Coreintegra Consulting Services Ltd IPO
Status: Closed
Overview
IPO date
23 Sept 2026 to 25 Sept 2026
Face value
₹ 10 per share
Price
₹ 74 to ₹78 per share
Issue Size
2,819,200 shares
(aggregating up to ₹ 21.99 Cr)
(aggregating up to ₹ 21.99 Cr)
Allotment Date
28 Sept 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Miscellaneous
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T&C*
Strengths vs Risks of Coreintegra Consulting Services Ltd
Know the pros & cons
Strengths
- Technology Platforms built in-house covering all aspects of the human resource value chain.
- Deep domain expertise delivered through comprehensive solutions across industries.
- Established long term relationship with clients leading to recurring business.
- Wide geographic presence with efficient labour law compliance capabilities.
- Experience of our Promoter and management team.
- Track record of high quality and efficient service delivery.
Risks
- The company's top five customers contribute about 89.31%, 88.04% and 90.16% of its revenues for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024. Any loss of business from one or more of them may adversely affect the company's revenue and profitability
- There are certain outstanding legal proceeding involving the Company, Group Company, Promoters, Directors and KMP and SMP which may adversely affect its business, financial condition and results of operations.
- Security breaches, any disruption to the company's information technology or cyberattacks could result in liabilities, damage to its reputation and adverse impact on the company's financial conditions, results of operations and cashflows.
- The company depends significantly on its clients from different industries and are highly dependent on the performance of their industry. A loss of, or a significant decrease in their business could adversely affect the company's business and profitability.
- The company depends on its proprietary technology for critical functions of the company's business. Failures to properly maintain or promptly upgrade its technology may result in disruptions to or lower quality of the company's solutions and its business and ability to service clients may be adversely affected. Further, the company's results of operations could be affected if its cannot successfully yield the intended results from the company's investment in technology.
- The company's business revenue from operations is concentrated in a few segments.
- The company's inability to protect and further strengthen and enhance its brand and business reputation could adversely affect the company's business prospects and financial performance.
- The company's businesses are manpower intensive and its inability to attract and retain skilled manpower could have an adverse impact on the company's growth, business and financial condition. Further, in the event the company is not able to manage its attrition, the company may not be able to meet the expectations of its customers, which may have an adverse impact on the company's financial condition.
- The company's client contracts are generally of a short duration, contain termination provisions and does not guarantee any volume of work. Majority of the company's client can terminate the contract by serving notice period as per the contract which could have an adverse impact on its business.
- The company has contingent liabilities, and its financial condition could be adversely affected if any of these contingent liabilities materializes.
- The company has significant employee benefit expenses, such as workers compensation, staff welfare expenses and contribution to provident and other funds.
- The company may be unable to perform background verification procedures on its personnel as well as on the company billable employees prior to placing them with its customers.
- The company does not own the premises in which its registered office and branch offices are located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect the company operations.
- There have been several instances of non-payment of statutory dues and filing of statutory returns by the Company in the past. Any delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have an adverse impact on the company's financial condition and cash flows.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the `Objects of the Issue'.
- The company's customers may delay or default in making payments for services rendered by it. If the company is unable to collect its receivables from the company's customers, its profits, cash flows and liquidity could be adversely affected.
- The company's net cash flows from operating, investing and financing activities have been negative in some years in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
- Due to the nature of the staffing services business, the company may be exposed to employment-related claims and losses that could have a material adverse effect on its business and reputation.
- There are certain delays noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies.
- The company's Statutory Auditor has noted certain observations in auditor's report under the Companies (Auditor's Report) Order, 2020.
- Any errors, defects or disruption in the company's service or inability to meet expected or agreed service standards may lead to claims, or adversely affect its reputation, revenue or future business prospects.
- Any IT system failures or lapses on part of any of the company's employees may lead to operational interruption, liabilities or reputational harm.
- The company may not be able to prevent unauthorised uses of copyright obtained/ applied for by third parties, which may lead to the dilution of the company's goodwill.
- The company is subject to risk as it relates to software that the company license from third parties
- The company financing agreements contain covenants that limit its flexibility in operating the company's business. Its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business, results of operations and financial condition.
