PAN HR Solutions IPO
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PAN HR Solutions IPO details
Schedule of PAN HR Solutions
| Issue open date | 06 Feb 2026 |
| Issue close date | 10 Feb 2026 |
| UPI mandate deadline | 10 Feb 2026 (5 PM) |
| Allotment finalization | 11 Feb 2026 |
| Refund initiation | 12 Feb 2026 |
| Share credit | 12 Feb 2026 |
| Listing date | 13 Feb 2026 |
| Mandate end date | 25 Feb 2026 |
| Lock-in end date for anchor investors (50%) | 13 Mar 2026 |
| Lock-in end date for anchor investors (remaining) | 12 May 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About PAN HR Solutions
PAN HR Solution Limited was incorporated in December 2015 and is promoted by Rajeev Kumar and Rajni Kumari. The Company operates as a B2B workforce solutions provider with a pan-India presence. It focuses on delivering end-to-end human resource and staffing services, primarily for blue-collar and support roles. The Company offers manpower supply, staffing solutions, payroll management, facility management, compliance audits, and e-commerce logistics support. Its services cater to sectors such as e-commerce, logistics, manufacturing, infrastructure, and information technology. PAN HR deploys a large on-ground workforce across customer locations to support core and non-core operations. The business primarily follows a “Collect and Pay” model, under which it invoices clients for services rendered and disburses salaries and statutory dues to deployed personnel. It is gradually implementing a “Pay and Collect” model to enhance execution efficiency. Key strengths include an integrated service portfolio, scalable workforce deployment, sector-focused expertise, and strong client relationships. The Company’s compliance-driven approach and ability to deliver customised staffing solutions support long-term customer retention and operational reliability.
Financials of PAN HR Solutions
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 17.04 |
| Fresh Issue – Proceeds go to the company | 14.04 |
| Offer for Sale | 3 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Working capital requirements | 9.75 (69.44%) |
| General corporate purposes | 4.29 (30.56%) |
Strengths
- Pan-India presence with a large, scalable on-ground workforce.
- Diversified service mix covering staffing, payroll, compliance, and facility management.
- Strong exposure to high-growth sectors like e-commerce and logistics.
- Integrated end-to-end workforce solutions supporting client retention.
- Experienced promoters with a long operating track record in HR services.
Risks
- High revenue dependence on a limited number of large customers.
- Significant geographic concentration in Delhi, Haryana, and Uttar Pradesh.
- Exposure to labour law, compliance, and employee-related regulatory risks.
- Negative operating cash flows in certain past periods.
- Business sensitivity to downturns in key client industries, such as e-commerce.
Subscription Figures for PAN HR Solution
According to media reports (Link), PAN HR Solution is seeing no premium in the grey market. Since GMP is an unreliable indicator, IPO subscription data from the exchanges offers a more accurate view of market demand.
Subscription numbers as of 05:00 PM on 06 February 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 3.60 | 12.67 | 3.52x |
| NII | 6.53 | 0.04 | 0.01x |
| Retail | 6.34 | 0.67 | 0.11x |
| Total | 16.46 | 13.39 | 0.81x |