Haryana-based Innovision files IPO papers with Sebi, eyes Rs 315 cr

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

The Haryana-based company's proposed IPO is a mix of fresh issuance of Rs 315 crore and an Offer For Sale (OFS) of up to 11.81 lakh equity shares by promoters, according to the Draft Red Herring Prospectus (DRHP).

Those selling shares in the OFS are Randeep Hundal and Uday Pal Singh.

As per the draft papers filed on Monday, proceeds from the fresh issuance to the extent of Rs 55 crore will be used towards payment of debt, Rs 160 crore for funding working capital requirements of the company and, besides, a portion will be used for general corporate purposes. The company specialises in providing manpower services, which include manned private security, integrated facility management services, as well as manpower sourcing and payroll management.

The toll plaza management operations involves user fee collection and related services