- The company's insurance coverage may not adequately protect it against all material hazards, which may adversely affect the company's business, results of operations and financial condition.
- The company's business requires it to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failures to obtain and renew them in a timely manner may adversely affect the company's business operations.
- The company faces competition in its business from organized and unorganized players, which may adversely affect the company's business operations and financial condition.
- The company's inability to effectively manage its growth or to successfully implement the company's business plan and growth strategies could have an adverse effect on its business, results of operations and financial condition. The success of the company's business will depends greatly on its ability to effectively implement the company's business and growth strategies.
- Any failures or significant weakness of the company's internal controls system could cause operational errors or incidents of fraud, which would adversely affect its profitability and reputation
- If the company fails to acquire new consumers or fails to do so in a cost-effective manner, its may not be able to increase revenue or maintain profitability.
- The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- The company's business is subject to extensive government regulation, which may restrict the types of services the company is permitted to offer or result in additional tax or other costs that reduce its revenue and earnings. Further, non-compliance with existing regulatory requirements may adversely affect the company.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The company funding requirements and the proposed deployment of Net Proceeds are not appraised by any independent agency, which may affect its business and results of operations.
- The company's success largely depends upon the knowledge and experience of its Promoters, Directors, the company's Key Managerial Personnel and Senior Management as well as its ability to attract and retain personnel with technical expertise. Any loss of the company's Promoter, Directors, Key Managerial Personnel, Senior Management or its ability to attract and retain them and other personnel with technical expertise could adversely affect the company's business, financial condition and results of operations.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of the company's directors and key managerial personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- Some of the company's Directors possess experience of being on the board of any listed company.
- The continuing effect of the COVID-19 pandemic on the company's business and operations is highly uncertain and cannot be predicted.
- Industry information included in this Red Herring Prospectus has been derived from an industry report prepared by Ken Research Private Limited exclusively commissioned and paid for by the company for such purpose and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior Shareholders approval.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The company generates a substantial portion of revenue from Maharashtra. Any adverse developments affecting its operations in the Maharashtra could have an adverse impact on the company's revenue and results of operations.
Coreintegra Consulting Services Ltd Peer Comparison
Understand the company’s industry standing
Coreintegra Consulting Services Ltd
Team Lease Services Limited
Quess Corp Limited
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
516.3
11859.38
15321.68
EPS-Basis
5.88
83.3
14.85
EPS-Diluted
5.88
83.3
14.85
NAV Per Share
35.74
622.12
78.11
P/E-Basic EPS
12.59
14.74
23.06
P/E-Diluted EPS
---
---
---
RONW(%)
16.46
13.55
19.05
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Coreintegra Consulting Services Ltd IPO?
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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 23 Sept 2026 & closes on 25 Sept 2026.
Coreintegra Consulting Services Limited was originally incorporated and registered as a Private Limited Company as Coreintegra Consulting Services Private Limited vide certificate of incorporation dated April 02, 2009 issued by the Registrar of Companies, Maharashtra, Mumbai. Further, Company was converted into a public limited company, name of the Company was changed to Coreintegra Consulting Services Limited', and a fresh certificate of incorporation was issued by Central Processing Centre on October 14, 2024.
The Company commenced its business as an HR services and staffing company, pursuant in-house development of various technology platforms since FY2015, it has transformed into a scalable technology driven HR Solutions provider. Company is one of the very few integrated players offering temporary and permanent staffing services, payroll outsourcing, labour law compliance, and proprietary HR-Tech solutions. It offer a range of solutions under the five key verticals: HR Services, Vendor Management Services, Compliance and Advisory, Reg Tech and HR Tech Solutions. Human resource services offer targeted support in recruitment, staffing, payroll processing, HR advisory including labour compliances, licenses and registration, policy drafting, just in time hiring solutions, retainership and assurance services which are designed to support regulatory compliance for businesses.
Company also offer tech- driven solutions to streamline and digitize human resource management through the proprietary platforms CoreX and Core Pay under HR Tech, and Ctrl-F and Core -PFT under Reg Tech. In addition to human resource service provider, Company provide vendor management services.
