PAN HR Solutions IPO, a book-built SME issue, to raise ₹17.04 crore of capital with 18,00,000 Equity Shares worth ₹14.04 crore and an offer-for-sale of 3,84,000 Equity Shares worth ₹3.00 crore, at face value ₹10/share.
PAN HR Solutions IPO will start the bidding process from 6 February 2026 and will close on 10 February 2026. PAN HR Solutions Limited will finalise its share allotment on 11 February 2026 and list the shares at BSE SME, as on 13 February 2026.
PAN HR Solutions has fixed the IPO shares at ₹74/share – ₹78/share price band. The lot size is 1,600 shares/lot, for which the retail investors are required to bid for 2 lots (3,200), bringing the minimum retail investment to ₹2,49,600 on the upper band.
PAN HR Solutions IPO: Details
| IPO Opens | 6 February 2026 |
| IPO Closes | 10 February 2026 |
| Face value | ₹10/share |
| Price Band | ₹74 to ₹78/share |
| Issue price | – |
| IPO Lot Size | 1,600 shares/lot |
| Offer for sale | 3,84,000 Equity Share (₹3.00 crore) |
| Fresh issue | 18,00,000 Equity Shares (₹14.04 crore) |
| Issue Type | Book-built |
| Listing | BSE SME |
| Total Issue Size (₹ Crore) | ₹17.04 Crore (21,84,000 Equity Shares) |
| Minimum Retail Investment | ₹2,49,600 (3,200 shares/2 lots) |
PAN HR Solutions IPO Timeline
| Bid Opening Date | 6 February 2026 |
| Bid Closing Date | 10 February 2026 |
| Allotment | 11 February 2026 |
| Refunds Initiated | 12 February 2026 |
| Share Credit Date | 12 February 2026 |
| Listing Date | 13 February 2026 |
| UPI mandate Cut-off time | 10 February 2026 (5 PM) |
PAN HR Solutions Key Performance Indicators (KPIs)
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | 31.05 | 32.12 | 45.73 |
| ROCE (%) | 38.3 | 40.35 | 42.51 |
| Debt-Equity Ratio (in times) | – | – | 0.05 |
| RoNW (%) | 27.47 | 29.94 | 31.99 |
| PAT Margin (%) | 1.77 | 1.5 | 1.52 |
| EBITDA Margin (%) | 2.42 | 1.85 | 2.1 |
| Price-Book Value | – | – | – |
PAN HR Solutions Limited: Financial Information
| 2025 (in ₹ lakh) | 2024 (in ₹ lakh) | 2023 (in ₹ lakh) | |
| Revenue | 28,318.88 | 28,107.99 | 25,610.28 |
| Assets | 3,605.54 | 4,231.48 | 3,707.07 |
| Profit After Tax | 501.58 | 420.46 | 388.35 |
Subscription Status: PAN HR Solutions IPO
The PAN HR Solutions IPO subscription details are unavailable.
You can come back and check once the IPO opens.
Bidding starts at 10:00 AM and continues till 5:00 PM on the issue dates.
PAN HR Solutions IPO GMP
PAN HR Solutions IPO GMP today is at ₹0. The expected listing is at ₹78, which is at the upper band. This keeps the anticipated gain/loss at 0.00%.
There is no major GMP movement in the IPO so far, and the analysts expect this same trend until listing.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 5 February 2026 | ₹0 | ₹78 | ₹0 (0.00%) | – |
| 4 February 2026 | ₹0 | ₹78 | ₹0 (0.00%) | – |
| 3 February 2026 | ₹0 | ₹78 | ₹0 (0.00%) | – |
Note: Grey Market Premium (GMP) values are unofficial and fluctuate depending on market sentiment and subscription rates.
PAN HR Solutions IPO Reservation
The PAN HR Solutions IPO offers 21,84,000 Equity Shares, which are reserved for the market makers, QIBs, NIIs, and retail investors. Check the reservation here!
| Category | % of Shares Offered | Shares offered |
| Market makers | 17.36% | 3,79,200 |
| Anchor Investors | 24.62% | 5,37,600 |
| QIBs | 16.48% | 3,60,000 |
| Retail Investors | 29.01% | 6,33,600 |
| NII shares offered (HNI) | 12.53% | 2,73,600 |
| Total Shares Offered | 100% | 21,84,000 |
PAN HR Solutions IPO Lot Size
The PAN HR Solutions IPO lot size is 1,600 shares/lot, and the minimum bid size is 2 lots, which is 3,200 shares.
