July 10, 2025
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Latest news of the IPO
The IPO is listed at Rs 77, premium of 1.32% over the issue price.
Subscription status
| White Force IPO Subscription (Closed) | ||||
| QIB | NII x | RII x | Total x | Applications |
| 7.16 | 2.24 | 2.12 | 3.58 | 743 |
| Subscription Review: Unimpressive subscriptions on the last day |
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What is the business of White Force?
Founded in April 2017, Happy Square Outsourcing Services is a dynamic force in the world of HR outsourcing, delivering end-to-end solutions tailored for modern workforce needs. Specializing in Recruitment, Payroll, Onboarding, and Flexible Staffing, the company combines deep industry expertise with cutting-edge technology to streamline human resource functions for businesses across India and the US.
An ISO 9001:2015 certified organization, Happy Square stands out by leveraging a vast and diverse talent pool, enabling companies to meet their staffing demands efficiently and at scale. Its tech-driven approach and extensive network allow for rapid sourcing of qualified candidates, making it a trusted third-party partner in workforce management.
With a keen understanding of the distinct regional demands in both Indian and US markets, Happy Square delivers customized staffing strategies that align with business goals and operational needs.
As of July 31, 2024, Happy Square proudly supports 4,225 personnel deployed across client sites, backed by a strong in-house team of 151 dedicated professionals
White Force IPO Details
|
Sector: Food & Health supplement |
|
| IPO opens on | 3 July 2025 |
| IPO closes on | 7 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 31,90,400 Shares / Rs 24.25 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – Shares/ Rs.? Crore |
| Market Maker Portion | 2,88,000 Shares |
| Net offer to Public | 2902,400 Shares Rs.22.06 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 72-76 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1600 Shares |
| Listing will at | NSE SME |
| Investor Category | Shares Offered | % | Rs. in Cr. |
| Market Maker | 288000 | ||
| QIB Shares | 1448000 | ||
| NII (HNI) | 436800 | 3.32 | |
| Retail | 1017600 | 7.73 | |
| Total | 3190400 | 100 | 24.25 |
| Application | Lots | Shares | Amount, Rs. |
| Retail (Min) | 1 | 1600 | 121600 |
| Retail (Max) | 1 | 1600 | 121600 |
| HNI (Min) | 2 | 3200 | 243200 |
Who are the Promoters of White Force?
The promoters of the company are Shraddha Rajpal and Nalini Rajpal. The promoters hold 84% of the equity prior to the IPO.
What are the Objects of White Force IPO?
*Funding of working capital requirements Rs. 19 Cr.
*General Corporate Purpose
White Force IPO Timetable
Tentative timetable |
|
| IPO opens on | 3 July 2025 |
| IPO Closes on | 7 July 2025 |
| IPO Allotment on | 8 July 2025 |
| Refund Initiation | 9 July 2025 |
| Credit of Shares | 9 July 2025 |
| Listing on | 10 July 2025 |
| Registered Office of the Company Happy Square Outsourcing Services Limited 240, Nagpur Road Madan Mahal, Jabalpur, Madhya Pradesh, 482008 |
| The Lead Manager of this IPO Corpwis Advisors Pvt ltd |
|
Who is the Registrar to IPO? Purva Shareregistry India Pvt ltd |
White Force IPO GMP grey market premium, review, Subscription, allotment, listing estimate
White Force Financials
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 39.64 | 28.38 | 14.32 |
| Revenue | 97.68 | 69.54 | 52.8 |
| Profit After Tax | 5.9 | 4.39 | 1.79 |
| EBITDA | 9.45 | 6.64 | 2.85 |
| Net Worth | 12.48 | 6.57 | 2.14 |
| Reserves and Surplus | 12.47 | 6.52 | 2.13 |
| Total Borrowing | 14.59 | 10.98 | 6.57 |
| Amount in Rs. Crore | |||
Performance Indicators
| KPI | Values |
| ROE | 61.97% |
| ROCE | 57.75% |
| Debt/Equity | 1.17 |
| RoNW | 61.97% |
| PAT Margin | 6.06% |
| EBITDA Margin | 9.70% |
| Price to Book Value | 5.12 |
| EPS Rs. | 7.02 |
| PE Ratio | 10.83 |
How White Force IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Happy Square Outsourcing Services | 10.83 | 61.97 |
| Spectrum Talent Management | 40.44 | 4.56 |
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
White Force IPO Review by Paresh Gordhandas, CA & Research Analyst.
Founded in April 2017, Happy Square Outsourcing Services is a dynamic force in the world of HR outsourcing, delivering end-to-end solutions tailored for modern workforce needs. Specializing in Recruitment, Payroll, Onboarding, and Flexible Staffing, the company combines deep industry expertise with cutting-edge technology to streamline human resource functions for businesses across India and the US.
During last 3 financial years, prior to the IPO, the company has strong topline and bottom-line growth and it has earned net profit of Rs. 5.90 crore on the total revenue of Rs. 97.41 Crore. Apparently, the business appears strong except its total receivables of Rs. 22.86 crore (equivalent to 2.81months average revenue appears on higher side and requires scrutiny)
Looking PE Multiple of 10.83, The shares are offered at attractive valuation. May apply
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Fundamental Perspective: May Apply
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Grey Market Sentiment: [Pending]
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