PAN HR SOLUTIONS IPO

PAN HR SOLUTIONS IPO

Quick Overview of the Upcoming PAN HR SOLUTIONS IPO

Dhan Kirti is pleased to present a comprehensive overview of the forthcoming Initial Public Offering (IPO) of PAN HR Solutions Limited, a prominent player in the B2B workforce solutions sector. This IPO offers investors an opportunity to participate in the growth journey of a company specializing in end-to-end human resource and staffing services across India.

The PAN HR Solutions IPO is structured to raise capital through a combination of fresh issue and an Offer for Sale (OFS), aiming to bolster its operational capabilities and fund future growth initiatives. Investors are encouraged to review the details and timelines provided below for a clear understanding of this investment opportunity.

Key Milestones for the PAN HR Solutions IPO

Understanding the critical dates associated with an IPO is essential for potential investors to plan their applications and track the allotment process. Here are the important dates for the PAN HR Solutions IPO:

• Opening Date: 06th February 2026
• Closing Date: 10th February 2026
• UPI Payment Deadline: 10th February 2026 (5 PM)
• Allotment Announcement: 11th February 2026
• Refund Processing: 12th February 2026
• Demat Credit: 12th February 2026
• Stock Market Listing: 13th February 2026
• Mandate Validity End: 25th February 2026
• Anchor Investor Lock-in Release (50%): 13th March 2026
• Anchor Investor Lock-in Release (Remaining): 12th May 2026

*These dates are tentative and may be subject to revisions based on official updates from the company or regulatory bodies. Investors should monitor official announcements for any changes.

Deep Dive into PAN HR Solutions Limited

Founded in December 2015 by Rajeev Kumar and Rajni Kumari, PAN HR Solutions Limited has rapidly established itself as a dynamic B2B workforce solutions provider with an extensive pan-India footprint. The company’s core expertise lies in delivering comprehensive human resource and staffing services, with a particular focus on blue-collar and support roles, which are critical for various industries.

PAN HR Solutions offers a diversified portfolio of services that includes manpower supply, specialized staffing solutions, efficient payroll management, professional facility management, critical compliance audits, and robust e-commerce logistics support. This broad spectrum of services allows the company to cater to a wide array of sectors, including the rapidly expanding e-commerce and logistics industries, manufacturing, infrastructure development, and information technology.

A distinctive aspect of PAN HR’s operational model is its strategic deployment of a substantial on-ground workforce across customer locations. This approach ensures seamless support for both core and non-core operations of its clients. The business primarily operates on a “Collect and Pay” model, where it invoices clients for services rendered and subsequently manages the disbursement of salaries and statutory dues to its deployed personnel. In a move to further enhance operational efficiency and execution, the company is progressively integrating a “Pay and Collect” model into its framework.

The company’s market standing is bolstered by several key strengths, including an integrated service portfolio that provides holistic HR solutions, a highly scalable workforce deployment capability, deep sector-focused expertise, and robust relationships with its clientele. Furthermore, PAN HR’s commitment to a compliance-driven approach and its proven ability to deliver customized staffing solutions are pivotal in fostering long-term customer retention and ensuring operational reliability, making it a dependable partner for businesses seeking efficient workforce management.

Overview of Fundraising Through the IPO

The PAN HR Solutions IPO is designed to raise capital to support its strategic objectives and expansion plans. The total funds projected to be raised from this offering amount to INR 17.04 Crores.

The fresh issue component, constituting the larger portion, signifies new shares being issued by the company, with the proceeds directly flowing into the company’s coffers for its business operations. The Offer for Sale (OFS) component involves existing shareholders selling a portion of their holdings, and the proceeds from this part will go to the selling shareholders.

From a financial perspective, PAN HR Solutions has demonstrated a steady operational trajectory. The company reported total assets of INR 42.31 Crores in March 2024, which slightly decreased to INR 36.06 Crores by March 2025, before rebounding to INR 43.72 Crores by November 2025, indicating a dynamic asset base managed for growth. Revenue generation has been consistent, with INR 281.92 Crores in March 2024 and INR 283.69 Crores in March 2025. For the eight months ending November 2025, the company recorded revenues of INR 154.23 Crores, suggesting continued operational activity.

Notably, the company has shown commendable growth in profitability. Profit After Tax (PAT) increased from INR 4.2 Crores in March 2024 to INR 5.02 Crores in March 2025. For the period ending November 2025, PAT further improved to INR 5.13 Crores, already surpassing the previous full fiscal year’s profit, indicating enhanced efficiency and potentially stronger margins in the recent period.