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors Minimum Application | 2 | 3,200 | ₹2,49,600 |
| Retail Investors Maximum Application | 2 | 3,200 | ₹2,49,600 |
| S-HNI Minimum Application | 3 | 4,800 | ₹3,74,400 |
| S-HNI Maximum Application | 8 | 12,800 | ₹9,98,400 |
| B-HNI Minimum Application | 9 | 14,400 | ₹11,23,200 |
PAN HR Solutions IPO: Anchor Investors Details
| Bidding Opens On | 5 February 2026 |
| Shares to be Offered | 5,37,600 shares |
| Issue Size | – |
| 30 days lock-in expiry date (50% of shares) | March 2026 |
| 90 days lock-in expiry date (Remaining shares) | May 2026 |
PAN HR Solutions IPO Prospectus
| PAN HR Solutions IPO DRHP(Doc) | |
| PAN HR Solutions IPO RHP(Doc) | |
| PAN HR Solutions IPO Anchor Investors | – |
| PAN HR Solutions IPO Final Prospectus | – |
About PAN HR Solutions Limited
PAN HR Solutions Limited, incorporated on 23 December 2015, is a B2B workforce services company that provides a full suite of human resource, staffing, and compliance support to enterprises across sectors, including e-commerce, logistics, manufacturing, and information technology, under the leadership of Chairman and Managing Director Rajeev Kumar.
The company provides complete manpower solutions, ranging from unskilled to skilled blue-collar workers and provides payroll, staffing, compliance, and e-commerce logistics support, based on client needs. The company operates on a Collect and Pay model, where it bills customers for services delivered and then disburses wages to deployed staff, helping clients streamline hiring, reduce administrative load, and maintain regulatory compliance.
| Book Running Lead Managers (BRLM) | Marwadi Chandarana Intermediaries Brokers Private Limited |
| IPO Registrar | Maashitla Securities Private Limited |
Objectives of PAN HR Solutions
| Particulars | Amount (in ₹ lakh) |
| Working capital requirements | 975.00 |
| Corporate requirements | – |
Strengths Of PAN HR Solutions
- Wide-scale workforce deployment: The company deploys over 10,000 personnel nationwide, ensuring uninterrupted operations across e-commerce, logistics, and manufacturing sectors.
- Legal & regulatory compliance: The company strictly maintains GST, PF, ESIC, and labour laws, which reduces legal risks and ensures transparent operations.
- Strong leadership team: The company’s promoters and management, with over a decade of industry experience, supporting steady business growth and effective decision-making.
- End-to-end HR service: The company provides recruitment, payroll, compliance, staffing, and facility management under one roof, which improves client retention and cross-selling opportunities.
Risks of PAN HR Solutions
- Customer concentration: The company generates a large share of revenue from a limited number of clients, and losing any of these key customers might impact the company.
- Geographic concentration: The company mainly operates in Delhi, Haryana, and Uttar Pradesh, and any regional disruptions in such regions could affect revenue and business continuity.
- Listing risk: The company has no assurance that the IPO Shares will be listed on the BSE SME platform within the expected timeline or at all.
- Technology and operational risk: If the company’s IT system fails or faces any employee error, it could disrupt operations, create liabilities, and negatively affect the company’s reputation.
PAN HR Solutions IPO Review
PAN HR Solutions operates in a low-margin manpower outsourcing segment where scale matters more than pricing power. Although return ratios remain healthy, profit margins are relatively thin, reflecting the competitive nature of the industry. While the revenue concentration among top clients and geographic dependence adds to a measurable risk.
With GMP at ₹0 and no strong listing signals, the issue appears to be fairly priced. Investment suitability depends on risk appetite and SME exposure preference.
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PAN HR Solutions IPO FAQs
The PAN HR Solutions IPO is a book-built SME issue aggregating ₹17.04 crore through a fresh issue of 18,00,000 equity shares and an offer for sale of 3,84,000 shares. The IPO is proposed to be listed on the BSE SME platform.
Investors can apply for the PAN HR Solutions IPO through ASBA via their bank account or through a stockbroker platform using UPI. Retail investors must apply for a minimum of 2 lots, which equals 3,200 shares.
The PAN HR Solutions IPO reflects a stable financial growth along with strong return ratios, but the margins remain modest while revenue is concentrated among the top 10 customers. With GMP at ₹0, listing gains appear limited, making it suitable for selective SME-focused investors.
Based on the current GMP of ₹0, the estimated listing price is ₹78. The PAN HR Solutions IPO implies 0.00% expected listing gain. And the returns will depend on subscription response and post-listing business performance.
The PAN HR Solutions IPO will open for bidding on 6 February 2026 and close on 10 February 2026. Bidding is available between 10:00 AM and 5:00 PM on issue days.
The PAN HR Solutions IPO lot size is 1,600 shares. Retail investors must apply for a minimum of 2 lots, which equals 3,200 shares, amounting to ₹2,49,600 at the upper price band.
The PAN HR Solutions IPO allotment is expected to be finalised on 11 February 2026. Refunds and share credit to demat accounts are scheduled for 12 February 2026.
The shares of PAN HR Solutions Limited are proposed to be listed on the BSE SME platform on 13 February 2026, subject to completion of all regulatory formalities.
