PAN HR Solutions IPO
smelistedAbout the company
Incorporated in 2015, Pan HR Solution provides comprehensive manpower solutions for unskilled to skilled blue-collar workers throughout India. The company primarily operates on a B2B model, offering staffing, human resource support, and meeting compliance needs. Pan HR's clientele spans various industries such as e-commerce, logistics, manufacturing, IT, and others. The company follows a "collect and pay" model whereby it collects money from the clients and pays the workers. As of November 30, 2025, it had 10,374 workers deployed, compared to 9,481 in FY25, 9,467 in FY24, and 9,884 in FY23. Most of the labour force is engaged in the e-commerce industry, which had 8,780 workers as of November 2025. This is followed by logistics with 855 workers, manufacturing with 43 workers and infrastructure and other sectors with 696 workers. E-commerce remains a primary source of revenue for the company. As of Nov 2025, e-commerce contributed ₹131.23 crore or nearly 85% of total operating revenue. Infrastructure and other sectors gave ₹14.51 crore (about 9%), and logistics ₹7.49 crore (about 5%). Among states, Haryana was the highest contributor, accounting for ₹30.44 crore or almost 20% of total revenue.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 13 Feb | ₹0 | ₹78 | 0 |
| 12 Feb | ₹0 | ₹78 | 0 |
| 11 Feb | ₹0 | ₹78 | 0 |
| 10 Feb | ₹0 | ₹78 | 0 |
| 09 Feb | ₹0 | ₹78 | 0 |
| 08 Feb | ₹0 | ₹78 | 0 |
| 07 Feb | ₹0 | ₹78 | 0 |
| 06 Feb | ₹0 | ₹78 | 0 |
Strengths
- Established presence in HR, staffing, payroll, and compliance services
- Diversified client industries such as e-commerce, logistics, manufacturing, and IT
- Asset-light and scalable operating model
- Track record of revenue and profit growth
- Experienced promoters and management team
- Potentially reasonable valuation versus some peers
- Benefits from growing demand for organized HR outsourcing in India
Risks
- High dependence on a limited set of clients
- Significant exposure to the e-commerce segment
- Highly competitive and fragmented industry
- Working-capital-intensive operations with cash-flow sensitivity
- Exposure to labor law and regulatory compliance requirements
- SME listing may mean lower liquidity and higher volatility
- Geographic concentration of operations in limited regions
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed06 Feb 2026Bidding starts for all investor categories
IPO Closes
Completed10 Feb 2026Last day to place your bid
Basis of Allotment
Completed11 Feb 2026Share allotment finalised
Refund Initiation
Completed12 Feb 2026Refunds credited for non-allottees
Credit to Demat
Completed12 Feb 2026Allotted shares credited to demat account
Listing on Exchange
Completed13 Feb 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1600 | ₹124,800 | 1 | ₹124,800 | 1 lot only |
| HNI | 2 | 3200 | ₹249,600 | 2 | ₹249,600 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,118,421 | 8.5 | 0 | 0.00x | 100% |
| NII | 15% | 335,526 | 2.55 | 0 | 0.00x | 100% |
| Retail | 35% | 782,895 | 5.95 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
