PAN HR Solutions IPO is a book-built issue with a total size of ₹17.04 crore. The entire issue consists of a fresh issue of 0.18 crore shares and offer for sale of 0.04 crore, aiming to raise funds for the company’s business needs. The IPO opens for subscription on February 6, 2026, and will close on February 10, 2026.
The basis of allotment is expected to be finalised on February 11, 2026, and the shares are likely to be listed on BSE SME on February 13, 2026. The price band for the issue is set between ₹74 and ₹78 per share, offering investors an entry at different levels.
The minimum application size is 1,600 shares, making the minimum investment for retail investors ₹2,49,600 at the upper band. For HNI investors, the minimum lot size is 3 lots, equivalent to 4,800 shares, amounting to ₹3,74,400.
Marwadi Chandarana Intermediaries Brokers Private Limited is acting as the book running lead manager, while Maashitla Securities Private Limited has been appointed as the registrar to the issue. Giriraj Stock Broking Private Limited is serving as the market maker for this IPO.
PAN HR Solutions IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funds will be used for working capital requirements of the Company.
- Part of the proceeds will be used in pre-payment or repayment of certain outstanding borrowings availed by Company
- Remaining funds will be used for general corporate purposes.
About PAN HR Solutions Limited
PAN HR Solutions was originally incorporated and registered as a private limited company under the Companies Act, 2013, in the name and style of “Pan HR Solution Private Limited”, pursuant to a certificate of incorporation dated December 23, 2015, issued by the Registrar of Companies, Uttar Pradesh. Subsequently, pursuant to a resolution of the Board of Directors dated April 18, 2025, and a resolution of the shareholders dated April 21, 2025, the Company was converted into a public limited company under the Companies Act. Consequent to such conversion, the name of the Company was changed to “Pan HR Solution Limited”, and a fresh certificate of incorporation dated May 15, 2025 was issued by the Registrar of Companies, Central Processing Centre.
The Company operates on a B2B model and provides comprehensive manpower solutions catering to a wide range of roles, from unskilled to skilled blue-collar workers. It has a PAN India presence and provides human resource services, staffing solutions, and compliance services to customers across sectors such as e-commerce, logistics, manufacturing, information technology, and other industries. These services enable customers to streamline the hiring process, reduce administrative burden, and ensure the availability of suitable candidates.
The Company offers an end-to-end suite of services including manpower services, payroll services, facility management, staffing solutions, compliance audits, and e-commerce logistics services, allowing it to design and deliver customized solutions tailored to the specific needs of its customers. This integrated service offering strengthens the Company’s customer acquisition and retention capabilities. As part of its facility management services, the Company provides personnel for roles such as housekeeping staff, pantry boys, office assistants, and other support functions.
Currently, the Company operates under a “Collect and Pay” model, wherein it raises invoices on its customers or principal employers for services rendered in accordance with applicable terms and subsequently receives payments, which are then disbursed to the employees deployed at client locations.
In addition, the Company is in the process of gradually implementing a “Pay and Collect” model, under which it proposes to make advance disbursements to the concerned personnel or beneficiaries, followed by the raising of invoices and recovery of the corresponding amounts from the customers or principal employers in accordance with agreed contractual terms.
As of November 30, 2025, the Company had 10,374 personnel (non-core employees) deployed across various customer locations.
Industry Outlook
- India’s services sector growth is being driven by a combination of strong domestic demand and global integration.
- Several service sub-sectors have recorded double-digit growth, supported by rapid digital adoption, innovation, and technology-led business models.
- Continuous improvements in ease of doing business reflect a more efficient regulatory environment and proactive government initiatives.
- Ongoing structural reforms, including reduction of trade barriers, liberalization of FDI norms, and sectoral deregulation, are enhancing long-term growth prospects.
- The rollout of GST 2.0 has enabled the creation of a unified national market, reducing compliance complexity and the overall tax burden.
- Availability of input tax credits under GST is expected to lower operational costs over time, improving service pricing competitiveness.
- Government-led institutional frameworks and policy support are fostering greater formalization and scalability within the services ecosystem.
- Technological advancements such as automation, data analytics, and digital platforms are improving productivity and service delivery efficiency.
- The Indian digital economy is projected to reach US$ 1 trillion by 2025, underlining the sector’s role in employment generation, export growth, and innovation.
- With favorable policies, sustained reforms, and rising technology adoption, India’s services sector is well-positioned to support long-term economic growth and development.
How To Apply for the PAN HR Solutions IPO Online?
- Login to Your Angel One Account: Open the Angel One app or 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 PAN HR Solutions 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 PAN HR Solutions IPO?
- Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One 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.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of PAN HR Solutions Limited
Registered office: A - 42/03, Second floor, Sector-62, Gautam Buddha Nagar, Noida, Uttar Pradesh, 201301.