The Company formed a subsidiary in 2016, Core Integra Global Services Pvt. Ltd. (CIGSPL), specializing in cloud-based Software-as-a-Service (SaaS) solutions. Company launched Ctrl-F compliance web application platform in 2017. Core PFT launched in 2018. In 2021, it launched PF Trust platform for exempt PF entities.
Company is planning the Initial Public Offer of 35,00,000 equity shares of face value of Rs 10 through Fresh Issue.
Coreintegra Consulting Services Ltd IPO will close on 25 Sept 2026.
- Technology Platforms built in-house covering all aspects of the human resource value chain.
- Deep domain expertise delivered through comprehensive solutions across industries.
- Established long term relationship with clients leading to recurring business.
- Wide geographic presence with efficient labour law compliance capabilities.
- Experience of our Promoter and management team.
- Track record of high quality and efficient service delivery.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Sriram Natarajan | 3767520 | 49.13 | 3767520 | 35.93 |
| 2 | Sangeetha Sriram | 219939 | 2.87 | 219939 | 2.1 |
| 3 | Gaurav Bali | 959415 | 12.51 | 959415 | 9.15 |
| 4 | Soumya Bali | 501 | 0.01 | 501 | --- |
| 5 | Eureka Outsourcing Solutions | 2186865 | 28.52 | 2186865 | 20.85 |
- The company's top five customers contribute about 89.31%, 88.04% and 90.16% of its revenues for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024. Any loss of business from one or more of them may adversely affect the company's revenue and profitability
- There are certain outstanding legal proceeding involving the Company, Group Company, Promoters, Directors and KMP and SMP which may adversely affect its business, financial condition and results of operations.
- Security breaches, any disruption to the company's information technology or cyberattacks could result in liabilities, damage to its reputation and adverse impact on the company's financial conditions, results of operations and cashflows.
- The company depends significantly on its clients from different industries and are highly dependent on the performance of their industry. A loss of, or a significant decrease in their business could adversely affect the company's business and profitability.
- The company depends on its proprietary technology for critical functions of the company's business. Failures to properly maintain or promptly upgrade its technology may result in disruptions to or lower quality of the company's solutions and its business and ability to service clients may be adversely affected. Further, the company's results of operations could be affected if its cannot successfully yield the intended results from the company's investment in technology.
- The company's business revenue from operations is concentrated in a few segments.
- The company's inability to protect and further strengthen and enhance its brand and business reputation could adversely affect the company's business prospects and financial performance.
- The company's businesses are manpower intensive and its inability to attract and retain skilled manpower could have an adverse impact on the company's growth, business and financial condition. Further, in the event the company is not able to manage its attrition, the company may not be able to meet the expectations of its customers, which may have an adverse impact on the company's financial condition.
- The company's client contracts are generally of a short duration, contain termination provisions and does not guarantee any volume of work. Majority of the company's client can terminate the contract by serving notice period as per the contract which could have an adverse impact on its business.
- The company has contingent liabilities, and its financial condition could be adversely affected if any of these contingent liabilities materializes.
- The company has significant employee benefit expenses, such as workers compensation, staff welfare expenses and contribution to provident and other funds.
- The company may be unable to perform background verification procedures on its personnel as well as on the company billable employees prior to placing them with its customers.
- The company does not own the premises in which its registered office and branch offices are located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect the company operations.
- There have been several instances of non-payment of statutory dues and filing of statutory returns by the Company in the past. Any delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have an adverse impact on the company's financial condition and cash flows.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the `Objects of the Issue'.
- The company's customers may delay or default in making payments for services rendered by it. If the company is unable to collect its receivables from the company's customers, its profits, cash flows and liquidity could be adversely affected.
- The company's net cash flows from operating, investing and financing activities have been negative in some years in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
- Due to the nature of the staffing services business, the company may be exposed to employment-related claims and losses that could have a material adverse effect on its business and reputation.
- There are certain delays noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies.
- The company's Statutory Auditor has noted certain observations in auditor's report under the Companies (Auditor's Report) Order, 2020.
