PAN HR Solutions IPO Makes Flat Debut, Lists at ₹78.35 Against Moderate 11.85x Subscription

PAN HR Solutions Ltd, a company incorporated in 2015 engaged in providing human resource, staffing, payroll, facility management, compliance audits, and e-commerce logistics services operating on B2B model providing comprehensive manpower solutions catering to range of roles from unskilled to skilled blue-collar workers offering end-to-end HR solutions including recruitment, payroll management complying with statutory regulations like EPF, ESIC, and Professional Tax, compliance auditing, facility management comprising housekeeping staff, pantry staff, office assistants, and staffing solutions for various roles including delivery personnel with extensive workforce deployment of 10,374 personnel working at different client locations as of November 30, 2025, made a flat debut on BSE SME on Friday, February 13, 2026. After closing its IPO bidding between February 6-10, 2026, the company commenced trading with marginal premium of 0.45% opening at ₹78.35, touched high of ₹80.00 (up 2.56%) before trading around ₹78.15 (up 0.19% from issue price).

PAN HR Solutions Listing Details

PAN HR Solutions launched its IPO at ₹78 per share with minimum investment of 3,200 shares costing ₹2,49,600. The IPO received moderate response with subscription of 11.85 times - individual investors at 8.99 times, NII at 25.41 times (bNII at 37.15 times, sNII at 12.93 times), QIB at 6.57 times, total applications of 2,485.

First-Day Trading Performance

Listing Price: PAN HR Solutions opened at ₹78.35 representing marginal premium of 0.45% from issue price of ₹78.00, touched high of ₹80.00 (up 2.56%) before trading around ₹78.15 (up 0.19%), with VWAP at ₹78.46, reflecting neutral market sentiment with price stability near issue price as investors assessed valuation with turnover of ₹3.97 crore, traded volume of 5.07 lakh shares, and market capitalisation of ₹56.35 crore marginally above pre-IPO market cap of ₹56.25 crore with balanced order book indicating steady trading interest.

Growth Drivers and Challenges

Growth Drivers:

Extensive Workforce Deployment: 10,374 personnel deployed at various client locations demonstrating scalable manpower deployment capabilities and strong client relationships with experienced leadership and management team.

Near-Zero Debt Balance Sheet: Negligible borrowings of only ₹0.08 crore against net worth of ₹23.39 crore providing complete financial flexibility for growth investments and working capital requirements.

Consistent Financial Performance: Revenue growing from ₹256.36 crore in FY23 to ₹283.69 crore in FY25, PAT growing from ₹3.88 crore to ₹5.02 crore, healthy ROE of 24.64%, strong ROCE of 26.76%, reasonable valuation with post-IPO P/E of 7.31x.

Challenges:

Thin Margins: PAT margin of only 3.33% and EBITDA margin of 4.12% reflecting intense competition and limited pricing power in highly competitive HR and staffing solutions segment.

Small Scale Operations: Small post-IPO equity capital indicating longer gestation for mainboard migration, tiny issue size of only ₹17.04 crore with modest market capitalisation of ₹56.35 crore.

Utilisation of IPO Proceeds

Working Capital: ₹9.75 crore for funding working capital requirements representing largest allocation supporting HR and staffing operations across client locations.

General Corporate Purposes: ₹2.11 crore for general corporate purposes.

Financial Performance

Revenue: ₹154.23 crore for 8 months ended November 2025, ₹283.69 crore for FY25, growth from ₹281.92 crore in FY24 and ₹256.36 crore in FY23, reflecting steady expansion in HR, staffing, payroll, and facility management services across B2B clients.

Net Profit: ₹5.13 crore for 8 months FY26, ₹5.02 crore in FY25, growth from ₹4.20 crore in FY24 and ₹3.88 crore in FY23, demonstrating consistent profitability with post-IPO EPS of ₹10.67 and attractive P/E of 7.31x.