The of manpower and toll plaza management services provider Innovision Ltd was subscribed 2.44 times as of 12.51 pm on the final day of bidding, supported largely by strong institutional demand.
According to exchange data, the qualified institutional buyers (QIB) portion led the subscription, booked 12.78 times, while the non-institutional investors (NIIs) category saw a healthy 6 times subscription. In contrast, the retail segment remained subdued, subscribed only 0.43 times, reflecting cautious sentiment among individual investors.
The IPO had received a lukewarm response in its initial days, prompting the company to take corrective steps. Innovision Ltd extended the issue closing date to March 17 from the earlier March 12 deadline and revised its price band downward to attract investors.
The price band has been cut to ₹494–519 per share, compared with the earlier range of ₹521–548 per share, as per an update filed with the stock exchanges.
The Haryana-based company’s IPO comprises a mix of fresh issue and offer for sale, aggregating to ₹322.84 crore.
Proceeds from the fresh issue are slated to be used for repayment of debt, funding working capital requirements, and general corporate purposes.
The extension and price revision appear to have improved institutional participation, although muted retail interest suggests lingering caution in the broader market.