- Any errors, defects or disruption in the company's service or inability to meet expected or agreed service standards may lead to claims, or adversely affect its reputation, revenue or future business prospects.
- Any IT system failures or lapses on part of any of the company's employees may lead to operational interruption, liabilities or reputational harm.
- The company may not be able to prevent unauthorised uses of copyright obtained/ applied for by third parties, which may lead to the dilution of the company's goodwill.
- The company is subject to risk as it relates to software that the company license from third parties
- The company financing agreements contain covenants that limit its flexibility in operating the company's business. Its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business, results of operations and financial condition.
- The company's insurance coverage may not adequately protect it against all material hazards, which may adversely affect the company's business, results of operations and financial condition.
- The company's business requires it to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failures to obtain and renew them in a timely manner may adversely affect the company's business operations.
- The company faces competition in its business from organized and unorganized players, which may adversely affect the company's business operations and financial condition.
- The company's inability to effectively manage its growth or to successfully implement the company's business plan and growth strategies could have an adverse effect on its business, results of operations and financial condition. The success of the company's business will depends greatly on its ability to effectively implement the company's business and growth strategies.
- Any failures or significant weakness of the company's internal controls system could cause operational errors or incidents of fraud, which would adversely affect its profitability and reputation
- If the company fails to acquire new consumers or fails to do so in a cost-effective manner, its may not be able to increase revenue or maintain profitability.
- The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- The company's business is subject to extensive government regulation, which may restrict the types of services the company is permitted to offer or result in additional tax or other costs that reduce its revenue and earnings. Further, non-compliance with existing regulatory requirements may adversely affect the company.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The company funding requirements and the proposed deployment of Net Proceeds are not appraised by any independent agency, which may affect its business and results of operations.
- The company's success largely depends upon the knowledge and experience of its Promoters, Directors, the company's Key Managerial Personnel and Senior Management as well as its ability to attract and retain personnel with technical expertise. Any loss of the company's Promoter, Directors, Key Managerial Personnel, Senior Management or its ability to attract and retain them and other personnel with technical expertise could adversely affect the company's business, financial condition and results of operations.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of the company's directors and key managerial personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- Some of the company's Directors possess experience of being on the board of any listed company.
- The continuing effect of the COVID-19 pandemic on the company's business and operations is highly uncertain and cannot be predicted.
- Industry information included in this Red Herring Prospectus has been derived from an industry report prepared by Ken Research Private Limited exclusively commissioned and paid for by the company for such purpose and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior Shareholders approval.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The company generates a substantial portion of revenue from Maharashtra. Any adverse developments affecting its operations in the Maharashtra could have an adverse impact on the company's revenue and results of operations.
The Issue type of Coreintegra Consulting Services Ltd is Book Building - SME.
The minimum application for shares of Coreintegra Consulting Services Ltd is 3200.
The total shares issue of Coreintegra Consulting Services Ltd is 2819200.
Initial public offer of upto 28,19,200 equity shares of face value of Rs. 10/- each ("Equity Shares") of Coreintegra Consulting Services Limited ("The Company" or "The Issuer") at an issue price of Rs. 78 per equity share (including a share premium of 68 per equity share) for cash, aggregating up to Rs. 21.99 Crores ("Public Issue") out of which 1,42,400 equity shares of face value of Rs. 10 each, at an issue price of Rs. 78 per equity share for cash, aggregating Rs. 1.11 Crores will be reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion"). The public issue less market maker reservation portion i.e. Issue of 26,76,800 equity shares of face value of Rs. 10 each, at an issue price of Rs. 78 per equity share for cash, aggregating up to Rs. 20.88 Crores is hereinafter referred to as the "Net Issue". The public issue and net issue will constitute 26.88% and 25.52% respectively of the post-issue paid- up equity share capital of the company.
Price Band: Rs. 78/- per equity share of face value of Rs. 10 each.
The floor price is 7.8 times of the face value of the equity shares.
Bids can be made for a minimum of 3200 equity shares and further in multiples of 1600 equity shares thereafter.