The Rs 17.04 crore IPO, which comprised a fresh issue of Rs 14.04 crore and an offer for sale of Rs 3 crore, was subscribed 11.85 times overall. The NII segment led the demand at 25.41 times, followed by retail at 8.99 times and QIBs at 6.57 times (excluding anchor portion).
At the upper price band of Rs 78, PAN HR Solutions commands a post-issue market capitalisation of around Rs 56.25 crore. The company raised Rs 4.19 crore from anchor investors ahead of the IPO. Proceeds from the fresh issue will primarily be used to fund working capital requirements and for general corporate purposes.
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PAN HR Solutions operates a B2B manpower and HR services model, offering recruitment, payroll management, compliance audits, facility management and staffing solutions. As of November 30, 2025, the company had deployed over 10,374 personnel across client locations.
On the financial front, the company reported total income of Rs 283.69 crore and PAT of Rs 5.02 crore for FY25. For the eight months ended November 30, 2025, it posted income of Rs 154.23 crore and PAT of Rs 5.13 crore, indicating margin improvement. EBITDA margin improved to 4.12% from 2.42% in FY25, while PAT margin expanded to 3.33%.
While subscription numbers reflect investor interest, the flat GMP signals that the market may be factoring in moderate growth visibility and SME liquidity risks. Listing performance will likely depend on broader SME market sentiment and post-listing demand.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)