Innovision
- Innovision is coming out with a 100% book building; initial public offering (IPO) of 61,32,433 shares of Rs 10 each in a price band Rs 521-548 per equity share.
- Not more than 1% of the issue will be allocated to Qualified Institutional Buyers (QIBs), of which 5% will be reserved for mutual funds. Further, not less than 34% of the issue will be available for the non-institutional bidders and the remaining 65% for the retail investors.
- The issue will open for subscription on March 10, 2026 and will close on March 12, 2026.
- The shares will be listed on BSE as well as NSE.
- The face value of the share is Rs 10 and is priced 52.10 times of its face value on the lower side and 54.80 times on the higher side.
- Book running lead manager to the issue is Emkay Global Financial Services.
- Compliance Officer for the issue is Jyoti Sachdeva.
Profile of the company
Innovision is in the business of providing manpower services, toll plaza management and skill development training to its clients across India. It started its business with a single service domain of providing manned private security services to its clients in the year 2007 and have gradually diversified its business to provide a suite of manpower services. It commenced offering skill development services from Fiscal 2014 and toll plaza management services from Fiscal 2019.
Its business of manpower services focuses on providing manned private security services, integrated facility management (IFM) services, manpower sourcing and payroll services. Its toll plaza management operations comprise of user fee collection and other related services on toll plazas awarded to the company by the relevant authority, subsequent to a tender based competitive bidding process. Furthermore, it is also empanelled with National Highways Authority of India (NHAI) for toll collection services at its various toll plazas. In addition, it also provides skill development training as a training partner for various Central and State Government schemes. The skill development initiatives cover diverse sectors, including management & entrepreneurship, media & entertainment, healthcare, telecommunications, electronics, beauty & wellness, construction, apparel, logistics, BFSI, and retail. These training programs are conducted in collaboration with sector skill councils, state missions, and other recognized entities, ensuring alignment with industry standards and requirements.
It provides skill training to Indian youth to enable them to acquire industry relevant skill that will help them in securing a better livelihood. Through its wholly owned subsidiary, Innovision International, it provides services in respect of recruitment, placement consultancy and visa facilitation services. It also provides remote pilot training courses to enthusiasts and budding drone-operations through its subsidiary, Aerodrone Robotics. Its manpower services spans diversified industries and sectors such as healthcare, warehousing and logistics, government departments, retail and BFSI. The skill development focuses on government initiatives for skill development. Toll plazas segment comprises undertaking user fee collection at toll plazas on national highways.
Proceed is being used for:
- Repayment or pre-payment, in part or full of all or certain borrowings availed by the Company
- Funding working capital requirements
- General corporate purposes
Industry overview
IFM services consolidate various facility management functions under a single provider to streamline operations and enhance efficiency. IFM includes maintenance, cleaning, security, space management, and sustainability initiatives. This comprehensive approach reduces costs, improves service quality, and provides a single point of contact for all facility-related needs. Key benefits include cost efficiency, improved communication, flexibility, and strategic focus. IFM services are increasingly being adopted in IT, real estate, healthcare, manufacturing, and retail sectors in India. Economic growth, technological advancements, and a focus on regulatory compliance and sustainability drive this trend. Leading global and local FM companies play a significant role in providing these integrated solutions.
The Indian IFM services market was valued at Rs 609 billion in CY19 and reached around Rs 1,134 billion in CY24, representing a CAGR of 13.2% from CY19-CY24. Integrated Facility Management includes Hard FM, Soft FM, PSS, business support services, energy audits, emergency services and waste management. The in-house market accounts for about 60%, and the remaining 40% accounts for outsourced. In-house refers to a provider that owns all core facility services in-house, while outsourced refers to a provider that hires an external party (third party) to provide all core facility services.
The Indian government plays a proactive role through its numerous programs/ initiatives like Skill India Mission, which aims to enhance vocational training and skill development of large chunk of population in various job ready skills, catering to the diverse needs of different sectors and regions across the country. Additionally, the National Skill Development Corporation (NSDC), a public-private partnership organization, plays a key role in implementing Skill India initiatives. NSDC collaborates with various stakeholders including government agencies, industry bodies, training providers, and employers to develop industry-relevant skill training programs, establish training centers, and facilitate job placements for trained candidates. NSDC also focuses on standardizing and certifying vocational training to ensure quality and credibility in the skill ecosystem.
