Subscription
Last updated on 03-Jul-2025 11:56:04
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIB | 579200 | 0 | 0 |
| HNIs | 436800 | 89600 | 0.21 |
| bHNI | 291200 | 78400 | 0.27 |
| sHNI | 145600 | 11200 | 0.08 |
| Individual | 1017600 | 131200 | 0.13 |
| Total | 2470400 | 310400 | 0.13 |
| Application Wise Breakup | |
|---|---|
| Category | App. Received |
| QIB | 0 |
| HNIs | 4 |
| bHNI | 2 |
| sHNI | 2 |
| Individual | 41 |
| Total | 49 |
| Subscription Demand (in ₹ crore) | |||
|---|---|---|---|
| Category | Offered | Demand | Times |
| QIB | 4.4 | 0 | 0 |
| FII | - | 0 | - |
| FI | - | 0 | - |
| IC | - | 0 | - |
| MF | - | 0 | - |
| OTH | - | 0 | - |
| HNIs | 3.32 | 0.68 | 0.21 |
| bHNI | 2.21 | 0.6 | 0.27 |
| sHNI | 1.11 | 0.09 | 0.08 |
| Individual | 7.73 | 1 | 0.13 |
| Total | 18.78 | 2.36 | 0.13 |
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 Category | Shares Offered | No. of Shares |
|---|---|---|
| INDIVIDUAL | 31.90% | 10,17,600 |
| BHNI | 9.12% | 2,91,200 |
| SHNI | 4.56% | 1,45,600 |
| ANCHOR | 27.23% | 8,68,800 |
| QIB | 18.15% | 5,79,200 |
| MARKET MAKER | 9.03% | 2,88,000 |
| Total | 100.00% | 31,90,400 |
IPO Details
| Total Issue Size | 31,90,400 shares (aggregating up to 24.25 Cr) |
| Fresh Issue | 31,90,400 shares (aggregating up to 24.25 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 84,10,000 shares |
| Share Holding Post Issue | 1,16,10,400 shares |
| Reserved for Market Maker | 2,88,000 shares (aggregating up to 2.19 Cr) |
| Market Maker | Giriraj Stock Broking Private Limited |
Key Performance Indicator (KPI)
| KPI | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE | 61.97% | 100.82% | 143.47% |
| ROCE | 57.75% | 66.34% | 56.78% |
| EPS (basic) | 7.02 | 5.22 | 2.13 |
| P/E Pre IPO | 10.83 | ||
| P/E Post IPO | 14.93 |
Company Financial In Crore
| Period Ended | Mar-25 | Mar-24 | Mar-23 | Mar-22 |
|---|---|---|---|---|
| Assets | 39.64 | 28.42 | 14.32 | 8.67 |
| Revenue | 97.68 | 69.54 | 52.8 | 28.25 |
| Profit After Tax | 5.9 | 4.39 | 1.79 | 0.25 |
| Net Worth | 12.47 | 6.57 | 2.14 | 0.35 |
| Reserves and Surplus | 4.07 | 6.56 | 2.13 | 0.34 |
| Total Borrowing | 14.59 | 10.98 | 6.57 | 3.85 |
About Company
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.
Lead Manager(s)
Address
Madan Mahal,
Jabalpur, Madhya Pradesh, 482008
Phone: 0761-4083591
Email: info@white-force.com
Website: https://www.white-force.com/