Innovatiview India Files DRHP With SEBI For An IPO Worth ₹2,000 Crore

Innovatiview India Ltd, based out of Noida, has filed draft papers with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) worth ₹2,000 crores. The IPO will be entirely an Offer-for-Sale (OFS), meaning the company itself will not receive any funds, proceeds will go directly to the selling shareholders.

Breakdown of the Offer-for-Sale

As per the Draft Red Herring Prospectus (DRHP) filed on Thursday, Ashish Mittal and Ankit Agarwal will each offload shares worth up to ₹800 crore. Vishal Mittal will sell shares worth ₹320 crore, while Abhishek Agarwal plans to offload shares worth ₹80 crore.

The IPO is being managed by DAM Capital Advisors, ICICI Securities, JM Financial, Motilal Oswal Investment Advisors, and Shanon Advisors Pvt Ltd. 

MUFG Intime India is the registrar for the issue. Post-IPO, the company’s shares will be listed on both the BSE and NSE.

Exam Security Solutions

Innovatiview India provides security and surveillance solutions for examinations, elections, and large-scale events. Its services include CCTV surveillance, biometric controls, frisking, VoIP communication systems, GPS tracking, and examination infrastructure management. The company has also introduced AI-driven CCTV surveillance and touchless biometric verification to detect impersonation in exams.

As of September 30, 2024, Innovatiview held a 73.7% market share in India’s examination-integrated security solutions sector, according to the reports.

Financial Performance 

Innovatiview India reported revenue of ₹638 crores in FY24, marking an increase from ₹381 crores in FY23. The company’s profit after tax (PAT) stood at ₹196.72 crore. For the six months ending September 30, 2024, the company posted a revenue of ₹485 crore, while PAT stood at ₹131 crore.

Industry Presence

The company has a clientele, including the National Testing Agency (NTA), which is among India’s largest entrance examination bodies. Innovatiview’s services are responsible for ensuring security and transparency in nationwide competitive exams.

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