PAN HR Solutions IPO Overview
PAN HR Solutions Limited is an India‑based human resource consulting and staffing services company providing comprehensive workforce solutions, including manpower recruitment, payroll management, staffing, compliance services and facility management to diverse sectors across India. The company operates a B2B workforce deployment model with a significant workforce deployed for corporate clients.
The company is launching its SME IPO on the BSE SME platform to raise up to ₹17.04 crore by issuing 21,84,000 equity shares at a price band of ₹74–₹78 per share. The IPO comprises a fresh issue of shares by the company and an offer for sale (OFS) by a promoter shareholder. The IPO opens for subscription on 6 February 2026 and closes on 10 February 2026, with an expected listing around 13 February 2026 on BSE SME.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME (BSE SME) |
| IPO Open Date | 06 February 2026 (Thursday) |
| IPO Close Date | 10 February 2026 (Monday) |
| Allotment Date | 11 February 2026 (Expected) |
| Refund Initiation | 12 February 2026 (Expected) |
| Credit to Demat | 12 February 2026 (Expected) |
| Listing Date | 13 February 2026 (Tentative) |
| Price Band | ₹74 to ₹78 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Min Investment (Retail) | ₹1,24,800 (1 lot at lower band) / ₹2,49,600 (2 lots at upper band) |
| Issue Size | ₹17.04 cr (approx) |
| Fresh Issue | ~₹14.04 cr (Approx) |
| Offer for Sale (OFS) | ~₹3 cr (Approx) |
| Total Shares Offered | 21,84,000 equity shares |
| Listing | BSE SME |
Note: The IPO includes both a fresh issue and a sell‑down by a promoter selling shareholder (OFS).
Issue Break‑up
| Category | Shares | % of Issue |
| Market Maker | 3,79,200 | 17.36% |
| QIB (Qualified Institutional Buyers) | 8,97,600 | 41.10% |
| NII (Non‑Institutional Investors) | 2,73,600 | 12.53% |
| Retail Individual Investors (RII) | 6,33,600 | 29.01% |
| Total | 21,84,000 | 100% |
Selling Shareholders (OFS)
Offer For Sale: ~3,84,000 equity shares will be sold by Ms. Rajni Kumari (promoter selling shareholder) as part of the IPO. The remaining ~18,00,000 shares are being issued as a fresh issue by the company.
Objects of the Issue (Fund Utilization)
The net proceeds from the IPO will primarily be used for:
- Working capital requirements – supporting operations, staffing, payroll and service delivery activities.
- General corporate purposes – including business expansion, technology investments, marketing and other strategic needs.
Strategic Context:
- Working capital funding is important for staffing firms due to the cash‑intensive nature of payroll and compliance operations.
- General corporate purposes will support scale‑up across geographies and service verticals.
Lead Managers & Registrar
- Book Running Lead Manager (BRLM): Marwadi Chandarana Intermediaries Brokers Pvt. Ltd.
- Registrar to the Issue: Maashitla Securities Pvt. Ltd.
- Market Maker: Giriraj Stock Broking Pvt. Ltd.
Promoters & Management
Promoters:
- Mr. Rajeev Kumar – Chairman & Managing Director
- Ms. Rajni Kumari – Whole‑time Director
Promoters hold approximately 90.92% pre‑IPO shareholding, which will dilute post IPO due to the fresh issue and OFS component.
COMPANY DETAILS
PAN HR Solutions Limited was incorporated in 2015 (as private limited and later converted to public limited) and operates in the human resources and workforce management sector. The company provides staffing, payroll, compliance, recruitment process outsourcing (RPO) and managed HR services to clients across India, deploying both skilled and unskilled workforce. It has served multiple sectors and deployed thousands of personnel across client locations.
Headquarters: Noida, Uttar Pradesh, India.
Financial Snapshot
| Period Ended | Revenue (₹ Cr) | PAT (₹ Cr) | Profit Trend |
| FY23 | ₹256.36 | ₹3.88 | Solid base |
| FY24 | ₹281.92 | ₹4.20 | Growth |
| FY25 | ₹283.69 | ₹5.02 | Further growth |
This shows steady revenue growth and improving profitability over the last three financial years.
Company Strengths
- Pan‑India HR services footprint with deployment across multiple client locations.
- Comprehensive service offerings including staffing, payroll, compliance and RPO.
- Established promoter track record in workforce management.
- Steady financial growth with expanding revenues and profits.
- B2B business model with recurring contract engagements.
Key Risks & Challenges
- Dependence on a limited customer base: Major revenues may come from a concentrated client list.
- Labour and compliance risks: HR services are subject to changing labour laws and compliance requirements.
- SME IPO volatility: SME listings can face liquidity and price fluctuation challenges post‑listing.
- Regional concentration: Revenue exposure concentrated in specific Indian states could limit diversification.
- Competition: Faces competition from large staffing firms and integrated HR solution providers.
Disclaimer
This article is for informational and educational purposes only and does not constitute investment advice. Investors should read the Red Herring Prospectus (RHP) and consult certified financial advisors before making investment decisions. Past performance does not guarantee future results and all investments are subject to market risks.