Strategic Utilization of IPO Proceeds

The capital raised through the fresh issue component of the IPO is earmarked for specific strategic purposes, primarily focused on strengthening the company’s financial position and supporting its growth trajectory. The planned allocation reflects the company’s immediate operational needs and long-term strategic goals.

A significant portion, approximately 69.44% of the fresh issue proceeds, is allocated towards fulfilling working capital requirements. This robust allocation highlights the company’s focus on maintaining healthy liquidity, funding day-to-day operations, and supporting its scalable workforce deployment model. Adequate working capital is crucial for a service-oriented business like PAN HR Solutions to manage payroll, operational expenses, and expand client engagements without disruption.

The remaining 30.56% of the proceeds are set aside for general corporate purposes. This flexible allocation provides the management with the necessary capital to address unforeseen expenses, pursue strategic initiatives, invest in technology upgrades, explore potential acquisitions, or for any other corporate needs that may arise to optimize business growth and efficiency.

Competitive Strengths That Drive Growth

PAN HR Solutions possesses several distinct competitive strengths that position it favorably within the dynamic B2B workforce solutions market. These strengths contribute significantly to its operational effectiveness, client retention, and potential for sustained growth:

• Extensive Pan-India Presence and Scalable Workforce: The company boasts a significant operational reach across India, complemented by a large and highly scalable on-ground workforce. This national footprint and deployment capability enable PAN HR to efficiently serve diverse clients across various geographical locations and adapt quickly to fluctuating client demands.
• Diversified Service Portfolio: PAN HR offers a comprehensive mix of services, including specialized staffing, precise payroll management, regulatory compliance assistance, and efficient facility management. This integrated offering allows clients to consolidate their HR and operational needs with a single provider, enhancing convenience and efficiency.
• Strategic Focus on High-Growth Sectors: The company maintains strong exposure to rapidly expanding sectors such as e-commerce and logistics. By aligning its services with industries experiencing significant growth, PAN HR Solutions positions itself to capture substantial market opportunities and benefit from sector-specific tailwinds.
• Integrated End-to-End Workforce Solutions: Providing holistic, end-to-end workforce solutions is a key differentiator. From recruitment and deployment to payroll and compliance, PAN HR streamlines complex HR processes for its clients, fostering deeper client relationships and promoting long-term retention through reliable service delivery.
• Experienced Leadership with Proven Track Record: The company benefits from experienced promoters who possess a deep understanding and a long operating track record in the human resource services industry. This seasoned leadership provides strategic direction, operational expertise, and a stable foundation for the company’s continued expansion.

Potential Risk Factors for Consideration

While PAN HR Solutions presents a compelling investment opportunity, potential investors should also be aware of certain risk factors that could influence the company’s performance and financial outlook:

• Concentration Risk from Key Customers: A significant portion of the company’s revenue is derived from a limited number of large customers. This dependence could expose PAN HR to revenue volatility if any major client reduces their business or terminates contracts, impacting financial stability.
• Geographic Concentration: The business exhibits substantial geographic concentration, primarily in Delhi, Haryana, and Uttar Pradesh. While this provides a strong regional base, it also makes the company vulnerable to regional economic downturns, policy changes, or increased competition in these specific areas.
• Regulatory and Compliance Risks: Operating in the human resource sector involves complex labor laws, extensive compliance requirements, and employee-related regulations. Non-compliance or adverse changes in these regulations could lead to legal challenges, penalties, or increased operational costs, affecting profitability.
• Historical Negative Operating Cash Flows: The company has experienced negative operating cash flows in certain past periods. While common for growing businesses, sustained negative cash flows without sufficient funding could impact liquidity and the ability to fund future expansion without external capital.
• Industry Sensitivity to Economic Cycles: The company’s business is sensitive to economic downturns, particularly in key client industries such as e-commerce. A slowdown in these sectors could lead to reduced demand for workforce solutions, impacting PAN HR’s revenue and profitability.

Latest Subscription Data (To Be Updated Post-Launch)

The subscription data provides insights into investor demand across various categories during the IPO period. As the PAN HR Solutions IPO is scheduled for February 2026, the live subscription figures are not yet available. This section will be updated once the IPO opens for public subscription and data becomes available from official sources.

*Subscription statistics will be published based on official exchange data. Gray Market Premium (GMP) figures are unofficial and highly speculative; investors should rely solely on official exchange data and company disclosures for investment decisions.

Guidance on Participating in the IPO

For investors interested in the PAN HR Solutions IPO, the process of applying is straightforward and accessible. Ensure you have a demat account and sufficient funds ready for the application.

Investors can participate in this IPO via the official Dhan Kirti IPO platform before the subscription closes. We encourage all prospective investors to carefully read the Red Herring Prospectus (RHP) to make informed investment decisions based on their financial objectives and risk tolerance.