Introduction: Entering the Human Capital Arena
The SME segment continues to be a vibrant avenue for growth-focused companies, and the upcoming Initial Public Offering (IPO) from PAN HR Solutions Ltd. is drawing keen investor interest. This offering, listed on the BSE SME platform, provides a chance to invest in a company deeply embedded in India's rapidly evolving human resource and facility management ecosystem. Before you decide to apply, a thorough understanding of the company's fundamentals, the IPO structure, and its growth trajectory is crucial. We break down everything you need to know about this book-building issue.
Understanding the Business: Core Services of PAN HR Solutions
Established in 2015, PAN HR Solutions Ltd. operates primarily on a Business-to-Business (B2B) model, positioning itself as a one-stop provider for end-to-end human resource solutions. They bridge the gap between client needs and workforce deployment, covering roles from essential blue-collar to specialized skilled positions.
Key Service Portfolio
- **Manpower Services:** Recruitment across diverse industrial sectors.
- **Payroll & Compliance:** Managing end-to-end payroll, ensuring adherence to statutory norms like EPF and ESIC.
- **Facility Management:** Providing essential support staff such as housekeeping, pantry services, and office assistants.
- **Specialized Staffing:** Deploying personnel for roles like delivery executives.
- **Compliance Auditing:** Offering independent audits to maintain regulatory records and adherence.
Competitive Edge
- Significant workforce deployment scale, serving over 10,000 personnel as of late 2025.
- Deep expertise in navigating complex regulatory and compliance landscapes.
- A broad service offering that captures multiple client requirements under one contract.
The IPO Blueprint: Key Subscription Details
This is a book-building issue structured to raise capital through a combination of fresh issuance and an offer for sale (OFS). Understanding the price band and lot size is vital for planning your application strategy.
| Metric | Details | Value |
|---|---|---|
| Issue Type | Bookbuilding | SME (BSE) |
| Total Issue Size (Approx.) | ₹17.04 Crores | 21.84 Lakh Shares |
| Price Band | ₹74 to ₹78 per share | |
| Lot Size (Minimum Application) | 1,600 Shares (2 Lots for Retail Minimum) | |
| Minimum Retail Investment | ₹2,49,600 (at Upper Price Band) | |
IPO Timetable: Mark Your Calendar
The subscription window is narrow, requiring prompt action for interested parties.
| Event | Tentative Date |
|---|---|
| IPO Opens for Subscription | Friday, February 6, 2026 |
| IPO Closes for Subscription | Tuesday, February 10, 2026 |
| Allotment Finalization | Wednesday, February 11, 2026 |
| Initiation of Refunds / Share Credit to Demat | Thursday, February 12, 2026 |
| Tentative Listing Date (BSE SME) | Friday, February 13, 2026 |
Capital Structure and Share Allocation
The IPO comprises a fresh issue of shares worth approximately ₹14.04 Cr and an Offer for Sale of ₹3.00 Cr. The company's pre-IPO market capitalization is estimated around ₹56.25 Crore, based on the upper price band.
IPO Reservation Breakdown
Allocation across different investor categories is key to understanding potential demand saturation.
| Investor Category | Shares Offered (%) |
|---|---|
| Qualified Institutional Buyers (QIB) | 41.10% |
| Non-Institutional Investors (NII) | 12.53% |
| Retail Individual Investors (RII) | 29.01% |
| Anchor Investors (Sub-set of QIB) | 24.62% |
| Market Maker Reservation | 17.36% |
Financial Health and Valuation Metrics
A review of recent financial statements shows a consistent upward trend in key performance indicators, reflecting the company's operational efficiency in the service sector.
Historical Financial Performance (Restated Figures in ₹ Crore)
| Financial Metric | Mar '23 | Mar '24 | Nov '25 (Interim) |
|---|---|---|---|
| Total Income | 256.36 | 281.92 | 154.23 |
| Profit After Tax (PAT) | 3.88 | 4.20 | 5.13 |
| EBITDA Margin | 5.37% | 5.19% | 6.34% |
| Total Borrowing | 0.60 | 0.03 | 0.08 |
Key Ratios & Post-IPO Valuation Snapshot
- **Return Ratios:** The Return on Equity (ROE) and Return on Capital Employed (ROCE) show strong profitability metrics, especially in the latest reported period ending November 2025.
- **Valuation:** Based on annualized earnings as of November 30, 2025, the Price-to-Earnings (P/E) ratio appears calculated at 7.31x post-IPO, suggesting the issue might be reasonably valued compared to sector peers.
- **Promoter Stake:** The promoters, Rajeev Kumar and Rajni Kumari, hold a substantial 90.92% stake pre-IPO, indicating strong promoter confidence in the business. Post-IPO, this holding will reduce proportionally to the fresh issue.
Objectives and Deployment of Funds
The primary goal of this public offering is twofold: strategic expansion through working capital infusion and strengthening the balance sheet by reducing existing debt obligations.
Utilisation Plan (Estimated)
| Purpose | Estimated Allocation (₹ Cr.) |
|---|---|
| Funding Working Capital Needs | 9.75 |
| Pre-payment/Repayment of Borrowings | (Specific amount not detailed, part of proceeds) |
| General Corporate Purposes | Balance Proceeds |
SWOT Analysis: Weighing the Opportunities and Challenges
A balanced perspective requires evaluating the company's inherent strengths against potential internal weaknesses and external threats.
Strengths, Weaknesses, Opportunities, and Threats
| Internal Factors | External Factors |
|---|---|
Strengths:
|
Opportunities:
|
Weaknesses:
|
Threats:
|
Key Intermediaries and Investor Support
The success and smooth processing of any IPO heavily depend on the professionals managing the books and the allotment process.
Registrar and Lead Manager Details
| Role | Name |
|---|---|
| Book Running Lead Manager (BRLM) | Marwadi Chandarana Intermediaries Brokers Pvt.Ltd. |
| Registrar to the Issue (RTI) | Maashitla Securities Pvt.Ltd. |
| Market Maker | Giriraj Stock Broking Pvt.Ltd. |
Contact Information
- **Company Address:** A - 42/03, Second floor, Sector-62, Gautam Buddha Nagar, Noida, Uttar Pradesh, 201301
- **Registrar Contact:** For allotment status inquiries, the registrar can be reached via phone or email, as provided in their official documentation.
Concluding Thoughts on PAN HR Solutions IPO
The PAN HR Solutions IPO presents a tangible investment opportunity in the staffing and managed services sector. Given the consistent financial growth and the stated objectives of utilizing funds for working capital and debt reduction, the long-term prospects appear aligned with the expanding service economy. Investors are advised to carefully consider the inherent risks associated with the high-touch nature of manpower deployment, especially in light of current market valuations, before making a final subscription decision. Analyzing the post-listing performance of similar SME issues can also offer valuable context.