White Force IPO
Open SmeCurrent GMP
₹5 (+6.58%)
Price Band
₹ 72 – 76
Lot Size
1600
Issue Size
₹24.25 Cr
Minimum Investment
₹243200 (3200 Shares)
Listing Date
10 July 2025
Subscription
5.33x
About the Company
Incorporated in April 2017 and headquartered in Jabalpur, Happy Square Outsourcing Services Limited is a technology-driven HR outsourcing company specializing in end-to-end human resource solutions. With a core focus on recruitment, onboarding, payroll, and flexible staffing, the company serves clients across India and the United States, tailoring services to meet the unique workforce needs of each market.
Founded by industry professionals Shraddha Rajpal and Nalini Rajpal, who bring over a decade of combined experience, Happy Square has built a reputation for operational excellence and reliable workforce management. The company is ISO 9001:2015 certified, underscoring its commitment to quality and standardized service delivery.
Business Operations
Happy Square leverages a robust tech-enabled infrastructure and a vast talent network to deliver agile, scalable HR solutions. As of March 31, 2025, the company had deployed 5,802 personnel across client locations and employed 142 internal staff. Its services span multiple sectors, including automobile, e-commerce, healthcare, IT, logistics, and public sector undertakings (PSUs).
The company works with prominent clients such as Cars24 Services and Octopolis Technologies, supporting their workforce needs through structured processes and responsive support systems.
Key Strengths
- Strong customer relationships and high client satisfaction
- Experienced promoters and professional leadership
- Scalable and technology-led business model
- Presence across diversified industry verticals
- Consistent financial performance and sound fiscal management
With a presence in both the Indian and U.S. markets, Happy Square continues to expand its footprint through innovative HR solutions and a focus on long-term client partnerships.
Promoters
- Shraddha Rajpal
- Nalini Rajpal
Promoters Holding
Holding Pre Issue
84.00%
Holding Post Issue
60.89%
Objects of the Issue
The Company White Force IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
1 Funding of working capital requirements of the Company
2 General corporate purposes
Address / Contact Info
Happy Square Outsourcing Services Limited
240, Nagpur Road Madan Mahal,
Jabalpur, Madhya Pradesh, 482008
Phone: 0761-4083591
Email: info@white-force.com
Website: https://www.white-force.com/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Thursday, 03 July 2025
IPO Close Date
Monday, 07 July 2025
Basis of Allotment
Tuesday, 08 July 2025
Initiation of Refunds
Wednesday, 09 July 2025
Credit of Shares to Demat
Wednesday, 09 July 2025
Listing Date
Thursday, 10 July 2025 — NSE & BSE
Important Dates
Open Date
03 July 2025
Close Date
07 July 2025
Basis Of Allotment
08 July 2025
Listing Date
10 July 2025
Financial Performance (₹ in Crores)
| Particular | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 39.64 | 28.38 | 14.32 |
| Revenue | 97.68 | 69.54 | 52.8 |
| Profit After Tax | 5.9 | 4.39 | 1.79 |
| Net Worth | 12.48 | 6.57 | 2.14 |
| Reserve & Surplus | 12.47 | 6.52 | 2.13 |
| Total Borrowings | 14.59 | 10.98 | 6.57 |
EPS Pre
7.02%
EPS Post
5.09%
P/E Pre
10.83
P/E (Post Issue)
14.93x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | KPI as of Mon, Mar 31, 2025. |
|---|---|
| ROE % | 61.97 |
| ROCE % | 57.75 |
| Debt / Equity | 1.17 |
| RoNW % | 61.97 |
| PbW | 0 |
| Pat Margin % | 6.06 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 579200 | 28.48 | 0 |
| Non-Institutional | 436800 | 21.48 | 0 |
| Retail Investors | 1017600 | 50.04 | 0 |
| Total | 2033600 | 100 | 0 |
Subscription Status ( Mon, 07 Jul 25 01:53 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 579200 | 4147200 | 7.16x |
| Non-Institutional | 436800 | 1270400 | 2.91x |
| BNII | 0 | 1065600 | 0x |
| SNII | 0 | 204800 | 0x |
| Total | 1016000 | 5417600 | 5.33x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
No Peer Comparision Available
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 1,600 | 121,600.00 |
| Retail (Max) | 1 | 1,600 | 121,600.00 |
| S-HNI (Min) | 2 | 3,200 | 243,200.00 |
Registrar
Purva Sharegistry India Pvt Ltd
91 22 3522 0056 , 91 22 4961 4132
support@purvashare.com
https://www.purvashare.com
Book Running Lead Managers
- Corpwis Advisors Private Limited IPO Lead Manager
RHP Document
DRHP Document
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
White Force IPO is a Book-building IPO worth ₹24.25 crores. The price band is ₹72 to 76 per share. The IPO opens on Thu, Jul 3, 2025 and closes on Mon, Jul 7, 2025. It will be listed on BSE and NSE. Purva Sharegistry India Pvt Ltd is the registrar.
The White Force IPO opens on Thu, Jul 3, 2025 and closes on Mon, Jul 7, 2025
White Force IPO Price Band is ₹72 to 76.
White Force IPO lot size is 1600, and the minimum amount required for application is ₹243200.
The minimum investment for White Force IPO is approximately ₹243200 based on the upper price band.
To apply for the White Force IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Mon, Jul 7, 2025. After submission, funds are blocked until the basis of allotment of White Force IPO is finalised.
White Force IPO issue size is ₹24.25 crores.
White Force IPO allotment date is Sat, Jun 27, 2026.
The registrar for White Force IPO is Purva Sharegistry India Pvt Ltd. Investors can go to Purva Sharegistry India Pvt Ltd website for IPO allotment status, refund processing, and other queries related to White Force IPO through their official website or helpline.
The White Force IPO GMP (Grey Market Premium) is ₹5 as of Thu, Jul 10, 2025. Based on the upper price band of ₹76 per share, the estimated White Force IPO listing price is ₹81, indicating a potential listing gain of approximately 31% over the issue price.