, Aerodrone Robotics Private Limited offers remote pilot training courses for drone enthusiasts and aspiring operators.
Innovision's client portfolio includes the likes of Max Healthcare Limited, Stellar Value Chain, and Sequel Logistics, with operations across 22 states and 5 union territories as of June 30, 2024.
The company also operates under the licenses of the Private Security Agencies Regulation Act (PSARA) and runs a training center for private security personnel, operating more than 60 skill development centers, and employing over 13,000 personnel across India,
Innovision's financial records show that its operational revenue increased by 99.69 per cent to INR 510.33 crore in FISCAL 2024 from INR 255.56 crore in the previous year, thanks to a significant 625.43 per cent revenue increase from its toll management operations. For Q2 2024, the company's revenue stood at INR 198.69 crore, and profits after taxes at INR 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.
