Happy Square Outsourcing Services Limited (White Force ) (NSE SME)

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Happy Square Outsourcing Services Limited (White Force ) (NSE SME)

July 3, 2025 – July 7, 2025

Price ₹72 - ₹76
Premium ₹5
Lot size 1600
Allotment Jul 8, 2025
Listing Jul 10, 2025

Subscription

Last updated on 03-Jul-2025 10:24:04

CategoryOfferedAppliedTimes
QIB57920000
Total57920000
Application Wise Breakup
CategoryApp. Received
QIB0
Total0
Subscription Demand (in ₹ crore)
CategoryOfferedDemandTimes
QIB4.400
FII-0-
FI-0-
IC-0-
MF-0-
OTH-0-
Total4.400

About

Category Lot(s) Qty Amount Reserved
INDIVIDUAL 2 3200 243200 318
sHNI 3 4800 364800 30
bHNI 9 14400 1094400 61
IPO Reservation
Investor CategoryShares OfferedNo. of Shares
INDIVIDUAL31.90%10,17,600
BHNI9.12%2,91,200
SHNI4.56%1,45,600
ANCHOR27.23%8,68,800
QIB18.15%5,79,200
MARKET MAKER9.03%2,88,000
Total 100.00%31,90,400
IPO Details
Total Issue Size31,90,400 shares  (aggregating up to 24.25 Cr)
Fresh Issue31,90,400 shares  (aggregating up to 24.25 Cr)
Issue TypeBookbuilding IPO
Listing AtNSE SME
Share Holding Pre Issue84,10,000 shares
Share Holding Post Issue1,16,10,400 shares
Reserved for Market Maker2,88,000 shares (aggregating up to 2.19 Cr)
Market MakerGiriraj Stock Broking Private Limited
Key Performance Indicator (KPI)
KPIMar-25Mar-24Mar-23
ROE61.97%100.82%143.47%
ROCE57.75%66.34%56.78%
EPS
(basic)
7.025.222.13
P/E
Pre IPO
10.83
P/E
Post IPO
    14.93
Company Financial In Crore
Period EndedMar-25Mar-24Mar-23Mar-22
Assets39.6428.4214.328.67
Revenue97.6869.5452.828.25
Profit After Tax5.94.391.790.25
Net Worth12.476.572.140.35
Reserves and Surplus4.076.562.130.34
Total Borrowing14.5910.986.573.85
About Company
Established in April 2017 :
Happy Square Outsourcing Services is engaged in providing technology-based HR outsourcing solutions.

Comprehensive HR Services :
Offers end-to-end solutions including Recruitment, Payroll, Onboarding, and Flexible Staffing.

ISO 9001:2015 Certified :
The company adheres to recognized quality standards in delivering its services.

Tech-Enabled Operations :
Utilizes a digital-first approach and strong recruitment infrastructure for efficient workforce management.

Presence in India and the US :
Caters to staffing requirements in both Indian and American markets, understanding the regional demands.

Large Deployed Workforce :
As of July 31, 2024, the company had 4,225 personnel deployed across various client locations.

Strong Internal Team :
Employed 151 departmental staff as of July 31, 2024, to support operations and client servicing.

Strength

Strong Client Relationships with High Retention: The company has built long-term relationships with marquee clients like Cars24 Services and Octopolis Technologies. Its deep engagement with client teams allows for a strong understanding of staffing needs, enabling effective cross-selling and ongoing support. Timely and efficient service delivery further strengthens customer satisfaction and retention.

Experienced Leadership Driving Business Strategy: Led by promoters Shraddha Rajpal and Nalini Rajpal—who bring over a decade of combined industry experience—the company benefits from strong strategic direction. Their leadership has helped in team development, process optimization, and tapping into diverse staffing opportunities across industries.

Technology-Driven and Scalable Business Model: The company's tech-based approach and efficient recruitment operations have made the business scalable and profitable. It continues to grow by acquiring new clients, expanding into different sectors, and increasing engagement with existing customers—supporting consistent and sustainable expansion.

Weakness

Limited Background Verification May Affect Reputation: Due to the high volume of monthly hiring and occasional lack of reliable information, the company may not always be able to fully conduct background checks on all staffed personnel. This raises the risk of unknowingly placing individuals who may engage in fraudulent or illegal activities, potentially harming the company's reputation and business performance.

Inexperienced Leadership Could Impact Strategic Execution: The Managing Director and Whole-time Director have relatively limited experience in managing overall business operations. This may affect their ability to anticipate business risks, make strategic decisions, or deliver consistent service quality—potentially hindering growth and operational effectiveness.

Labour Law Challenges and Unionization Risks: India’s strict labour laws and the potential for employee unionization pose operational risks. If employees form unions, the company may face increased wage demands, reduced flexibility in labour policies, or industrial unrest—leading to higher costs and possible disruptions in business activities.

Address

240, Nagpur Road
Madan Mahal,
JabalpurMadhya Pradesh, 482008
Phone0761-4083591
Emailinfo@white-force.com
Website: https://www.white-force.com/

Registrar

Purva Sharegistry India Pvt Ltd
Address: Purva Sharegistry India Pvt Ltd 9, Shiv Shakti Industrial Estate, JR Borica Marg, Lower Parel (East), Mumbai - 400 011