PAN HR Solutions IPO (SME)
PAN HR Solutions IPO is a book building SME issue of Rs. 17.04 crore, comprising a fresh issue of 0.18 crore equity shares aggregating to Rs. 14.04 crore and an offer for sale of 0.04 crore equity shares aggregating to Rs. 3.00 crore.
The IPO opens on February 6, 2026, and closes on February 10, 2026. The allotment is expected on February 11, 2026, and the listing is tentatively scheduled for February 13, 2026 on BSE SME.
The IPO is offered in a price band of Rs. 74 to Rs. 78 per share, and the lot size is 1,600 shares. The minimum investment for retail investors is Rs. 2,49,600 (3,200 shares), and for HNI investors, Rs. 3,74,400 (4,800 shares).
Lead Manager: Marwadi Chandarana Intermediaries Brokers Pvt. Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Market Maker: Giriraj Stock Broking Pvt. Ltd.
🕗 Last Update: 3 February 2026, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
👉 Chanakya Grey Market Intelligence – 8 PM Edition | News Crux |Â
👉 Power Calls | Breakout Stocks | Coffee Can Portfolio |
IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | February 6, 2026 |
| IPO Close Date | February 10, 2026 |
| Allotment Date | February 11, 2026 |
| Refunds Initiation | February 12, 2026 |
| Credit to Demat | February 12, 2026 |
| Listing Date | February 13, 2026 |
Final Subscription Status
| Size | QIB | NII | RII | Total | Applications |
|---|---|---|---|---|---|
| Rs. 17.04 Crore (Closes 10 February 2026) | — | — | — | — | — |
Subscription Review:
—
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Price Band | Rs. 74 to Rs. 78 |
| Lot Size | 1,600 shares |
| Sale Type | Fresh Issue + Offer for Sale |
| Total Issue Size | 21,84,000 shares (Rs. 17.04 Cr) |
| Market Maker Portion | 3,79,200 shares (Rs. 3.00 Cr) – Giriraj Stock Broking Pvt. Ltd. |
| Net Offer to Public | 18,04,800 shares (Rs. 14.04 Cr) |
| Issue Type | Book Building Issue |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 54,11,058 shares |
| Shareholding Post-Issue | 72,11,058 shares |
| Market Cap (Pre-IPO) | Rs. 56.25 Cr |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 3,79,200 | 17.36% |
| QIB | 8,97,600 | 41.10% |
| NII (HNI) | 2,73,600 | 12.53% |
| Retail Individual Investors | 6,33,600 | 29.01% |
| Total | 21,84,000 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 3,200 | 2,49,600 |
| S-HNI (Min) | 3 | 4,800 | 3,74,400 |
| S-HNI (Max) | 8 | 12,800 | 9,98,400 |
| B-HNI (Min) | 9 | 14,400 | 11,23,200 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 90.92% |
| Promoter Holding Post-Issue | To be declared |
Promoters: Mr. Rajeev Kumar and Ms. Rajni Kumari.
About PAN HR Solutions Ltd.
Incorporated in 2015, PAN HR Solutions Ltd. is engaged in providing end-to-end human resource and workforce management services. The company operates on a B2B model and caters primarily to enterprises requiring large-scale manpower deployment across multiple locations.
The company offers comprehensive HR solutions including manpower recruitment, payroll management, staffing solutions, facility management services and compliance audits. Its services cater to both skilled and unskilled blue-collar workforce requirements across sectors.
As on November 30, 2025, the company had deployed 10,374 personnel across various client locations.
Services Offered
| Segment | Description |
|---|---|
| Manpower Services | Recruitment of personnel across industries |
| Payroll Services | End-to-end payroll management including EPF, ESIC, PT compliance |
| Facility Management | Housekeeping, pantry staff, office assistants |
| Staffing Solutions | Deployment of delivery and operational staff |
| Compliance Audit | Independent statutory and regulatory compliance audits |
Competitive Strengths
• Large-scale workforce deployment capability
• Strong compliance and regulatory expertise
• Experienced management team
• Comprehensive end-to-end service offerings
Company Financials (Rs. crore – Restated)
| 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 |
| Total Borrowings | 0.08 | — | 0.03 | 0.60 |
Objects of the Issue (Rs. in crore)
| S.No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Funding working capital requirements | 9.75 |
| 2 | Repayment / prepayment of borrowings | — |
| 3 | General corporate purposes | Balance |
Key Performance Indicators
| KPI | Nov 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 24.64% | 31.05% |
| ROCE | 26.76% | 38.30% |
| RoNW | 21.94% | 27.47% |
| PAT Margin | 3.33% | 1.77% |
| EBITDA Margin | 4.12% | 2.42% |
| Price to Book Value | 2.11 | 2.32 |
| EPS (Rs.) | 9.27 | 10.67 |
| P/E (x) | 8.41 | 7.31 |
Company Contact
| Particulars | Details |
|---|---|
| Company Name | PAN HR Solutions Ltd. |
| Address | A-42/03, Second Floor, Sector-62, Gautam Buddha Nagar, Noida, Uttar Pradesh – 201301 |
| Phone | +91 74288 52201 |
| cscompliance@panhr.in |
IPO Lead Manager
| Particulars | Details |
|---|---|
| Lead Manager | Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. |
IPO Registrar
| Particulars | Details |
|---|---|
| Registrar | Maashitla Securities Pvt. Ltd. |
| Phone | +91-11-45121795-96 |
| investor.ipo@maashitla.com | |
| Website | Visit Website |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | PAN HR Solutions operates in manpower and staffing services with stable revenue visibility and consistent profitability. Valuations appear reasonable with single-digit P/E and strong return ratios. However, thin margins, dependence on working capital cycles and limited scalability cap upside. |
| Chanakya View | NEUTRAL / MODERATE APPLY – suitable for informed investors with medium-risk appetite |
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical AnalysisÂ
- Calls for the Day
- Currency Analysis
Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
