Coreintegra Consulting Services IPO Day 3: Subscribed 1.44x; Retail jumps 180% to 1.40x
- Coreintegra Consulting Services IPO subscribed 1.44x by Day 3 close
- Retail category surged 180% intraday to reach 1.40x subscription
- QIB bids remained steady at 1.05x throughout the offering period
- NII (bHNI) demand jumped to 2.11x, leading non-institutional interest
- Allotment scheduled for 2026-09-28; listing on 2026-09-30
*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 on 25-09-2026
The final snapshots for Day 3 highlight a sharp jump in participation between 12:15 IST and 16:15 IST, particularly among retail and big HNI investors.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.05x | 1.25x | 0.50x | 0.65x |
| 12:15 | 1.05x | 1.27x | 0.58x | 0.72x |
| 13:15 | 1.05x | 1.87x | 0.77x | 1.02x |
| 14:15 | 1.05x | 1.97x | 1.06x | 1.23x |
| 15:15 | 1.05x | 2.04x | 1.28x | 1.36x |
| 16:15 | 1.05x | 2.11x | 1.40x | 1.44x |
| 17:15 | 1.05x | 2.11x | 1.40x | 1.44x |
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.
How might the 54% attrition rate impact Coreintegra's ability to scale operations post-listing despite the strong retail demand?
Will the planned launch of CTRL F version 3.0 with AI-based OCR successfully diversify revenue away from the current 89% customer concentration?
How will the heavy geographical reliance on Maharashtra affect the company's valuation stability if regional regulatory changes occur?
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