PAN HR Solutions IPO
Bookbuilding IPO | ₹17.00 Cr | Listing at BSE SME
Closed
GMP: 0.00
IPO Open
Fri, Feb 06, 2026
IPO Close
Tue, Feb 10, 2026
Price Band
₹74.00 to ₹78.00
Market Cap (Pre-IPO)
₹56.25 Cr
IPO Details
| IPO Date | Feb 06, 2026 to Feb 10, 2026 |
| Listing Date | Tentative: Feb 13, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹74.00 to ₹78.00 |
| Lot Size | 1600 Shares (Minimum: ₹124,800.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Issue Size | ₹17.00 Crores |
| Total Shares Offered | 2,184,000 shares |
| Fresh Issue | 1,420,800 shares |
| Offer For Sale | 384,000 shares |
PAN HR Solutions IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 8,97,600 (41.10%) |
| Retail Shares Offered | 6,33,600 (29.01%) |
| NII Shares Offered | 2,73,600 (12.53%) |
PAN HR Solutions IPO Lot Size
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹249,600 |
| Retail (Max) | 2 | 3,200 | ₹249,600 |
| S-HNI (Min) | 3 | 4,800 | ₹374,400 |
| S-HNI (Max) | 8 | 12,800 | ₹998,400 |
| B-HNI (Min) | 9 | 14,400 | ₹1,123,200 |
PAN HR Solutions Financial Information (Restated Consolidated)
| Period Ended | 30 Nov 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 43.72 | 36.06 | 42.31 | 37.07 |
| Total Income | 154.23 | 283.69 | 281.92 | 256.36 |
| Profit After Tax | 5.13 | 5.02 | 4.20 | 3.88 |
| EBITDA | 6.34 | 6.86 | 5.19 | 5.37 |
| NET Worth | 23.39 | 18.26 | 14.04 | 12.14 |
| Reserves and Surplus | 17.98 | 18.24 | 14.02 | 12.12 |
| Total Borrowing | 0.08 | 0.00 | 0.03 | 0.60 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 31.05% |
| ROCE (Return on Capital Employed) | 38.30% |
| RoNW (Return on Net Worth) | 27.47% |
| PAT Margin (Profit After Tax Margin) | 1.77% |
| EBITDA Margin | 2.42% |
| Price to Book Value | 2.32 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 9.27 | 10.67 |
| P/E (x) | 8.41 | 7.31 |
| Promoter Holding | 90.92% | - |
Company Promoters
- Rajeev Kumar and Rajni Kumari are the company promoters.
Company Overview
Company Overview
- Incorporated in 2015, PAN HR Solutions is a B2B human resource and staffing services company in India.
- The company provides end-to-end HR and manpower solutions, catering to industries requiring blue-collar workforce, from unskilled to skilled roles.
Business Model & Capabilities
- Operates on a business-to-business (B2B) model
- Acts as a one-stop HR service provider, covering recruitment to compliance management
- Strong presence in staffing, payroll, and workforce management services
Service Offerings
- Manpower Services: Recruitment and deployment of personnel across multiple industries
- Payroll Services: Complete payroll processing with statutory compliance including EPF, ESIC, Professional Tax, and other labor laws
- Facility Management Services: Housekeeping staff, pantry staff, office assistants, and support personnel
- Staffing Solutions: Workforce deployment for roles such as delivery personnel and field staff
- Compliance Audit Services: Independent compliance audits to ensure regulatory adherence and proper documentation
Workforce Strength
- As of November 30, 2025, the company had 10,374 personnel deployed at various client locations across India
Company Strengths
- Extensive Workforce Deployment
- Strong Compliance and Regulatory Expertise
- Experienced Leadership and Management Team
- Comprehensive Service Portfolio
Use of Proceeds
| 1) | Funding working capital requirements of the Company | 9.75 |
| 2) | Pre-payment or repayment of certain outstanding borrowings availed by Company | |
| 3) | General Corporate Purposes |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
PAN HR Solutions IPO Peer Comparison
PAN HR Solutions peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| PAN HR Solutions Ltd. | 10.17 | 10.17 | 37.01 | - | 27.47 | - | Standalone |
| Itcons ESolutions Ltd. | 6.43 | 3.17 | 73.80 | 63.20 | 8.76 | 5.56 | Standalone |
| Happy Square Outsourcing Services Ltd. | 7.07 | 7.07 | 14.84 | 8.27 | 47.64 | 4.14 | Standalone |
| Spectrum Talent Management Ltd. | 3.13 | 2.94 | 66.38 | 24.39 | 4.72 | 1.15 | Consolidated |
Quick Info
| Sector | Human Resources (HR) and Employment Services |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹56.25 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Feb 06, 2026 |
| IPO Close | Feb 10, 2026 |
| Allotment Date | Feb 11, 2026 |
| Credit to Demat | Feb 12, 2026 |
| Listing Date | Tentative: Feb 13, 2026 |
Lead Manager(s)
Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
Registrar
Maashitla Securities Pvt.Ltd.
+91-11-45121795-96
Description
- PAN HR Solutions IPO is a book-built SME IPO with a total issue size of ₹17.04 crore, comprising a fresh issue of ₹14.04 crore (0.18 crore shares) and an offer for sale of ₹3.00 crore (0.04 crore shares). The IPO opens for subscription on February 6, 2026 and closes on February 10, 2026. IPO allotment is expected on February 11, 2026, while the shares are likely to list on BSE SME on February 13, 2026.
- The PAN HR Solutions IPO price band is fixed at ₹74–₹78 per share, with an IPO lot size of 1,600 shares. Retail investors require a minimum investment of ₹2,49,600 (3,200 shares), whereas HNI investors must apply for 4,800 shares amounting to ₹3,74,400.