PAN HR Solutions and Segmental Infrastructure Receive Exchange Approval for IPOs

The stock exchange has approved the Initial Public Offers (IPOs) of PAN HR Solutions Ltd. and Segmental Infrastructure Development Ltd. on January 6, 2026. Following the exchange clearance, both companies will proceed with the next steps towards launching their IPOs, subject to market conditions and other regulatory approvals.

The approvals granted by the exchange are valid for a period of 12 months. Both companies have proposed to list their equity shares on the BSE SME platform.

Exchange Approval and IPO Structures

PAN HR Solutions Ltd.’s IPO is proposed as a Book Build Issue of 0.22 crore equity shares. The issue comprises a fresh issue of up to 0.18 crore equity shares along with an offer for sale (OFS) of up to 0.04 crore equity shares by existing shareholders.

Segmental Infrastructure Development Ltd.’s IPO is also planned as a Book Build Issue but consists solely of a fresh issue of up to 0.45 crore equity shares, with no OFS component. For both companies, key IPO details such as issue dates, price bands, and lot sizes are yet to be announced.

Listing Platform and Issue Intermediaries

The equity shares of both PAN HR Solutions Ltd. and Segmental Infrastructure Development Ltd. are proposed to be listed on the BSE SME platform. For PAN HR Solutions Ltd., Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. has been appointed as the book running lead manager, while Maashitla Securities Pvt. Ltd. will act as registrar to the issue.

In the case of Segmental Infrastructure Development Ltd., Share India Capital Services Pvt. Ltd. has been appointed as the book-running lead manager, and Bigshare Services Pvt. Ltd. will serve as the registrar of the issue. These intermediary appointments form part of the procedural requirements for executing the IPOs.

Business Overview of PAN HR Solutions Ltd.

PAN HR Solutions Ltd. operates in the human resource and staffing services segment, offering manpower services, payroll management, facility management, staffing solutions, compliance audits, and e‑commerce logistics support. The company provides recruitment services across various industries and manages end‑to‑end payroll operations in compliance with statutory requirements such as Employees Provident Fund (EPF), ESIC regulations, and Professional Tax.

Its facility management services include the deployment of housekeeping staff, pantry staff, office assistants, and other support personnel. The company follows a B2B business model, serving clients from sectors such as e‑commerce, logistics, manufacturing, and information technology.

Business Overview of Segmental Infrastructure Development Ltd.

Incorporated in 2009, Segmental Infrastructure Development Ltd. is engaged in engineering and project management consulting services in the infrastructure sector. The company specialises in Roads and Highways, Tunnels and Bridges, and Railways, along with other public transport and mobility‑related infrastructure segments.

It provides consultancy services across approximately 20 projects in areas such as highways, bridges, tunnels, and railways. The company operates across multiple regions of the country, serving public and private infrastructure stakeholders.

Read More: Indian IPO Market to See Momentum in 2026.

Conclusion

The exchange approvals granted on January 6, 2026, mark an important milestone for both PAN HR Solutions Ltd. and Segmental Infrastructure Development Ltd. as they prepare to access the public markets. While both companies have received regulatory clearance to proceed, critical IPO details such as pricing and timelines are yet to be disclosed.

The approvals remain valid for 12 months, providing flexibility for launch subject to market conditions. The developments place both companies a step closer to listing on the BSE SME platform.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.