Coreintegra Consulting Services IPO Day 1: Retail jumps 300% to 0.04x; QIBs hold at 1.05x
- Coreintegra Consulting Services IPO subscribed 0.13x overall on Day 1
- Retail demand surged 300% to close at 0.04x
- QIBs maintained steady interest at 1.05x
- NII (bHNI) showed marginal uptick to 0.06x by close
- Issue closes on September 25, 2026
*this image is generated using AI for illustrative purposes only.
Coreintegra Consulting Services IPO closed Day 3 at 1.44x, driven by a massive 180% surge in retail bids that lifted overall demand above the full subscription threshold.
Subscription Status
The issue received a cumulative response of 1.44x by the end of Day 3 (25-09-2026). While institutional interest remained robust at full capacity throughout the period, retail and non-institutional bids saw significant acceleration in the final hours, lifting the overall demand well above 1x.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 23-09-2026 | 1.05x | 0.07x | 0.00x | 0.06x | 0.14x |
| Day 2 | 24-09-2026 | 1.05x | 0.90x | 0.42x | 0.32x | 0.51x |
| Day 3 | 25-09-2026 | 1.05x | 2.11x | 1.30x | 1.40x | 1.44x |
Category-wise Breakdown
Qualified Institutional Buyers (QIBs) maintained a steady subscription level of 1.05x throughout the three-day period, indicating consistent institutional confidence. Non-Institutional Investors (NII) showed strong momentum on the final day, with big HNI bids rising to 2.11x and small HNI bids reaching 1.30x. Retail Individual Investors (RII) saw a dramatic increase, closing at 1.40x after jumping from 0.50x earlier in the day.
Intra-day Timeline
Retail demand picked up pace in the afternoon session, jumping from 0.01x at 12:15 IST to 0.02x at 13:15 IST, and finally reaching 0.04x by 16:15 IST. Institutional demand remained flat at 1.05x across all snapshots. Big HNI participation ticked up to 0.06x only in the final hour of trading.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 12:15 | 1.05x | 0.00x | 0.01x | 0.11x |
| 13:15 | 1.05x | 0.00x | 0.02x | 0.11x |
| 14:15 | 1.05x | 0.00x | 0.03x | 0.12x |
| 15:15 | 1.05x | 0.00x | 0.03x | 0.12x |
| 16:15 | 1.05x | 0.06x | 0.04x | 0.13x |
Offer Details
The Coreintegra Consulting Services IPO is priced between ₹74.00 and ₹78.00 per share. The minimum bid quantity is set at 3200 shares. The issue size ranges from ₹3,55,200 crore to ₹5,00,000 crore based on the price band.
About the Company
Core Integra Consulting Services Limited is an integrated HR solutions provider offering staffing, payroll outsourcing, labour law compliance, and HR-Tech solutions. The company operates across five verticals: HR Services, Vendor Management Services, Compliance & Advisory, Reg Tech, and HR Tech Solutions. It serves over 600 clients across 30+ industries in 23 states and 4 union territories.
Financial Highlights
The company reported a revenue CAGR of 18.58% from FY2024 to FY2026. Below are the consolidated financial figures:
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 515.15 | 402.61 | 366.37 |
| Profit Before Tax (₹ Cr) | 4.70 | 4.16 | 5.98 |
| Net Profit (₹ Cr) | 4.51 | 3.46 | 4.94 |
| Total Assets (₹ Cr) | 68.51 | 56.80 | 49.96 |
Objects of the Issue
The net proceeds from the fresh issue will be utilized for:
- Capital Expenditure: Upgrading IT infrastructure, including launching CTRL F version 3.0 with AI-based OCR and enhanced cybersecurity (₹11.76 crore).
- Leadership Team: Onboarding senior professionals in compliance, digital transformation, and operations (₹5.75 crore).
- Brand Visibility: Digital marketing, PR, and thought leadership initiatives (₹0.50 crore).
- General Corporate Purposes: Meeting operating expenses and unforeseen exigencies.
Risk Factors
- High Customer Concentration: Top five customers contributed approximately 89.31% of revenues in FY2026.
- Manpower Attrition: The company faced a significant attrition rate of 54% in FY2026.
- Industry Concentration: Approximately 90.91% of revenue came from IT/ITES and Infrastructure sectors in FY2026.
- Geographical Concentration: Maharashtra accounted for 87.97% of total revenue in FY2026.
What's Next
The allotment date for the Coreintegra Consulting Services IPO is scheduled for 2026-09-28, with the listing date set for 2026-09-30.
Will the significant gap between QIB confidence and retail apathy lead to a substantial under-subscription ratio by the final closing date?
How might the disclosed history of statutory dues delays and high customer concentration impact the stock's listing performance on September 30?
Could the rising manpower attrition rate of 54% pose a long-term operational risk that may deter future institutional investors despite current QIB interest?
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