The Indian HR outsourcing market is growing at a rate of 12–15% per year and is expected to reach $15–18 billion by 2030. This growth is being driven by the gig economy, the need for compliance, the growth of Tier-2 and Tier-3 cities, and the use of digital payroll and HR technology.
Pan HR Solutions Limited, based in Delhi and founded in 2015, offers a full range of HR services to small and medium-sized businesses and large companies in North India. These services include staffing, payroll outsourcing, recruitment process outsourcing (RPO), and compliance management.
It has a network of more than 50 clients, a lot of experience with compliance across India, and leadership that has been around for a long time. It also has technology that can be easily added to for remote hiring.
Before the BSE SME IPO, Pan HR Solutions Limited had strong growth. Revenue for FY25 went up a lot compared to FY23: ₹17.04 Cr (21.84 lakh shares at ₹10 FV) in the ₹74–78 price range (lot size 1,600 shares = ₹1.25 lakh). The opening is from February 6 to 10, 2026; the allotment is on February 11; and the listing on the BSE SME is on February 13.
Pan HR Solutions IPO Details:
Pan HR Solutions Issue Management:
Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. acts as the book-running lead manager for Pan HR Solutions SME IPO, managing underwriting and compliance.
Pan HR Solutions IPO RTA (Registrar) Details:
Maashitla Securities Pvt.Ltd. handles allotment, refunds, and demat credits—contact at +91-11-45121795-96 or investor.ipo@maashitla.com.
Pan HR Solutions IPO Allotment Status:
To check your IPO allotment status:
Visit the Maashitla Securities Pvt.Ltd. IPO Application Status page.
Select the company name from the dropdown menu.
Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
Click Submit to view your allotment status.
Action Links:
To apply for Pan HR Solutions IPO, open a demat account here
Pan HR Solutions IPO Subscription Status: Check live subscription here
Pan HR Solutions IPO GMP Update: Check latest grey market premium here
Pan HR Solutions Limited, which was established in 2018 and operates in Delhi-NCR, offers a full range of HR services to small and medium-sized businesses and large companies in North and East India. These services include staffing, payroll outsourcing, RPO, compliance management, and training.
It uses a model that doesn't require a lot of assets and is powered by technology to serve more than 50 clients with scalable solutions for hiring in the gig economy, paying remote workers, following the law, and finding talent in Tier-2 and Tier-3 cities.
Pan HR Solutions Limited had strong growth before the BSE SME IPO. In FY25, revenue went up a lot from FY23 levels, and PAT margins improved. ₹17.04 Cr (21.84 lakh shares at ₹10 FV) in the price range of ₹74 to ₹78 (lot size 1,600 shares ≈ ₹1.25 lakh). The opening is from February 6 to 10, 2026, the allotment is on February 11, and the BSE SME listing is on February 13.
Pan HR Solutions Limited IPO is ₹17.04 Cr total (21.84 lakh shares at ₹10 FV): fresh issue ₹14.04 Cr + OFS ₹3 Cr—to fund working capital, technology upgrades, and general purposes.
Pan HR Solutions IPO proceeds will be deployed towards the following objectives:
Pan HR Solutions Ltd NSE SME IPO reserves 21.84 lakh shares per SEBI SME norms
Anchor bidding for Pan HR Solutions IPO opens on February 5, 2026 (~28.42% of QIB: ~3.10 lakh shares).
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms. as per SEBI SME guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Maashtila Services Pvt Ltd.
According to RHP reports, Pan HR Solutions Limited had strong financial results in FY25. Revenue rose about 25% year over year to ₹48.72 Cr, PAT rose 85% to ₹4.21 Cr (8.6% margin), ROE was 42.3%, ROCE was 38.7%, and EBITDA margin was 15.2%. Growth comes from more staffing contracts, more payroll outsourcing, and more demand for compliance services among small and medium-sized businesses in North India.
The important risks and strengths of the Pan HR Solutions IPO are mentioned below:
Strengths:
Scalable Asset-Light Model: Pan HR Solutions runs a low-capex HR outsourcing platform that provides staffing, payroll, RPO, and compliance through tech integration. This is perfect for small and medium-sized businesses in North and East India that want to grow in the gig economy.
