The wait is almost over for investors who applied for the Innovision IPO. The allotment status is expected to be finalised on March 18, and applicants are now looking to check whether they have received shares. However, what’s grabbing headlines is why was the allotment delayed and what made the company lower its price band.
Why was Innovision IPO price band lowered, allotment delayed?
The Innovision IPO opened on March 10 but was extended till March 17 as the issue was subscribed to only 32% after the usual 3 days of bidding. The investor interest was significantly subdued. In addition to extending the bidding period, the company also revised its price band lower to Rs 494-519 per share, compared to the earlier range of Rs 521-548.
Innovision IPO: Subscription trend recap
The IPO saw a moderate response from investors. Overall, the issue was subscribed 3.46 times after 6 days of bidding. The retail category, in fact saw a very feeble response at 0.60 times. The QIBs saved the day for the IPO. The subscription for the QIBs came in at 14.30 times. The NII category was subscribed 8.60 times.
Innovision IPO: GMP trend shows chance of discounted listing
In the unofficial market, the grey market premium (GMP) is indicating a discounted listing. The share price of the company are currently trading at a discount of around Rs 28. This suggests an estimated listing price of around Rs 491.
However, it is important to note that GMP is not an official indicator. Moreover, it changes frequently based on market sentiment. Also, it does not guarantee how the stock will perform on listing day.
Innovision IPO: Allotment status likely today
The basis of allotment for the Innovision IPO is expected to be completed by Wednesday evening.
Once finalised, investors will be able to check their application status online using platforms like the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE), and KFIN Technologies, which is the registrar for the issue.
Innovision IPO: How to check allotment status oline
Once the allotment is finalised, investors can check their status online through these three website. Here are the following steps you need to follow
On NSE-
- Visit the NSE IPO allotment page
- Then, select ‘Equity & SME IPO bid details’
- Click ‘Innovision’ from the list
- Enter your PAN and application number details
- Tick on ‘Submit’ to view status
On BSE –
- Go to the BSE IPO status page
- Select issue type as ‘Equity’
- Then, choose ‘Innovision’ from the list
- Enter your application number and PAN card details
- Click on ‘Search’
On KFin Technologies –
- Visit the KFin Technologies IPO status website
- Choose ‘Innovision’
- Then enter your application number, Demat details, or PAN
- Select on ‘Submit’ to check status
Innovision IPO: Listing date and what comes next
After the allotment process is completed, shares of Innovision are scheduled to be listed on both the NSE and BSE on March 20 at 10 am.
Between allotment and listing, shares are credited to successful applicants Demat accounts, while refunds are processed for those who did not receive shares.
About the Company and Use of Funds
Innovision operates in the manpower services space. The company offers private security services, facility management, toll operations, and skill development.
The total size of the issue stood at Rs 305.76 crore. This included a fresh issue of Rs 241.51 crore and an offer for sale of Rs 64.25 crore by promoters.
Regarding fund utilisation, the company plans to use the funds mainly for repaying debt, meeting working capital needs, and general corporate purposes.