PAN HR Solutions IPO Opens; Weak GMP, ₹17 Cr Issue Underway

The PAN HR Solutions Ltd SME IPO opened for public subscription on Friday, 6 February 2026, as the human-resources services firm seeks to raise approximately ₹17.04 crore. The subscription window will remain open until 10 February 2026.

Key IPO Details

• Price Band: ₹74 to ₹78 per share. 
• Total Issue Size: ₹17.04 crore through a mix of fresh issue and offer-for-sale shares. 
• Minimum Retail Application: 3,200 shares, costing about ₹2,49,600 at the upper band. 
• The IPO is being managed by Marwadi Chandarana Intermediaries Brokers, with Maashitla Securities as registrar and Giriraj Stock Broking as market-maker. 

Grey Market Premium (GMP)

• As the IPO opens, the grey market premium remains at ~0%, showing muted investor expectations about listing gains at this stage. 

Listing Plan

• The shares are set to **list on the BSE SME platform on ** 13 February 2026. 

Business Overview
PAN HR Solutions, incorporated in 2015, is a B2B human resources services provider offering a broad suite of workforce management solutions including recruitment, staffing, payroll processing, facility management, compliance audits and logistics staffing for blue-collar and semi-skilled sectors. As of 30 November 2025, the company had deployed a workforce of over 10,300 personnel across client locations.

Financial Performance
For the period ended 30 November 2025, the firm reported:

• Total income: ₹154.23 crore 
• Profit after tax: ₹5.13 crore 
• EBITDA: ₹6.34 crore
  These figures reflect a stable operational performance leading into the IPO. 

Use of IPO Proceeds
The net proceeds from the offering are intended to be used for:

• Working capital requirements. 
• Pre-payment or repayment of certain borrowings. 
• General corporate purposes. 

Market observers note that the current lack of grey market premium suggests cautious sentiment among investors as the subscription phase gets underway, with attention now turning to subscription trends by investor category through 10 February 2026.