Amid three blacklistings, Innovatiview India (NEET Exam Leak Accused Company) is offering ₹2,000-crore IPO

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Innovatiview India has SEBI clearance for a ₹2,000 crore IPO — every rupee going to four promoters, none to the company. It holds nearly three-quarters of India's examination security market. It is also the firm that handled biometric verification at the June 21 Re-NEET, where a solver gang was busted in Bihar, and which Dainik Bhaskar reported had been blacklisted by three state governments. Madhya Pradesh's Public Service Commission, which has signed it for four years, has asked for a written explanation. The company says courts lifted the bans. Here is the record.

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Limited sells trust. That is, functionally, the entire product.

The Noida-headquartered firm runs CCTV surveillance, biometric authentication, frisking, GPS tracking and communication systems for examinations, elections and large public events. It is the market leader by a wide margin — as of September 30, 2024, it held a 73.7% share of India's examination integrated security solutions market by FY24 revenue.

It now wants to list. And the timing puts a difficult set of questions in front of anyone who opens the offer document.

## The offer

SEBI has cleared a ₹2,000 crore book-built issue, face value ₹5 per share, to list on BSE and NSE. Book-running lead managers are DAM Capital Advisors, ICICI Securities, JM Financial, Motilal Oswal Investment Advisors and Shannon Advisors, with MUFG Intime India as registrar.

Price band, dates and lot size are not yet announced. Until they are, no valuation assessment is possible.

One structural feature is already fixed. The issue is a 100% Offer for Sale — the company receives nothing.

Per the draft prospectus, Ashish Mittal and Ankit Agarwal each sell up to ₹800 crore of shares, Vishal Mittal up to ₹320 crore and Abhishek Agarwal up to ₹80 crore. The promoters held 80.70% pre-offer. Every rupee goes to the four selling shareholders, not into the business.

The financials are strong. Revenue rose to roughly ₹638 crore in FY24 from ₹381 crore in FY23. Profit after tax was ₹196.72 crore against ₹114.56 crore. For the six months to September 30, 2024, revenue was ₹485 crore and PAT ₹131 crore — a net margin above 25%, unusual for an operations-heavy services business.

## What happened at the Re-NEET

On June 21, 2026, the National Testing Agency conducted the rescheduled NEET-UG examination, ordered after the May 3 paper was cancelled amid a leak investigation.

Dainik Bhaskar reported that 30 alleged proxy candidates were caught in Bihar during that examination, and that an interstate solver gang was busted in Lakhisarai. According to the report, NTA awarded the biometric verification contract for the Re-NEET to EdCIL, which passed the work to Innovatiview.

Bhaskar reported that during the investigation, the role of employees connected to biometric verification came to light. Separate reporting on the case alleges that a Patna Medical College and Hospital student — arrested under the name Mayank Kashyap and later identified as Ashwini Kumar — entered an examination centre posing as a biometric staffer and assisted the operation from inside.

Investigators then established something further: the firm handling biometric verification had been blacklisted for that same function by the governments of Jharkhand and Tamil Nadu in 2025, and by Uttar Pradesh in 2022. Authorities are examining how a firm carrying those blacklistings came to be deployed on one of the country's most sensitive examinations.

## The Madhya Pradesh contract is where the commercial exposure sits

This is the part with a balance-sheet consequence.