Innovision has received markets regulator Securities and Exchange Board of India’s (SEBI's) clearance to raise funds through initial public offering (IPO). The company’s proposed IPO is a mix of fresh issuance of Rs 255 crore and an OFS of up to 1.772 million equity shares by promoters -- Randeep Hundal and Uday Pal Singh.
Proceeds from the fresh issuance will be used towards payment of debt, funding working capital requirements of the company and for general corporate purposes. Emkay Global Financial Services is the sole book-running lead manager to the issue.
Innovision is in the business of providing manpower services, toll plaza management and skill development training to clients across India.
