PAN HR Solutions IPO

PAN HR Solutions IPO overview

PAN HR Solutions provides comprehensive manpower solutions including staffing (skilled/unskilled), payroll processing, facility management and compliance audits. It operates from Noida, Uttar Pradesh, focusing on B2B clients requiring flexible workforce solutions.

Key IPO details

• IPO open date: February 6, 2026
• IPO close date: February 10, 2026
• Basis of allotment: February 11, 2026
• Refunds & credit to Demat: February 12, 2026
• Listing date: February 13, 2026
• Bidding cut‑off time: February 10, 2026 – 5 PM.
• Price band :- Rs. 74 to Rs 78
• Face value :- Rs. 10 per share
• Sale type :- Fresh capital & OFS
• Total issue size :-Rs 17 crore
• Fresh issue :- Rs. 11 crore
• OFS :- Rs. 3 crore
• Market cap (pre-ipo):- Rs. 56.25 crore

Market lot and investor reservation

• Minimum market lot: 3,200 shares
• Retail minimum & maximum: 1 lot (3,200 shares) – application amount ₹2,49,600.
• S‑HNI: 4,800–12,800 shares; B‑HNI from 14,400 shares upwards.

Reservation:

• Anchor investors: 5,37,600 shares (24.62%) – ₹4.19 crore.
• QIB (ex‑anchor): 3,60,000 shares (16.48%)
• NII: 2,73,600 shares (12.53%)
• Retail: 6,33,600 shares (29.01%).

Promoters are Rajeev Kumar and Rajni Kumari; promoter holding moves from 90.92% pre‑issue (54,11,058 shares) to post‑issue details pending confirmation.

Objective of the issue

• Funding working capital requirements – ₹9.75 crore.
• Pre‑payment or repayment of borrowings.
• General corporate purposes.

Financials and valuation snapshot

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		0.03	0.60
Amount in ₹ Crore

 

Key FY25 metrics:

• ROE: 31.05%
• ROCE: 38.30%
• EBITDA margin: 2.42%
• PAT margin: 1.77%
• Debt‑equity ratio: Nil
• EPS (basic): ₹10.17
• RoNW: 27.47%
• NAV: ₹37.01 per share.

Peers: Itcons E Solutions (RoNW 8.76%), Happy Square Outsourcing (47.64%), Spectrum Talent (4.72%).

Strengths

• Established HR services since 2015 with B2B manpower solutions.
• Steady revenue ~₹280 crore annually with FY25 PAT ₹5.02 crore.
• Strong returns: ROE 31.05%, ROCE 38.30%, RoNW 27.47%.
• Zero debt on balance sheet.
• High EPS ₹10.17 and NAV ₹37.01.
• Comprehensive services: staffing, payroll, facility mgmt, compliance.
• Solid anchor interest (24.62%, ₹4.19 crore).
• High promoter holding at 90.92% pre‑issue.

Risks

• Thin margins: EBITDA 2.42%, PAT 1.77% in FY25.
• Revenue stagnation (~₹280 crore FY24-FY25).
• High retail minimum ticket (₹2,49,600).
• Labour services sector competition and wage inflation.
• Working capital intensive business.
• Client concentration risk in B2B model.
• NII allocation only 12.53%.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs

Q1. What services does PAN HR Solutions provide?
Staffing solutions (skilled/unskilled), payroll management, facility management, compliance audits and e‑commerce logistics on B2B basis.

Q2. What are the PAN HR Solutions IPO dates?
Opens February 6, 2026; closes February 10; allotment February 11; listing February 13.

Q3. What is the lot size and minimum investment?
1 lot = 3,200 shares; retail minimum ₹2,49,600.

Q4. How is the issue reserved?
24.62% anchor (₹4.19 Cr), 16.48% QIB, 12.53% NII, 29.01% retail.

Q5. Who are the promoters?
Rajeev Kumar and Rajni Kumari; pre‑issue holding 90.92%.

Q6. What are the objects of the issue?
Working capital funding (₹9.75 Cr), debt repayment and general purposes.

Q7. How have financials trended?
Revenue stable at ~₹280 Cr (FY24-FY25); PAT grew to ₹5.02 Cr in FY25, ₹5.13 Cr by Nov 2025.