In another step towards its IPO, Core Integra files DRHP for IPO with SEBI
Core Integra Consulting Services Limited, a Mumbai-based regulatory technology firm with expertise in labour law compliance, payroll outsourcing, proprietary HR-tech solutions, and staffing services, has made a significant move towards a public issue by submitting its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The company is going to get listed on the Emerge Platform of the National Stock Exchange of India Limited (NSE), which is a big milestone in its growth path.
ALSO READ | Gold Price: Why are the Gold Rates Increasing Around the World?
The IPO involves a new issue of 35 lakh equity shares. The offer has been implemented through the book-building technique, with certain allocation quotas reserved for Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Individual Investors (IIs). The technique has been used with a view to facilitating a fair price discovery mechanism coupled with the catalysis of diversified investor participation.
Core Integra is well-placed to leverage the emerging tide of labor law digitisation, enforcement of wage codes, and ESG-bound compliance in India. The company has a strong investment pipeline focusing on SaaS-based Reg-Tech solutions, highlighting its drive to scale high-margin proprietary products. The serviceable addressable market (SAM) of Core Integra is about INR 67,000 crore as of FY25, including staffing, outsourcing compliance, and HR-Tech. This industry is expected to expand with a compound annual growth rate (CAGR) of 14.0%, even growing as high as INR 1,29,000 crore by FY30.
ALSO READ | UPI Transaction Limit Hiked to ₹10 Lakh per Day from Sept 15!
Core Integra was established in 2009 and is one of the early integrated players offering end-to-end solutions such as staffing, payroll outsourcing, compliance, and regulatory technology under one roof. The firm provides in-house platforms like CoreX, Core Pay, Ctrl-F, and Core-PFT that integrate digital workforce management with regulatory adherence. With more than 500 customers from 30 industries and operations in 20 states, Core Integra has testified to scalability and sustained demand for its services. The company registered a revenue CAGR of 10.75% between FY23 and FY25, testifying to its growth path and market uptake.
In addition, Core Integra's wholly owned subsidiary, Core Integra Global Services Private Limited (CIGSPL), set up in 2016, is engaged in next-generation cloud-based SaaS digital automation, further solidifying its technology advantage in the Reg-Tech space.
The IPO proceeds would be used strategically to enhance IT infrastructure, enhance and strengthen the leadership team, and improve brand visibility and market penetration. Technology investments continued to be the cornerstone of Core Integra's strategy to achieve scalability, enhance compliance solutions, and promote innovation in the digital HR-tech ecosystem.
ALSO READ | 8th Pay Commission: Possible DA Hike | Latest News Updates
With its headquarters in Mumbai, Core Integra also has regional offices across important cities such as Pune, Solapur, Bangalore, Chennai, Delhi, and Kolkata, underscoring its extensive Pan-India operational presence.
In summary, Core Integra's DRHP filing and the forthcoming IPO present investors with a chance to tap into a compelling integrated Reg-Tech and HR services firm capitalising on the tidal wave of regulatory digitisation and compliance changes in India. The company's combination of proprietary technology, large client base, and strategic expansion plans place it well for long-term success.
