White Force IPO
GMP, Subscription, Price, Dates & Financial Details
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…
Open Date
Thu, 03 Jul 2025
Close Date
Mon, 07 Jul 2025
Price Band
₹ 72 – 76
Lot Size
1600
Issue Size
₹ 24.25 Cr
Minimum Investment
₹ 243,200 (3200 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
White Force IPO has successfully completed its IPO process and is now listed on NSE SME Platform. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹24.25 Crore, comprising a fresh issue of 31.90 Lakh equity shares aggregating to ₹24.25 Crore.
The White Force IPO remained open for subscription from July 03, 2025, to July 07, 2025. The basis of allotment was finalized on July 08, 2025, and the company's shares were listed on NSE SME Platform on July 10, 2025.
The company had fixed the price band at ₹72 to ₹76 per share, with a lot size of 1600 shares. Retail investors were required to make a minimum investment of ₹243,200 (based on the upper price band) to apply for one lot.
Purva Sharegistry India Pvt Ltd served as the registrar to the issue. Corpwis Advisors Private Limited IPO Lead Manager acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Happy Square Outsourcing Services Limited is now a publicly listed company on NSE SME Platform. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
White Force IPO Timeline (Tentative)
- IPO Open Date
- Thu, 03 Jul 25
- IPO Close Date
- Mon, 07 Jul 25
- Basis of Allotment
- Tue, 08 Jul 25
- Initiation of Refunds
- Wed, 09 Jul 25
- Credit of Shares to Demat
- Wed, 09 Jul 25
- Listing Date
- Thu, 10 Jul 25 — NSE & BSE
Open Date
03 July 2025
Close Date
07 July 2025
Basis Of Allotment
08 July 2025
Listing Date
10 July 2025
IPO Subscription
Check Live Subscription →The White Force IPO has received bids for 54,17,600 shares against 10,16,000 shares offered, resulting in an overall subscription of 5.33x. the NII category is subscribed 2.91x, and QIBs 7.16x. Within the NII category, BNII is subscribed 0x, while SNII is subscribed 0x.
QIB
7.16x
NII
2.91x
BNII
0x
SNII
0x
Total
5.33x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 10,17,600 shares, representing 50.04% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 5,79,200 shares (28.48%), while Non-Institutional Investors (NIIs) receive 4,36,800 shares (21.48%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 579,200 | 28.48% |
| Non-Institutional | 436,800 | 21.48% |
| Retail Investors | 1,017,600 | 50.04% |
| Total | 2,033,600 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Happy Square Outsourcing Services Limited KPI Information
| Particular | KPI as of Mon, Mar 31, 2025. |
|---|---|
| ROE % | 61.97 |
| ROCE % | 57.75 |
| Debt / Equity | 1.17 |
| RoNW % | 61.97 |
| Pat Margin % | 6.06 |
Peers Comparison
No Peer Comparision Available
About Happy Square Outsourcing Services Limited
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.
White Force IPO Promoters
- Shraddha Rajpal
- Nalini Rajpal
Promoters Holding
Holding Pre Issue
84.00%
Holding Post Issue
60.89%
White Force IPO Objective
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
Happy Square Outsourcing Services Limited Address / Contact Details
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
White Force IPO Lot Size
The White Force IPO has a lot size of 1,600 shares. Retail investors require a minimum investment of ₹1,21,600 by applying for 1 lot (1,600 shares). The maximum application allowed for the retail category is 1 lots (1,600 shares), requiring an investment of ₹1,21,600.
| 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 |
Issue Reservation
- QIB — 28.48%
- NII — 21.48%
- RII — 50.04%
Book Running Lead Managers
- Corpwis Advisors Private Limited IPO Lead Manager
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the White Force IPO?
White Force IPO is a Book-building IPO with a total issue size of ₹24.25 crore. The White Force IPO price band is ₹72 to 76 per share. The White Force IPO subscription opens on Thu, Jul 3, 2025, and closes on Mon, Jul 7, 2025. The White Force IPO will be listed on the NSE. Purva Sharegistry India Pvt Ltd is the registrar for the White Force IPO.
When will the White Force IPO open for subscription?
The White Force IPO opens on Thu, Jul 3, 2025 and closes on Mon, Jul 7, 2025
What is White Force IPO Price Band?
White Force IPO Price Band is ₹72 to 76 per share.
What is White Force IPO Lot Size?
White Force IPO lot size is 1600 shares, Retail investors need a minimum investment of ₹243200 based on the upper price band
What is the minimum investment for White Force IPO?
The minimum investment for White Force IPO is ₹243200, based on one lot of 1600 shares at the upper price band of ₹76 per share.
How to apply for White Force IPO?
Investors can apply for the White Force IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Mon, Jul 7, 2025. The application amount remains blocked until the White Force IPO allotment is finalized.
What is White Force IPO Issue Size?
White Force IPO issue size is ₹24.25 crores.
What is the White Force IPO Allotment Date?
White Force IPO allotment date is Tue, Jul 8, 2025.
Who is the White Force IPO Registrar?
The registrar for White Force IPO is Purva Sharegistry India Pvt Ltd. Investors can go to Purva Sharegistry India Pvt Ltd website to check White Force IPO allotment status, refund processing, and other IPO-related information.
What is the White Force IPO GMP?
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 6.58% over the issue price.
Who is the White Force IPO Lead Manager?
The book-running lead managers (BRLMs) for the White Force IPO are Corpwis Advisors Private Limited IPO Lead Manager. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the White Force IPO Red Herring Prospectus (RHP).