White Force (Happy Square Outsourcing Services)
Listed
Listed
IPO Timeline
Issue open date
3 Jul 2025Issue close date
7 Jul 2025UPI mandate deadline
7 Jul 2025Allotment finalization
8 Jul 2025Refund initiation
9 Jul 2025Share credit
9 Jul 2025Listing date
10 Jul 2025Mandate end date
22 Jul 2025Lock-in end date for anchor investors (50%)
7 Aug 2025Lock-in end date for anchor investors (remaining)
6 Oct 2025Grey Market Premium Trend
₹5
Current GMP
₹81
Est. Listing Price
6.6%
Est. Listing Gain
₹72 - ₹76
Price Band
GMP History
| Date | GMP (₹) | Est. Listing Price (₹) | Est. Listing Gain |
|---|---|---|---|
| 9 Jul | ₹5 | ₹81 | 6.58% |
| 8 Jul | ₹5 | ₹81 | 6.58% |
| 7 Jul | ₹5 | ₹81 | 6.58% |
| 6 Jul | ₹5 | ₹81 | 6.58% |
| 5 Jul | ₹5 | ₹81 | 6.58% |
| 4 Jul | ₹5 | ₹81 | 6.58% |
| 3 Jul | ₹5 | ₹81 | 6.58% |
| 2 Jul | ₹5 | ₹81 | 6.58% |
| 1 Jul | ₹5 | ₹81 | 6.58% |
| 30 Jun | ₹5 | ₹81 | 6.58% |
| 29 Jun | ₹0 | ₹76 | 0.00% |
Key Dates
Open
3 Jul 2025Close
7 Jul 2025Listing
10 Jul 2025Quick Stats
Issue Size:24cr
Lot Size:1600 shares
Issue Details
Issue Size:24cr
Face Value:₹10
Listing At:NSE SME
Reservation
50%
QIB
15%
NII
35%
Retail
Additional Resources
About the Company
Incorporated in 2017, Happy Square Outsourcing Services is a technology-based human resource consulting firm headquartered in Jabalpur, specializing in end-to-end HR outsourcing solutions. Happy Square offers comprehensive services including recruitment, payroll management, onboarding, and flexible staffing solutions. With 5,802 personnel deployed across various client locations as of March 2025, the company maintains a substantial talent pool and deep understanding of the hiring industry. The company’s structured processes encompass workforce planning, recruitment and selection, placement, onboarding, retention, and exit management.
Strengths
- Strong ties with marquee clients through timely, tailored staffing solutions.
- Experienced promoters with over a decade in staffing and workforce solutions.
- Scalable, tech-driven model enables expansion across clients, sectors, and markets with growing demand.
- Pan-India presence with clients across auto, e-com, F&B, infra, and PSUs.
- The company has a strong financial position and good track record of financial performance.
Risks
- Inability to fully verify staffed personnel may pose reputational and operational risks.
- Negative operating cash flows in recent years may affect liquidity and growth.
- High reliance on PSUs, logistics, and tech makes the company vulnerable to sector-specific downturns.
- Cyber risks or data misuse could lead to legal, financial, or reputational harm.
- Top 5 clients contribute 48.5% of revenue, loss of any may hit profits.
- Strict labour laws may raise costs and disrupt operations.
- Growing government contracts (43% in FY25) expose the company to policy, payment, and compliance risks.
- Group companies White Force and Happiest Resume operate in similar businesses, which may lead to conflicts of interest and competition.
White Force (Happy Square Outsourcing Services) IPO – Frequently Asked Questions
- The price band for the White Force (Happy Square Outsourcing Services) IPO is set at ₹72 to ₹76 per share.
- The White Force (Happy Square Outsourcing Services) IPO opens on July 3, 2025 and closes on July 7, 2025.
- The tentative listing date for the White Force (Happy Square Outsourcing Services) IPO is July 10, 2025.
- You can apply for the White Force (Happy Square Outsourcing Services) IPO via your broker or bank using ASBA or UPI. Log in to your trading app (Zerodha, Upstox, Groww, etc.), select IPO section, choose White Force (Happy Square Outsourcing Services), enter lot quantity and UPI ID, then approve the mandate.
- The lot size for the White Force (Happy Square Outsourcing Services) IPO is 1600 shares. Investors must apply for at least one lot (i.e., 1600 shares).