Coreintegra Consulting Services IPO Day 3: Subscribed 0.72x; Retail demand picks up pace
- Coreintegra Consulting Services IPO subscribed 0.72x overall on Day 3
- QIB category fully subscribed at 1.05x throughout the issue period
- Retail subscription rose to 0.58x, up from 0.32x on Day 2
- Allotment date set for 2026-09-28; listing scheduled for 2026-09-30
*this image is generated using AI for illustrative purposes only.
Coreintegra Consulting Services IPO closed with a total subscription of 0.72x on Day 3, driven by steady institutional interest and a late surge in retail bids.
Subscription Status
The issue received a cumulative response of 0.72x by the end of Day 3 (25-09-2026). While institutional interest remained robust at full capacity, retail and non-institutional bids lagged behind the quota limits.
| 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 | 1.27x | 0.55x | 0.58x | 0.72x |
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 mixed trends, with big HNI bids rising to 1.27x while small HNI bids stood at 0.55x. Retail Individual Investors (RII) saw a gradual increase, closing at 0.58x, which is slightly more than half of the reserved quota.
Intra-day Timeline on 25-09-2026
The final snapshot for Day 3 was recorded at 12:15 IST, showing a significant jump in retail participation compared to the morning session.
| 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 |
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 significant retail under-subscription impact Coreintegra's stock price volatility and liquidity on its listing date?
Can the company effectively mitigate the high customer and geographic concentration risks to sustain its 18.58% revenue CAGR post-listing?
What are the potential implications of the 54% manpower attrition rate on the execution of the newly funded AI-based HR-Tech initiatives?
19
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
