Core Integra Consulting IPO Analysis: Should You Apply? GMP, Review & Details

Core Integra Consulting is a SME IPO in the Business Process Outsourcing (BPO)/Knowledge Process Outsourcing (KPO) sector. The issue price band is ₹74.0–₹78.0 per share. Issue size is ₹21.99 crore.

Core Integra Consulting IPO — Key Details

Company Overview

Core Integra Consulting Services Limited, established in 2009, is a provider of integrated human resource solutions, including staffing, payroll outsourcing, and HR advisory services. The company operates across five verticals: HR Services, Vendor Management, Compliance & Advisory, Reg Tech, and HR Tech Solutions. Core Integra has developed proprietary platforms such as CoreX and Core Pay for HR Tech, and Ctrl-F and Core-PFT for Reg Tech. With a presence in 20 states and a client base exceeding 500 customers, the company is headquartered in Mumbai and has regional offices in several major cities.

Financial Performance

Total income was ₹368.44 Cr in the year ending 31 Mar 2024, increasing to ₹404.39 Cr by 31 Mar 2025, and further rising to ₹516.30 Cr by 31 Mar 2026. Profit after tax was ₹4.94 Cr for the year ending 31 Mar 2024, which increased to ₹3.46 Cr in the year ending 31 Mar 2025, and then rose to ₹4.51 Cr by 31 Mar 2026. This shows a fluctuation in profit over the periods.

Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: 1) Augmenting Leadership Team for the Company - ₹5.75 Cr, 2) Enhancing the visibility and awareness of the brand - ₹0.50 Cr, 3) Capital expenditure towards upgrading the existing IT infrastructure - ₹11.76 Cr, 4) General Corporate Purposes - Total ₹18.01 Cr.

Understanding Grey Market Premium (GMP)

The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of the shares compared to the issue price. A positive GMP suggests that shares may list at a higher price, while a negative GMP indicates the opposite.

Subscription Status

As of 25th Sep 2026, the overall subscription level was 1.4 times, with different categories showing varied interest. The Qualified Institutional Buyers (QIB) subscribed 1.05 times, Non-Institutional Investors (NII) 1.46 times, and Retail Investors (RII) 1.42 times.

Peer Comparison

• Quess Corp - P/E: 87.67, EPS: 14.85
• Team Lease Services - P/E: 28.04, EPS: 83.3

IPO Timeline

The IPO opens for subscription on 23rd September 2026 and closes on 25th September 2026. Allotment of shares will be done on 28th September 2026, with the listing date set for 30th September 2026.

Should You Apply for Core Integra Consulting IPO?

Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. It's important to consider the company's fundamentals and market conditions.

Investors who prefer stable returns and low-risk investments may want to avoid this IPO, as it may involve higher volatility and uncertainty associated with new market entrants.

This is general risk-profile education, not a personal recommendation to apply or avoid this specific IPO — TopFund is not a SEBI-registered investment adviser.

Listing Day Risks

Listing gains refer to the potential profit an investor can make when shares are listed on the stock exchange at a price higher than the issue price. However, such gains are not guaranteed and depend on market conditions, investor sentiment, and the company's performance post-IPO.

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Disclaimer: This is educational content, not investment advice. GMP is an unofficial grey-market indicator, unregulated and never guaranteed. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying to any IPO.