NewsCoreintegra Consulting Services IPO Day 2: Subscribed 0.17x; QIB holds at 1.05x, Retail edges up to 0.11xCoreintegra Consulting Services IPO Day 2: Subscribed 0.17x; QIB holds at 1.05x, Retail edges up to 0.11x
- Coreintegra Consulting Services IPO subscribed 0.17x on Day 2
- QIB demand steady at 1.05x; Retail rises to 0.11x
- Overall subscription remains below offer size despite institutional support
*this image is generated using AI for illustrative purposes only.
Coreintegra Consulting Services IPO closed Day 2 with a cumulative subscription of 0.17x. QIBs led demand with a steady 1.05x, while retail interest edged up to 0.11x.
Subscription Status
The Coreintegra Consulting Services IPO saw a modest increase in overall demand on its second day of bidding, ending with a total subscription rate of 0.17x. While institutional interest remained robust, broader market participation stayed low, keeping the issue significantly undersubscribed relative to its size.
Intra-day Timeline
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.05x | 0.07x | 0.10x | 0.16x |
| 12:15 | 1.05x | 0.13x | 0.11x | 0.17x |
Category-wise Breakdown
Qualified Institutional Buyers (QIBs) were the sole category to fully subscribe to their quota, maintaining a multiple of 1.05x throughout the day. Non-Institutional Investors showed minimal activity, with bHNIs subscribing to 0.13x and sHNIs remaining at 0.00x. Retail Individual Investors witnessed a slight uptick in interest, closing the day at 0.11x. Employee subscriptions remained at 0x.
| Category | Subscription Multiple |
|---|---|
| QIB | 1.05x |
| NII (bHNI) | 0.13x |
| NII (sHNI) | 0.00x |
| Retail | 0.11x |
| Employees | 0x |
| Total | 0.17x |
Subscription Progression
The following table details the subscription trends from Day 1 through Day 2:
| 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 | 0.13x | 0.00x | 0.11x | 0.17x |
Offer Details
- Company: Coreintegra Consulting Services
- Price Band: ₹74.00 - ₹78.00
- Issue Size: ₹355,200 crore - ₹500,000 crore
- Min Bid Qty: 3200 shares
- Opening Date: 2026-09-23
- Closing Date: 2026-09-25
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. Its proprietary platforms include CoreX, Core Pay, Ctrl-F, and Core PFT.
Financial Highlights
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Crores) | 515.15 | 402.61 | 366.37 |
| Total Revenue (₹ Crores) | 516.30 | 404.39 | 368.44 |
| Profit Before Tax (₹ Crores) | 4.70 | 4.16 | 5.98 |
| Profit After Tax (₹ Crores) | 4.51 | 3.46 | 4.94 |
Objects of the Issue
- Capital Expenditure towards Upgrading Existing IT Infrastructure: ₹11.76 crores for launching CTRL F version 3.0 with advanced AI-based OCR and enhanced cybersecurity.
- Augmenting Leadership Team: ₹5.75 crores to onboard senior professionals across key functions.
- Enhancing Visibility and Awareness of the Brand: ₹0.50 crores for digital marketing and PR.
- General Corporate Purposes: Balance net proceeds for initial development costs and operating expenses.
Risk Factors
- High Customer Concentration: Top five customers contributed approximately 89.31% of revenues in FY2026.
- Manpower Attrition: Attrition rate stood at 54% in FY2026, up from 42% in previous years.
- Industry Concentration: IT/ITES and Infrastructure sectors accounted for approximately 90.91% of revenue in FY2026.
- Statutory Dues Non-Compliance: History of delays in payment of statutory dues including EPF and ESIC.
- Geographical Revenue Concentration: Maharashtra contributed 87.97% of revenue from operations in FY2026.
What's Next
The IPO closes on September 25, 2026. Allotment is scheduled for September 28, 2026, with listing expected on September 30, 2026.
How might the extreme customer concentration (89.31%) and high attrition rates (54%) impact Coreintegra's valuation and post-listing stock performance?
Given the massive discrepancy between the stated issue size (₹355,200 crore) and the company's actual revenue base (~₹515 crore), is there a risk of a data reporting error that could affect regulatory scrutiny?
Will the significant undersubscription by retail investors signal broader market skepticism towards small-cap HR-tech IPOs in the current economic climate?
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