In February 2026, the SME IPO segment continued to witness steady interest as investors evaluated service driven businesses with predictable cash flows and recurring demand. Companies operating in staffing, payroll management, and compliance services remained relevant as formalisation of employment practices and outsourcing of non core functions gathered pace across industries.
Against this backdrop, PAN HR Solutions Limited is set to open its IPO on February 6, 2026. Below is a detailed overview of PAN HR Solutions Limited, its IPO structure, business profile, financial performance, and industry outlook.
About PAN HR Solutions Ltd.
Incorporated in 2015, PAN HR Solutions Limited provides comprehensive human resource solutions across staffing, payroll, facility management, compliance audits, and e commerce logistics services. The company operates on a B2B model and caters primarily to enterprises requiring large scale manpower deployment across multiple locations.
PAN HR Solutions offers end to end HR services, positioning itself as a one stop provider for workforce related requirements. Its service offerings cover recruitment, payroll administration, statutory compliance, facility management, and staffing solutions for delivery and support roles.
Key service offerings include:
• Manpower Services, involving recruitment of personnel across various industries
• Payroll Services, including payroll processing and compliance with statutory requirements such as Employees Provident Fund, ESIC regulations, and Professional Tax
• Facility Management Services, such as housekeeping staff, pantry staff, office assistants, and other support roles
• Staffing Solutions for operational roles including delivery personnel
• Compliance Audit Services, providing independent audits to ensure regulatory compliance and maintenance of proper records
As of November 30, 2025, the company had 10,374 personnel deployed across different client locations. PAN HR Solutions is headquartered in Noida, Uttar Pradesh.
PAN HR Solutions Ltd. IPO Details
PAN HR Solutions IPO is a book build issue of ₹17.04 crores. The issue comprises a fresh issue of 0.18 crore shares aggregating to ₹14.04 crores and an offer for sale of 0.04 crore shares aggregating to ₹3.00 crores.
The company plans to utilise the net proceeds primarily towards funding working capital requirements, pre payment or repayment of certain borrowings, and general corporate purposes.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | February 6, 2026 |
| IPO Close Date | February 10, 2026 |
| Allotment Date (Tentative) | February 11, 2026 |
| Initiation of Refunds | February 12, 2026 |
| Credit of Shares to Demat | February 12, 2026 |
| Listing Date (Tentative) | February 13, 2026 |
Key IPO Details
Here is the table on the PAN HR Solutions Ltd. IPO Review.
| Particulars | Details |
|---|---|
| Face Value | ₹10 per share |
| Issue Price Band | ₹74 to ₹78 per share |
| Lot Size | 1,600 shares |
| Total Issue Size | 21,84,000 shares aggregating up to ₹17.04 crore |
| Fresh Issue | 14,20,800 shares aggregating up to ₹14.04 crore |
| Offer for Sale | 3,84,000 shares aggregating up to ₹3.00 crore |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre Issue | 54,11,058 shares |
| Shareholding Post Issue | 72,11,058 shares |
| Market Capitalisation Pre IPO | ₹56.25 crore |
Lot Size of PAN HR Solutions Ltd. IPO
The table below outlines the lot size and investment amount for various investor categories based on the upper price band.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Investor Min | 2 | 3,200 | ₹2,49,600 |
| Retail Investor 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 Ltd. Financials
PAN HR Solutions has reported consistent profitability over the reported periods. As of November 30, 2025, the company reported a Return on Equity of 24.64 percent and a Return on Capital Employed of 26.76 percent. The Return on Net Worth stood at 21.94 percent, while the Profit After Tax margin improved to 3.33 percent. EBITDA margin for the same period was reported at 4.12 percent.
Other key financial details of the company are summarised below.
Key Company Financials
| 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 | 0.00 | 0.03 | 0.60 |
Amount in ₹ crore.
PAN HR Solutions Ltd.: Industry Outlook
• Increasing formalisation of the workforce is driving demand for organised staffing and payroll service providers.
• Compliance intensive payroll and manpower services can create recurring client engagement across sectors.
• Facility management and staffing services are seeing steady demand from enterprises outsourcing non core functions.
• The manpower services industry remains competitive, with performance dependent on compliance management, client retention, and efficient workforce deployment.
Conclusion
PAN HR Solutions Ltd. presents an SME IPO opportunity for investors seeking exposure to a B2B manpower and HR services company with a diversified service portfolio. The company has demonstrated stable profitability and manages a large deployed workforce across client locations. IPO proceeds are expected to strengthen working capital, reduce borrowings, and support general corporate requirements.
However, investors should carefully consider sector specific risks such as intense competition, margin sensitivity, and operational complexity involved in managing large scale manpower deployments. Reviewing the RHP and aligning investment decisions with individual risk appetite remains essential before participating in the IPO.