Proven Leadership and Stake: Rajeev Kumar (MD) and Rajni Kumari, the promoters, own about 90.92% of the company's stock before the IPO. They have been managing employees and client networks for more than 15 years.
Financial Momentum: FY25 shows that revenue is growing quickly (about 25% year over year), ROE is about 24–31%, ROCE is 26–38%, and D/E is 0.22, which is better than many other small businesses, even though PAT margins are only 4–8%.
Risks
Margin Pressure: Low EBITDA (2–15%) and PAT margins make staffing companies more vulnerable to wage increases, changes in the law, and the loss of gig workers.
Client Concentration: If key contracts end while TeamLease and Quess are competing, the company could lose a lot of money because it relies too much on its top 5–10 clients (probably 60%+ of revenue).
Execution and Cash Flow: SME IPO rules cause delays in allotment, price swings after listing, and low trading volumes, which are common for ₹17 Cr issues on BSE SME.
The RHP filings indicate that Pan HR Solutions Limited did well in FY25, with revenue of about ₹48.72 Cr (+25% YoY), PAT of ₹4.21 Cr (+85%), RoNW of about 31%, and post-issue P/E of about 7.3x. This is better than other HR outsourcing companies like TeamLease.
The asset-light model (staffing, payroll/RPO, and compliance through tech platforms) brings in 85% of revenue from e-commerce and logistics clients. This allows for scalable growth among small and medium-sized businesses in North India as the gig economy grows.
The BSE SME IPO for ₹17.04 Cr at the upper band of ₹78 trades at 0.2x sales and 4.5x EPS (after the issue). Strong ROE/ROCE (25–38%), low D/E (0.22), and a 90% stake from the promoter make up for thin PAT margins (4–8%).
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Pan HR Solutions IPO, open a demat account here
Pan HR Solutions IPO Subscription Status: Check live subscription here
Pan HR Solutions IPO GMP Update: Check latest grey market premium here
1. What is the Pan HR Solutions IPO open and close date?
The Pan HR Solutions Limited BSE SME IPO opens February 6, 2026, and closes February 10, 2026, on BSE SME.
Track Pan HR Solutions IPO subscription status live here from Finnpick.
2. What is the Pan HR Solutions IPO price band and lot size?
The IPO price band is ₹74-78 per share (FV ₹10), with a lot size of 1,600 shares (retail min ₹1.25 lakh at the upper end; HNI min ₹2.50 lakh for 2 lots).
3. What is Pan HR Solutions IPO total size?
The Pan HR Solutions IPO size is ₹17.04 Cr total (21.84 lakh shares): fresh issue ₹14.04 Cr + OFS ₹3 Cr.
4. How to apply for the Pan HR Solutions IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Feb 10, 4 PM. Monitor the Pan HR Solutions IPO subscription tracker here.
5. How to check Pan HR Solutions IPO allotment status?
The allotment date is on Feb 09th and can be checked on the Maashtila Services Pvt Ltd RTA portal using PAN/DP ID.
6. What is Pan HR Solutions' IPO GMP today and subscription status?
The current Grey Market Premium (GMP) stands at ₹0 (flat) as of Feb 02, indicating listing at the price range of ₹78—check daily updates of Pan HR Solutions IPO GMP trends here and live subscription status here from Feb 06th opening only on Finnpick.
7. What does Pan HR Solutions specialise in?
Pan HR Solutions Limited specialises in end-to-end HR outsourcing—manpower supply, contract staffing, payroll management, RPO, compliance audits, facility management, and e-commerce logistics support, primarily for blue-collar roles in the e-commerce, logistics, manufacturing, and IT sectors across North India.
8. When is the Pan HR Solutions IPO listing date?
The Pan HR Solutions Ltd IPO lists on 13th February, 2026, on NSE SME (~T+2 post-allotment Feb 11).
9. What are the IPO proceeds utilisation details?
The Pan HR Solutions IPO fresh issue proceeds of ₹14.04 Cr target working capital (~₹10.50 Cr), technology/compliance system upgrades (~₹2.50 Cr), and general corporate purposes (~₹1.04 Cr). OFS ₹3 Cr provides liquidity to selling shareholders.
