Innovision extends IPO closing date to March 17

Manpower and toll plaza management services provider Innovision Ltd on Thursday extended the closing date of its initial public offering (IPO) to March 17 and reduced the price band, following a lukewarm response from investors.

The IPO, which opened for subscription on March 10, was earlier scheduled to close on March 12. The company has now revised the price band to Rs 494-519 per share, lower than the earlier band of Rs 521-548 per share, an update with the stock exchange showed.

The new price band would be effective from March 13, it added. Investor participation remained subdued during the first three days of the issue.

As of the third day, the IPO was subscribed 32 per cent overall, according to data available with the National Stock Exchange (NSE).

Among the investor categories, the portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 99 per cent, while the non-institutional investors (NIIs) category saw a 36 per cent subscription.