Happy Square Outsourcing Services Limited (White Force)
Bookbuilding IPO · NSE
- Price band
- ₹72 - ₹76
- Lot size
- 1,600 shares
- Issue amount
- ₹24.25 cr
- Total subscription
- 3.27×
- Opens
- 3 Jul 2025
- Closes
- 7 Jul 2025
- Allotment
- 8 Jul 2025
- Listing
- 10 Jul 2025
Offer at a glance
Issue overview
- Issue size
- 31,90,400 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,15,200
- Fresh issue
- ₹24.25 cr
- Offer for sale
- ₹0 cr
- Registrar
- Purva Sharegistry India Private Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,21,600
- Issue type
- Bookbuilding IPO
- Shares before issue
- 84,10,000
- Shares after issue
- 1,16,00,400
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 3,200 | ₹2,43,200 |
| sHNI | 3 | 4,800 | ₹3,64,800 |
| bHNI | 9 | 14,400 | ₹10,94,400 |
Share reservation
Subscription & GMP
Subscription by category
Missing multiples are calculated from bids and offered shares when available.
GMP history
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | — | 3 |
| NIB | — | 66 |
| HNIs(10L +) | — | 31 |
| HNIs (2-10L) | — | 35 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 4.4 | 31.52 |
| RETAIL | 7.73 | 0 |
| HNIs 2+ | 1.11 | 1.56 |
| HNIs 10+ | 2.21 | 8.1 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 7.02 | 5.22 | 2.13 |
| ROE | 61.97 | 100.82 | 143.47 |
| ROCE | 57.75 | 66.34 | 56.78 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Incorporated in April 2017, Happy Square Outsourcing Services operates in the human resources outsourcing industry, offering end-to-end solutions with a strong focus on recruitment, payroll, onboarding, and flexible staffing. The company is ISO 9001:2015 certified and leverages technology-driven approaches to deliver efficient HR services. With operations in both India and the United States, Happy Square caters to region-specific staffing needs by utilizing a vast talent pool and an extensive sourcing network. It acts as a third-party provider for workforce management, supported by robust recruitment and HR capabilities. As of July 31, 2024, the company had deployed 4,225 personnel across various client locations and employed 151 staff members across departments.
Strengths
- Strong Client Relationships: Long-term ties with clients like Cars24 and Octopolis, backed by deep engagement and efficient service delivery.
- Experienced Leadership: Promoters Shraddha and Nalini Rajpal provide strategic direction with over 10 years of industry experience.
- Scalable, Tech-Driven Model: Tech-enabled operations support business growth, sector expansion, and sustained client engagement.
Risk factors
- Limited Background Verification: High hiring volume and data gaps may lead to unchecked placements, risking reputation and trust.
- Inexperienced Leadership: Limited operational experience may affect strategic decisions, service consistency, and overall growth.
- Labour Law & Union Risks: Strict regulations and potential unionization could raise costs, reduce flexibility, and disrupt operations.
Promoters
Shraddha Rajpal
Nalini Rajpal
Registrar & documents
Lead manager
Corpwis Advisors Private Limited
Registrar & contacts
Purva Sharegistry India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
240, Nagpur Road Madan Mahal, Jabalpur, Madhya Pradesh, 482008
0761-4083591
[email protected]Company website ↗Understanding WHITEFORCE IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.