The subscription window for PAN HR Solutions Limited is currently live on the BSE SME platform and is scheduled to close tomorrow, Tuesday, February 10, 2026. As of 10:10 AM today, the issue has been subscribed 1.09 times overall.
The demand is notably lopsided: the Qualified Institutional Buyer (QIB) segment has been oversubscribed 3.52 times, indicating professional confidence in the company’s business model. However, the Retail portion stands at 0.11x and the Non-Institutional Investor (NII) category is at 0.02x, reflecting a "wait-and-watch" approach from individual investors.
PAN HR Solutions operates a "Collect and Pay" model, providing end-to-end HR services including recruitment, payroll, and compliance for sectors like e-commerce and logistics. As of late 2025, the company manages a massive workforce of over 10,300 personnel. Financially, it reported a Profit After Tax (PAT) of ₹5.02 crore for FY25 on a revenue of ₹283 crore. Interestingly, its 9-month performance for FY26 already shows a PAT of ₹5.13 crore, surpassing the entire previous year's profit.
Key IPO Details & Timetable
| Feature | Details |
| Price Band | ₹74 – ₹78 per share |
| Current Status | Open (Day 2 of 3) |
| Lot Size | 1,600 Shares (Min. Investment ₹2,49,600 for Retail*) |
| Total Issue Size | ₹17.04 Crore (Fresh: ₹14.04 Cr / OFS: ₹3.00 Cr) |
| Grey Market Premium | ₹0 (Flat Expectations) |
| Closing Date | February 10, 2026 (Tomorrow) |
| Basis of Allotment | February 11, 2026 |
| Tentative Listing | February 13, 2026 |
*Note: Retail investors are required to apply for a minimum of 2 lots (3,200 shares).
Important Note for Investors
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Customer Concentration Risk: A significant warning flag for investors is that the top 10 customers account for nearly 99% of the company's revenue. This makes the business highly vulnerable to the loss of any single major contract.
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Working Capital Cycle: The company is transitioning from a "Collect and Pay" to a "Pay and Collect" model. While this can improve service speed, it requires high working capital, which is why ₹9.75 crore of the IPO proceeds are being used specifically for this purpose.
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Regional Heavyweight: PAN HR generates a vast majority of its revenue from Delhi, Haryana, and Uttar Pradesh. Any regional policy changes regarding labour laws or economic shifts in North India could impact operations significantly.
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Reasonable Valuation: At the upper price band, the IPO is priced at a P/E ratio of approximately 7.31x (Post-IPO), which is considered relatively attractive compared to organized peers in the staffing industry.
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Anchor Confidence: The company successfully raised ₹4.19 crore from anchor investors on February 5, including participation from Rajasthan Global Securities and INTI Capital.
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