Pros and strengths
Wide geographical reach and locations across India: As at January 15, 2026, the company has 39 offices including its registered and corporate offices across India. As at January 15, 2026, it has operations in 23 states and 5 union territories. Further, it has been licensed to provide manned private security services under PSARA Act, in 19 States and 4 Union Territories in India. In addition to 23 PSARA licenses, it is also in in the process of renewal of licenses under PSARA Act for 3 States and fresh applications in 4 States. The company is also operating one training center to train the personnel for providing private security. The facility is spread across over an area of 3,000 square yards. This centre is supported by qualified training staff. Its trainers have been certified by Management & Entrepreneurship and Professional Council to act as trainers for security guard. Its presence across India reduces its dependence on any one particular region. Its widespread office network results in providing attention to its clients as well as high quality of services. Its presence across India enables the company to offer services to clients who prefer a single service provider for their operations at multiple locations.
Diverse portfolio of manpower services: The company provides comprehensive manpower services to various sectors in India. Its wide portfolio of services enables it to deliver its services as per specific needs of its clients, which bolsters its client acquisition and retention capabilities. Additionally, as its clients’ requirements grow or change, it endeavours to provide such additional services to cater to their needs. Its manpower services include manned private security services, IFM services and manpower sourcing and payroll services to clients across various sectors. Its IFM services further entails various services including heating, ventilation and air conditioning (HVAC) systems, electrical systems, plumbing, elevators, fire safety and building, cleaning, housekeeping, security, waste management, landscaping, pest control, catering. Many of its clients prefer to obtain such services from single vendor rather than employing multiple vendors. It provides its services to varied client segments such as business entities and government organizations. Its multiple service offerings allow it to derive operational efficiencies, by centralizing key functions such as finance and sales and also other administrative functions.
Established systems and processes leading to scalable business model: The company has implemented standardized recruitment, training, deployment, operations and services related quality measurement and business analysis systems and processes that enable the company to develop a scalable business model, with quality service delivery. It has standardized the recruitment criteria for its personnel in order to maintain high quality and consistency in the services and experience it provides to its clients. It collects data through its reporting systems across its various offices/centres which is regularly reviewed in order to assess employee performance levels as well as overall office performance, creating effectiveness and efficiency in its business operations. It compares employee level performance parameters such as productivity, attendance and punctuality and hours served against competencies, to promote productivity. Further, it uses data such as sales / revenue, management reports, cash flows and new sales, collected for each office which is used to assess the performance of its offices.
Recruitment capability, domain knowledge and knowledge of labour regulations: The company has an in-house team of more than 100 persons and a large database of staffing candidates. Its in-house team and sales force are streamlined to specific business verticals and industry segments, which has enabled it to strengthen client engagement and develop deeper domain knowledge. Its inhouse team have experience and expertise that enable it to assess candidates’ workplace potential and skills to match them to its clients’ requirements, thereby meeting its clients’ staffing requirements in a timely, reliable and effective manner. As a result of its operations across India, it is able to rely on its own team and are not dependent on third party recruitment specialists or referrals and entire manpower sourcing is done through its own team, which is a significant competitive advantage, and enables it to maintain consistent quality and delivery standards across locations and clients.
Risks and concerns
Revenue concentration in manpower services and toll plaza management operations: A significant portion of revenue is concentrated in a few segments i.e. manpower services and toll plaza management operations. Manpower Services and Toll Plaza Management were the major contributors to the company’s revenue from operations. Manpower Services accounted for 41.38% in Fiscal 2025, 51.45% in Fiscal 2024, and 84.41% in Fiscal 2023, while Toll Plaza Management contributed 56.14% in Fiscal 2025, 47.38% in Fiscal 2024, and 13.04% in Fiscal 2023. Any decrease in the demand for its such services may have an adverse impact on its business, financial condition and result of operations.
