The PAN HR Solutions IPO has opened for subscription, offering investors an opportunity to participate in a growing human resource services company focused on workforce management and compliance solutions. The company aims to raise Rs 17.04 crore through its public issue and plans to list on the BSE SME platform.

The IPO opened on February 6, 2026, and will close on February 10, 2026. The allotment is expected to be finalised on February 11, 2026, with a tentative listing date of February 13, 2026.

PAN HR Solutions Limited, incorporated in 2015, provides end-to-end workforce solutions to corporates across sectors such as manufacturing, infrastructure, logistics and services. The company’s business model focuses on helping organisations manage manpower efficiently while reducing compliance risks and optimising operational costs.

IPO Structure and Pricing

The PAN HR Solutions IPO is a Book Built Issue aggregating to Rs 17.04 crore. The issue consists of a fresh issue of 0.18 crore shares worth Rs 14.04 crore and an offer for sale of 0.04 crore shares worth Rs 3 crore.

The price band has been fixed at Rs 74 to Rs 78 per equity share. At the upper end of the price band, the company’s market capitalisation is estimated at Rs 56.25 crore.

The IPO lot size is 1600 shares. Retail investors must apply for a minimum of two lots, which equals 3200 shares, requiring an investment of Rs 249600 at the upper price band. High-Net-Worth Individuals need to apply for at least three lots, amounting to 4800 shares, with a minimum investment of Rs 374400.

The book-running lead manager for the issue is Marwadi Chandarana Intermediaries Brokers Private Limited, while the registrar to the issue is Maashitla Securities Private Limited. The market maker for the IPO is Giriraj Stock.

Company Overview

PAN HR Solutions Limited operates in the human resource services sector. The company provides a range of services including:

• Staffing services

• Payroll management

• Compliance support

• HR outsourcing

These services are designed to support corporates in handling their workforce requirements efficiently. Many organisations today prefer outsourcing HR-related functions to reduce administrative burden and focus on core operations. PAN HR Solutions positions itself as a reliable partner in managing these responsibilities.

Business Model and Revenue Streams

The company generates revenue primarily through staffing services and payroll management. It places employees with client companies and manages payroll processing, statutory compliance, and documentation.

In addition, PAN HR Solutions offers compliance support services, helping clients adhere to labour laws and regulatory requirements. In sectors such as manufacturing and infrastructure, compliance obligations can be complex and require continuous monitoring. Outsourcing these functions helps companies avoid penalties and operational disruptions.

The company also provides HR outsourcing solutions, enabling businesses to streamline recruitment, onboarding, attendance management and workforce administration.

Industry Outlook

India’s human resource services industry has witnessed steady growth over the past decade. With increasing formalisation of the economy and stricter labour compliance requirements, companies are relying more on professional HR service providers.

The demand for staffing services is particularly strong in sectors such as manufacturing, logistics and infrastructure, where workforce requirements fluctuate based on project timelines and seasonal demand.

Additionally, regulatory changes related to labour codes and compliance norms are encouraging businesses to seek expert guidance. This trend creates opportunities for companies like PAN HR Solutions to expand their service offerings.

Use of IPO Proceeds

The fresh issue proceeds of Rs 14.04 crore are expected to be used for business expansion, working capital requirements and general corporate purposes. Strengthening the financial position of the company may help it expand operations, invest in technology and enhance service capabilities.

The offer for sale component allows existing shareholders to partially divest their holdings.

Grey Market Premium

The Grey Market Premium for PAN HR Solutions IPO currently stands at Rs 0. This indicates neutral sentiment in the unofficial market ahead of listing. However, investors should remember that GMP is not regulated and should not be the sole factor influencing investment decisions.

Strengths of PAN HR Solutions

One of the company’s key strengths is its diversified client base across multiple industries. Serving sectors such as manufacturing and logistics provides steady demand for workforce solutions.

The company’s integrated service model, covering staffing, payroll and compliance, allows it to offer comprehensive solutions to clients. This reduces dependency on a single revenue stream.

Another strength lies in the growing demand for HR outsourcing services. As businesses expand and regulatory frameworks evolve, professional HR service providers play an increasingly important role.

Risks and Challenges

Being a small-cap company listing on the SME platform, PAN HR Solutions faces certain risks. Revenue growth may depend on the ability to acquire and retain corporate clients. Competition from established staffing companies and new entrants could affect margins.

Compliance and regulatory changes may also impact operations. Since the company deals directly with workforce management and statutory requirements, any errors or non-compliance could lead to penalties or reputational risks.

Economic slowdown or reduced industrial activity could lead to lower demand for staffing services.

SME Platform Considerations

The IPO is being listed on the BSE SME platform, which typically caters to small and medium enterprises. While SME listings offer growth potential, they may also experience lower liquidity compared to mainboard stocks.

Investors should consider liquidity risks and price volatility before investing in SME IPOs.

Investor Perspective

For investors seeking exposure to the HR services and staffing sector, PAN HR Solutions offers an opportunity to invest in a growing niche segment. The company’s focus on compliance and workforce management aligns with increasing regulatory scrutiny in India.

However, as with any SME IPO, investors should evaluate risk tolerance carefully. SME stocks may experience higher volatility post-listing.

Long-term investors who believe in the growth of outsourced HR services in India may consider evaluating the fundamentals, financial performance and valuation before making a decision.

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