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White Force IPO

  • Status: Closed
  • RHP:
  • ₹ 230,400 / 3200 shares

    Minimum Investment

IPO Listing Details

  • Listing Date

    10 Jul 2025

  • Listing Price

    ₹ 77.00

  • Listing Change

    1.32%

  • Last Traded Price

    ₹ 76.40

IPO Details

  • Open Date

    03 Jul 2025

  • Close Date

    07 Jul 2025

  • Listing Date

    10 Jul 2025

  • IPO Price Range

    ₹ 72 to ₹76

  • IPO Size

    ₹ 22.06 Cr

  • Listing Exchange

    NSE SME

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Timeline Subscription Status Financials SWOT FAQ Contacts

IPO Timeline

White Force IPO Subscription Status

Last Updated: 07 July 2025 6:10 PM by 5paisa

Happy Square Outsourcing Services Limited is set to launch its IPO on July 3, 2025. Incorporated in April 2017, the company is a technology-driven HR outsourcing provider specialising in recruitment, payroll, onboarding, and flexible staffing solutions. The promoters are Shraddha Rajpal and Nalini Rajpal. Happy Square is an ISO 9001:2015 certified company and serves clients across India and the US, offering tailored workforce management through a robust recruitment network and technology-led operations. As of July 31, 2024, the company had 4,225 personnel deployed with various clients and 151 department employees.

Established in: 2017
Managing Director: Poonam Rajpal
Parent Organisation: Happy Square Outsourcing Services Ltd
 

Peers

Spectrum Talent Management Limited
 

Objectives

The company plans to utilise the net IPO proceeds towards:

Funding of the working capital requirements of the Company
General corporate purposes
 

White Force IPO Size

Types Size
Total IPO Size ₹22.06 Cr
Offer For Sale -
Fresh Issue ₹22.06 Cr

 

White Force IPO Lot Size

Application Lots Shares Amount
Retail (Min) 2 3,200 ₹2,30,400
Retail (Max) 2 3,200 ₹2,30,400
HNI (Min) 3 4,800 ₹3,45,600

White Force IPO Reservation

Investors Category Subscription (times) Shares Offered Shares bid for Total Amount (Cr.)*
QIB 7.16 5,79,200 41,47,200     31.519
NII (HNI) 2.24 4,36,800 9,77,600 7.430
Individual Investors (IND category bidding for 2 Lots)     2.12 10,17,600 21,60,000 16.416
Total** 3.58 20,33,600 72,84,800 55.364

 

*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.

Profit and Loss

Balance Sheet

Particulars (in Rs. Crores) FY23 FY24 FY25
Revenue 52.80 69.54 97.68
EBITDA 2.85 6.64 9.45
PAT 1.79 4.39 5.90
Particulars (in Rs. Crores)] FY23 FY24 FY25
Total Assets 14.32 28.38 39.64
Share Capital 0.01 0.01 8.41
Total Borrowings 6.57 10.98 14.59
Particulars (in Rs. Crores FY23 FY24 FY25
Net Cash Generated From / (used in) operating activities -1.43 -1.88 -1.64
Net Cash Generated From / (used in) investing activities -1.16 -1.88 -0.39
Net Cash Generated From / (used in) financing activities 2.32 -3.75 2.46
Net Increase (Decrease) In Cash And Cash Equivalents -0.27 -0.003 0.43


Strengths

1. Experienced promoters and management ensure operational efficiency.
2. Strong financial growth with 40% revenue and 34% PAT increase in FY25.
3. Wide customer base with long-standing client relationships.
4. Scalable, tech-driven business model catering to diverse industries.
 

Weaknesses

1. The high debt-to-equity ratio of 1.17 indicates reliance on borrowings.
2. Business operations are concentrated in India and the U.S. only.
3. Heavy dependency on a third-party workforce may affect quality control.
4. EBITDA margin of 9.70% suggests moderate operational profitability.
 

Opportunities

1. Rising demand for flexible staffing and HR outsourcing solutions.
2. Scope to expand in untapped international markets beyond India and the US.
3. Technology adoption can improve operational efficiency and profitability.
4. Growing industrial sectors in India create new staffing requirements.
 

Threats

1. High competition in the HR outsourcing and staffing industry.
2. Economic slowdown can impact client hiring budgets.
3. Regulatory changes in labour laws may affect operations.
4. Dependency on key clients could affect revenue stability.
 

1. Strong revenue and profit growth with a 40% revenue and 34% PAT rise in FY25.
2. Experienced promoters and proven track record in scalable HR solutions.
3. Tech-driven, asset-light business model with potential for margin expansion.
4. High Return on Equity (61.97%) and efficient capital utilisation indicate financial strength.
 

1. Rapid rise in demand for organised HR outsourcing and staffing solutions in India.
2. Increased adoption of tech-based recruitment and payroll services across industries.
3. Flexible staffing is gaining momentum due to evolving workforce requirements.
4. Growing global demand for workforce management, especially in the US and India.
 

Will You Apply for White Force IPO?

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FAQs

White Force IPO  (Happy Square Outsourcing Services Limited ) opens on July 3, 2025, and closes on July 7, 2025.
 

White Force IPO (Happy Square Outsourcing Services Limited) size is ₹22.06 Cr through a fresh issue of 29.02 lakh shares.

White Force IPO (Happy Square Outsourcing Services Limited) price band is ₹72 to ₹76 per share.
 

To apply for White Force IPO  (Happy Square Outsourcing Services Limited ) follow the steps given below:

  • Login to your 5paisa account and select the issue in the current IPO section
  • Enter the number of lots and the price at which you wish to apply for the White Force IPO
  • Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange

You will receive the mandate notification to block funds in your UPI app
 

 The minimum lot size of White Force IPO (Happy Square Outsourcing Services Limited)  is 3,200 shares, with a minimum investment of ₹2,30,400.

The allotment of White Force IPO (Happy Square Outsourcing Services Limited IPO) is expected to be finalised on July 8, 2025.

 The tentative listing date of White Force IPO (Happy Square Outsourcing Services Limited )  is July 10, 2025, on NSE SME.

Corpwis Advisors Private Limited is the book-running lead manager of White Force IPO (Happy Square Outsourcing Services Limited)

White Force aims to utilise the proceeds for:

Funding of the working capital requirements of the Company
General corporate purposes