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What is the last grey market premium of White Force IPO?

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Listing Review: Will update on listing.

Subscription status of White Force IPO

White Force IPO (Day 1)

QIB NII x RII x Total x Applications
         
Note:

White Force IPO Allotment Link: 

 

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

  • Fundamental Perspective:  May Apply

  • Grey Market Sentiment: [Pending]

Quicklinks


 
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