Phone:+91 74288 52201
E-mail: cscompliance@panhr.in
PAN HR Solutions IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 3,79,200 (17.36%) |
| QIB Shares Offered | 8,97,600 (41.10%) |
| − Anchor Investor Shares Offered | 5,37,600 (24.62%) |
| − QIB (Ex. Anchor) Shares Offered | 3,60,000 (16.48%) |
| NII (HNI) Shares Offered | 2,73,600 (12.53%) |
| − bNII > ₹10L | 1,82,400 (8.35%) |
| − sNII < ₹10L | 91,200 (4.18%) |
| Retail Shares Offered | 6,33,600 (29.01%) |
| Total Shares Offered | 21,84,000 (100.00%) |
PAN HR Solutions IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,49,600 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,49,600 |
| S-HNI (Min) | 3 | 4,800 | ₹3,74,400 |
| S-HNI (Max) | 8 | 12,800 | ₹9,98,400 |
| B-HNI (Min) | 9 | 14,400 | ₹11,23,200 |
PAN HR Solutions IPO Promoter Holding
The promoters of the company include Rajeev Kumar and Rajni Kumari.
| Share Holding Pre-Issue | 90.92% |
| Share Holding Post Issue | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for PAN HR Solutions IPO
| KPI | 30-Nov-25 |
| ROE | 24.64 |
| ROCE | 26.76% |
| RoNW | 21.94% |
| PAT Margin | 3.33% |
| EBITDA Margin | 4.12% |
| Price to Book Value | 2.11 |
PAN HR Solutions IPO Registrar and Lead Managers
PAN HR Solutions IPO Lead Managers
Marwadi Chandarana Intermediaries Brokers Private Limited
Registrar for PAN HR Solutions IPO
Maashitla Securities Private Limited
Contact Number: +91-11-45121795-96
Email Address: investor.ipo@maashitla.com
Financial Performance of PAN HR Solutions Limited
| Key Performance Indicator | 30-Nov-25 | Financial Year 2025 | Financial Year 2024 | Financial Year 2023 |
| Revenue from Operations | 15,398.96 | 28,318.88 | 28,107.99 | 25,610.28 |
| EBITDA | 633.74 | 686.18 | 518.88 | 536.57 |
| EBITDA Margin (%) | 4.12 | 2.42 | 1.85 | 2.1 |
| PAT | 513.15 | 501.58 | 420.46 | 388.35 |
| PAT Margin (%) | 3.33 | 1.77 | 1.5 | 1.52 |
| ROE (%) | 24.64 | 31.05 | 32.12 | 45.73 |
| ROCE (%) | 26.76 | 38.3 | 40.35 | 42.51 |
PAN HR Solutions Limited Peer Comparison
| Name of the Company | Revenue from Operations for Fiscal 2025 (₹ in Lakhs) | Face Value (₹) | EPS (Basic) | EPS (Diluted) | Return on Net Worth (RoNW) (%) |
| PAN HR Solution Limited | 28,318.88 | 10 | 10.17 | 10.17 | 27.47 |
| Itcons ESolutions Limited | 598.41 | 10 | 6.43 | 3.17 | 8.76 |
| Happy Square Outsourcing Services Limited | 9,741.46 | 10 | 7.07 | 7.07 | 47.64 |
| Spectrum Talent Management Limited | 127,013.50 | 10 | 3.13 | 2.94 | 4.72 |
Strengths and Opportunities of PAN HR Solutions Limited
- The Company manages a large workforce deployed across multiple locations on a PAN-India basis, enabling consistent and scalable service delivery across sectors such as e-commerce, manufacturing, and logistics.
- A dedicated supervisory team monitors workforce deployment, attendance, productivity, and efficiency, ensuring continuity of operations and timely achievement of client objectives.
- The Company maintains strong compliance with statutory requirements including GST, PF, ESIC, and applicable labour laws, while proactively adopting regulatory amendments to minimize legal and operational risks.
- The promoters and senior management team bring over a decade of experience in the human resources industry, providing strategic leadership and operational expertise.
- The Company offers end-to-end HR solutions covering recruitment, staffing, payroll management, compliance audits, and facility management, positioning it as a one-stop service provider for clients.
- The Company plans to expand its service portfolio into leadership hiring, digital workforce solutions, skill-based training, and project-based and contract staffing to address evolving workforce needs.
- The Company operates under a “Collect and Pay” model and is gradually transitioning to a “Pay and Collect” model, enhancing financial flexibility and supporting business growth.
- The Company has strong sector penetration and plans to introduce a Third-Party Logistics model to support clients by outsourcing non-core logistics and supply chain functions.
Risks and Threats of PAN HR Solutions Limited
- An investment in the Company’s Equity Shares involves a high degree of risk and may result in the loss of all or part of the invested amount.
- The risks disclosed may not be exhaustive, and additional risks or uncertainties not presently known or considered material could adversely affect the Company’s business and financial performance.
- Adverse developments in the industry in which the Company operates or in the Indian economic environment could negatively impact its results of operations, cash flows, and financial condition.
- Forward-looking statements contained in the Red Herring Prospectus are subject to assumptions, estimates, and uncertainties, and actual results may differ materially from those anticipated.
- Certain operational and financial performance indicators included in the Red Herring Prospectus may not be derived from audited financial statements and may not be directly comparable with those of other companies.
- Variations in accounting practices, assumptions, or estimation methodologies may affect the interpretation of the Company’s financial and operational performance.
- The Company may be unable to quantify the financial impact of certain risk factors, which could make it difficult for investors to assess the potential downside.
- Prospective investors must rely on their own examination of the Company and consult their financial, legal, and tax advisors before making an investment decision.
