Innovision Ltd Plans IPO to Raise Funds and Expand Operations

Manpower services company Innovision Ltd plans to go public by filing draft papers for an IPO with Sebi. The IPO includes a fresh issuance of Rs 315 crore and an Offer For Sale of 11.81 lakh shares by promoters. The funds will be used to pay off debt, fund working capital, and more.

Manpower services company Innovision Ltd has filed draft papers with the capital markets regulator Sebi to raise funds through an initial public offering (IPO).

Based in Haryana, the company's proposed IPO comprises a fresh issuance of Rs 315 crore and an Offer For Sale (OFS) of up to 11.81 lakh equity shares by promoters, including Randeep Hundal and Uday Pal Singh, according to the Draft Red Herring Prospectus (DRHP).

The proceeds from the fresh issuance will be allocated, including Rs 55 crore towards debt payment, Rs 160 crore for the company's working capital requirements, and a portion for general corporate purposes. Innovision Ltd offers a diverse range of manpower services such as private security, facility management, and payroll management. They also engage in toll plaza management and skill development training for various government initiatives.

(With inputs from agencies.)