High dependence on top 10 clients for revenue: The company is engaged in the sale of manpower services, toll plaza management and skill development. It is heavily dependent on the contribution from its top 10 clients every year. Its top 10 clients contributed Rs 4,090.82 million, Rs 7,182.45 million, Rs 3,760.76 million and Rs 1,387.02 million, forming 85.23%, 80.43%, 73.69% and 54.28% of its total revenue during the six months period ended September 30, 2025, and Fiscals 2025, 2024 and 2023, respectively. Any loss of such clients or a significant reduction in purchase by such clients may impact its business and financials.
Dependence on NHAI for toll plaza management revenue: The company is dependent on single client i.e. NHAI for its revenue from ‘Toll Plaza Management’. Its business is heavily dependent upon government policies in the Toll Plaza Management sector. Revenue from NHAI accounted for 57.08% of total revenue in the six months period ended September 30, 2025, 56.14% in Fiscal 2025, 47.38% in Fiscal 2024, and 13.04% in Fiscal 2023. In case, it fails to retain its existing client, it will adversely impact its business and financial operations. Further any adverse change in the government policies or regulations may impact its revenue from these segments.
Geographical concentration of revenue in north region: A significant portion of its revenues are derived from a few geographical regions, especially Northern India. Revenue from the North Region accounted for 61.80% of total revenue in the six months period ended September 30, 2025, 57.99% in Fiscal 2025, 69.60% in Fiscal 2024, and 58.08% in Fiscal 2023. Any decrease in revenues from North India, including due to increased competition or supply, or reduction in demand, in markets in which it operates, may have an adverse effect on its business, cash flows, results of operation and financial condition. Additionally, changes in the policies of the state or local governments of these regions may require the company to incur significant capital expenditure and change its business strategy. It cannot assure that it will be able to address its reliance on these few geographical regions, in the future.
Outlook
Innovision is engaged in the business of providing security services and services relating to facilities management, housekeeping, human resources recruitment, placement & training, toll management and skill training. Its business of manpower services focuses on providing manned private security services, integrated facility management (IFM) services, manpower sourcing and payroll services. Its toll plaza management operations comprise of user fee collection and other related services on toll plazas awarded to the company by the relevant authority, subsequent to a tender based competitive bidding process. On the concern side, its business requires significant amounts of working capital. it may not be able to obtain future financing on favourable terms or at all or furnish bank guarantees in the future. If it experiences insufficient cash flows from its operations or are unable to borrow funds to meet its working capital requirements, it may materially and adversely affect its business and results of operations. Additionally, its business significantly depends on projects awarded by government or government-owned clients, which subjects to a variety of risks. Also, its ability to service contracts with public sector undertakings or governmental may be affected by political and administrative decisions.
The issue has been offering 61,32,433 shares in a price band of Rs 521-548 per equity share. The aggregate size of the offer is around Rs 319.50 crore to Rs 336.06 crore based on lower and upper price band respectively. Minimum application is to be made for 27 shares and in multiples thereon, thereafter. On performance front, its total income increased by 74.95% to Rs 8,959.46 million in Fiscal 2025 from Rs 5,121.27 million in Fiscal 2024. Its profit for the year, increased by 182.54% to Rs 290.23 million in Fiscal 2025 from Rs 102.72 million in Fiscal 2024.
Meanwhile, it intends to adopt technological means to diversify its service offerings and exploit future growth opportunities. In the manned private security services industry, it anticipates an increasing role for technology led solutions and a blend of physical and electronic/technology-based security services. These services combine physical security presence with use of technology like cameras, GPS devices, CCTV and remote monitoring. Additionally, retain, strengthen and grow client base for integrated facility management services with a focus on deepening relationships with existing clients. Its contracts with most of its clients is generally for a period of 1 year to 3 years which subsequently gets renewed, on an ongoing basis. As a result, its business is on an annuity-based model where once a client is secured, they generate revenue over a long period of time. It has over the years established long-term relationships with its clients leading to recurrent business engagements with them i.e. one of the prominent entities in education sector has been availing its services for consistent three years.
