The White Force IPO by Happy Square Outsourcing Services Limited is scheduled to open on 3rd July 2025. It is a book-building IPO consisting of 31.90 lakh shares, with an issue size of ₹24.25 crore, entirely through a fresh issue. The shares will be listed on the NSE SME platform on 10th July 2025, the tentative listing date. The IPO is gaining attention due to strong financials, a scalable business model, and improving GMP trends.
This comprehensive article provides insights into the IPO structure, financial metrics, GMP updates, subscription status, allotment procedures, and expert opinions to help investors decide whether to apply.
White Force IPO Key Details
| Event | Date |
|---|---|
| IPO Open Date | 3rd July 2025 |
| IPO Close Date | 7th July 2025 |
| IPO Allotment Date | 8th July 2025 |
| Refund Initiation | 9th July 2025 |
| Listing Date | 10th July 2025 |
| Listing Exchange | NSE & SME |
| Face Value | ₹10 per share |
| Price Band | ₹72 – ₹76 per share |
| Lot Size | 1,600 shares |
| Minimum Investment | ₹2,43,200 |
| Registrar | Purva Sharegistry India Pvt. Ltd. |
| Issue Type | Book Building |
IPO Structure and Share Reservation
The IPO comprises a total of 31,90,400 shares, allocated across different investor categories as follows:
| Investor Category | Shares Reserved | Allocation (%) |
|---|---|---|
| QIB (Institutional) | 14,48,000 | 45.39% |
| Retail Investors | 10,17,600 | 31.90% |
| Non-Institutional Investors | 4,36,800 | 13.69% |
| Market Makers | 2,88,000 | 9.03% |
| Total | 31,90,400 | 100% |
White Force IPO GMP Trend (Grey Market Premium)
The Grey Market Premium reflects investor sentiment and possible listing performance. As of 2nd July 2025, the GMP is ₹6, suggesting an estimated listing price of ₹82 (upper band ₹76 + ₹6), with potential listing gains of 7.89 percent.
| Date | GMP | IPO Price | Estimated Listing Price | Expected Gains |
|---|---|---|---|---|
| 02 July 2025 | ₹6 | ₹76 | ₹82 | 7.89% |
| 01 July 2025 | ₹0 | ₹76 | ₹76 | 0.00% |
| 26-30 June 2025 | ₹0 | ₹76 | ₹76 | 0.00% |
Note: GMP is unofficial and speculative. Investors should not rely solely on it for investment decisions.
Financial Performance of Happy Square Outsourcing Services Limited
The company has shown substantial growth in revenue and profits over the past three financial years, supported by a strong operating model in the HR and staffing industry.
Financial Summary (₹ in Crore)
| Year Ending | Revenue | PAT | Assets | Debt | Net Worth |
|---|---|---|---|---|---|
| FY 2025 | 97.68 | 5.90 | 39.64 | 14.59 | 12.48 |
| FY 2024 | 69.54 | 4.39 | 28.38 | 10.98 | 6.57 |
| FY 2023 | 52.80 | 1.79 | 14.32 | 6.57 | 2.14 |
Key Financial Ratios
| Metric | Value |
|---|---|
| PE Ratio (Pre/Post IPO) | 10.83 / 14.93 |
| EPS (Pre/Post IPO) | ₹7.02 / ₹5.09 |
| Return on Net Worth | 61.97% |
| Return on Equity | 61.97% |
| Return on Capital Employed | 57.75% |
| PAT Margin | 6.06% |
| EBITDA Margin | 9.70% |
| Post-Issue Market Cap | ₹88.16 crore |
These ratios highlight strong profitability and efficient capital utilization, especially in the SME segment.
Company Overview
Happy Square Outsourcing Services Limited, incorporated in 2017, is an ISO 9001:2015 certified company engaged in HR outsourcing, staffing, recruitment, payroll processing, and onboarding services. The company caters to clients in India and the United States.
Competitive Advantages
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Scalable business model supported by technology
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Experienced promoters with domain expertise
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Diverse client base across industries
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Focus on client satisfaction and long-term relationships
Peer Comparison
| Company | Revenue (₹ Cr) | PE Ratio | EPS | RoNW |
|---|---|---|---|---|
| Happy Square (White Force) | 97.68 | 10.83 | 7.02 | 61.97% |
| Spectrum Talent Mgmt | 1,019.00 | 40.44 | 2.98 | 4.56% |
Despite a smaller size, Happy Square shows stronger earnings per share and return on net worth compared to peers, indicating superior profitability.
Subscription Status (To Be Updated)
Once the IPO opens, subscription data will be released by category. Investors should track it daily for decision-making.
| Investor Category | Shares Offered | Subscribed | Subscription Times |
|---|---|---|---|
| Retail Investors | 10,17,600 | TBA | TBA |
| QIB | 14,48,000 | TBA | TBA |
| NII | 4,36,800 | TBA | TBA |
| Total | 31,90,400 | TBA | TBA |
Promoter Shareholding
| Period | Holding (%) |
|---|---|
| Pre-Issue | 84.00% |
| Post-Issue | 60.89% |
Promoter holdings reduce post-issue due to equity dilution, while retaining majority control.
Objectives of the IPO
The company plans to utilize the proceeds from the IPO for the following purposes:
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Repayment of certain borrowings
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Funding working capital requirements
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General corporate purposes
These investments are aimed at reducing debt burden and supporting operational expansion.
How to Apply for the White Force IPO
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Study IPO details including GMP, financials, and subscription status.
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Open a demat account or use an existing one with platforms like Univest.
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Apply for at least 2 lots (3,200 shares) worth ₹2,43,200.
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Accept the UPI mandate sent by your bank to confirm the bid.
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Track the subscription progress until the closing date.
Investors may apply through multiple demat accounts to improve allotment chances, though each must comply with SEBI guidelines.
How to Check Allotment Status
After the allotment date (8th July 2025), check status via:
1. NSE Website:
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Visit www.nseindia.com
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Go to “IPO Allotment” section
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Enter application details or PAN to check allotment
2. Registrar Portal:
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Visit www.purvashare.com
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Select the IPO allotment option
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Enter PAN/application number to view result
Expert Opinion: Should You Invest?
Industry analyst Dilip Davda of Chittorgarh states:
“The company posted improved financials in FY24-25, though the sharp rise in PAT may not sustain. Given fair valuation and scalable operations, informed investors may consider a moderate allocation for long-term gains.”
Final Verdict
The White Force IPO presents an opportunity to invest in a profitable and growing HR tech and outsourcing company with strong return metrics. It is priced attractively relative to its earnings and shows potential for moderate listing gains.
However, investors should be mindful of the risks typical of SME stocks — including lower liquidity, volatility, and heightened sensitivity to earnings changes. As always, review the IPO documents and market trends before making a commitment.
