Indian HR services provider launches IPO with workforce deployment exceeding 10,300

PAN HR Solutions, an India-based business-to-business human resources services provider, has opened its initial public offering seeking to raise Rs 17.04 crore (€1.85 million) through a combination of fresh equity issue and offer for sale.

The Economic Times reported that the SME IPO, which opened for subscription on Friday, will remain open until 10th February, with the company scheduled to list on the BSE SME platform on 13th February.

Incorporated in 2015, PAN HR Solutions operates as an end-to-end workforce management provider, delivering services including recruitment, staffing, payroll processing, facility management, compliance audits and logistics staffing. The company primarily serves blue-collar and semi-skilled workforce requirements across multiple industries.

As of 30th November 2025, the organisation had deployed more than 10,300 personnel across various client locations. The company's operational model centres on large-scale workforce deployment combined with compliance-focused service delivery, particularly targeting sectors requiring substantial on-ground staffing and regulatory adherence.

Financial performance has remained stable, with total income of Rs 154.23 crore (€16.75 million) and profit after tax of Rs 5.13 crore (€557,000) for the period ended 30th November 2025. This compares with total income of Rs 283.69 crore (€30.81 million) and PAT of Rs 5.02 crore (€545,000) in FY25.

The proceeds from the fresh issue will fund working capital requirements, prepay or repay certain borrowings, and support general corporate purposes. Post-issue, promoter shareholding will decline as new equity is issued, whilst the company aims to strengthen its balance sheet to support future expansion.

The IPO is priced in a band of Rs 74 to Rs 78 (€0.80 to €0.85) per share, with retail investors required to apply for a minimum of 3,200 shares, translating into an investment of Rs 2,49,600 (€27,120) at the upper price band.

View complete details on the IPO structure and the company's workforce management capabilities.