It could not have been a more worse time than today for listing of an IPO, that too for a one which was challenging to begin with.

Innovision got listed on the BSE at Rs.466 v/s IPO price of Rs.519; the stock went down to Rs.378 levels and remains deeply in the red.

The IPO, as such had met with a poor response. Retail portion was subscribed 0.58x. HNIs at 8.26x and QIBs at 13.75x. Overall the issue was subscribed 3.32x.

Innovision Limited is a 19 year old Gurugram headquartered service provider of manpower and toll plaza management, with approximately Rs. 1,000 cr revenue split 40:60 between the two verticals. National Highway Authority of India (NHAI) is company’s sole customer for toll plaza management, leading to large client concentration risk.

Our IPO Analysis conclusion - Innovision Limited IPO is unexciting and is best avoided.