Bookbuilding IPO | ₹24 Cr | Listed at NSE SME | Thu, Jul 3, 2025 - Mon, Jul 7, 2025
Happy Square Outsourcing IPO is a book build issue of ₹24.25 crores. The issue is entirely a fresh issue of 0.32 crore shares of ₹24.25 crore.
Happy Square Outsourcing IPO bidding started from Jul 3, 2025 and ended on Jul 7, 2025. The allotment for Happy Square Outsourcing IPO was finalized on Jul 8, 2025. The shares got listed on NSE SME on Jul 10, 2025.
Happy Square Outsourcing IPO price band is set at ₹76 per share. The lot size for an application is 1,600. The minimum amount of investment required by an individual investor (retail) is ₹2,43,200 (3,200 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (4,800 shares), amounting to ₹3,64,800.
Corpwis Advisors Pvt.Ltd. is the book running lead manager and Purva Sharegistry (India) Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Giriraj Stock Broking Pvt.Ltd..
Refer to Happy Square Outsourcing IPO RHP for detailed Information.
IPO Open
Thu, Jul 3, 2025
IPO Close
Mon, Jul 7, 2025
Issue Price
₹76 per share
Market Cap (Pre-IPO)
₹88.16 Cr
| IPO Date | 3 to 7 Jul, 2025 |
| Listed on | Thu, Jul 10, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹72 to ₹76 |
| Issue Price | ₹76 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 31,90,400 shares (agg. up to ₹24 Cr) |
| Reserved for Market Maker | 2,88,000 shares Giriraj Stock Broking Pvt.Ltd. (agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 29,02,400 shares (agg. up to ₹22 Cr) |
| Net Offered to Public | 29,02,400 shares (agg. up to ₹22 Cr) |
| Share Holding Pre Issue | 84,10,000 shares |
| Share Holding Post Issue | 1,16,00,400 shares |
| NSE Symbol | WHITEFORCE |
| ISIN | INE0TLP01015 |
Happy Square Outsourcing IPO comprises a total issue size of 31,90,400 shares. The net offer to the public is 29,02,400 shares, after excluding 2,88,000 shares allotted on a firm basis. Of the Net offer 14,48,000 (49.89%) are allocated to QIB, 4,36,800 (15.05%) allocated to NII 10,17,600 (35.06%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 14,48,000 | 49.89% | 45.39% |
| − Anchor Investor Shares Offered | 8,68,800 | 27.23% | |
| − QIB (Ex. Anchor) Shares Offered | 5,79,200 | 18.15% | |
| NII (HNI) Shares Offered | 4,36,800 | 15.05% | 13.69% |
| − bNII > ₹10L | 2,91,200 | 9.13% | |
| − sNII < ₹10L | 1,45,600 | 4.56% | |
| Retail Shares Offered | 10,17,600 | 35.06% | 31.90% |
| Firm Reservations | |||
| Market Maker Shares Offered | 2,88,000 | 9.03% | |
| Total Shares Offered | 31,90,400 | 100.00% | 100.00% |
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,43,200 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,43,200 |
| S-HNI (Min) | 3 | 4,800 | ₹3,64,800 |
| S-HNI (Max) | 8 | 12,800 | ₹9,72,800 |
| B-HNI (Min) | 9 | 14,400 | ₹10,94,400 |
Happy Square Outsourcing IPO raises ₹6.60 crore from anchor investors. Happy Square Outsourcing IPO Anchor bid date is July 2, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Wed, Jul 2, 2025 |
| Shares Offered | 8,68,800 |
| Anchor Portion (₹ Cr.) | 6.60 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Aug 7, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Oct 6, 2025 |
Incorporated in April 2017, Happy Square Outsourcing Services specializes in HR outsourcing, focusing on recruitment, payroll, onboarding, and flexible staffing.
The company is involved in a tech-based human resource outsourcing business focusing on end-to-end solutions.
The company's services include Recruitment, Payroll, Onboarding and flexible staffing.
The company is an ISO 9001:2015 certified company.
The company utilizes a large talent pool to meet staffing needs for businesses in India and the US, emphasizing technology-based solutions and a comprehensive network to source qualified candidates, acting as a third-party provider for workforce management through robust recruitment and HR capabilities.
Happy Square operates in both the Indian and US markets, understanding the specific needs of each region for staffing solutions.
As of July 31, 2024, the company has 4,225 personnel deployed at various locations for its clients.
As of July 31 2024, the company had 151 department employees.
Competitive Strength
Happy Square Outsourcing Services Ltd.'s revenue increased by 40% and profit after tax (PAT) rose by 34% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 39.64 | 28.38 | 14.32 |
| Total Income | 97.68 | 69.54 | 52.80 |
| Profit After Tax | 5.90 | 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 ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of working capital requirements of the Company | 19.00 |
| 2 | General corporate purposes | 3.48 |
| KPI | Mar 31, 2025 |
|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 7.02 | 5.09 |
| P/E (x) | 10.83 | 14.93 |
| Promoter Holding | 84% | 60.89% |
| Market Cap | ₹88.16 Cr. |
The Happy Square Outsourcing IPO is subscribed 3.58 times on July 7, 2025 6:20:00 PM (Day 3). The public issue subscribed 2.12 times in the individual investors category, 7.16 times in the QIB category, and 2.24 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB | 7.16 | 5,79,200 | 41,47,200 | 3 |
| NII* | 2.24 | 4,36,800 | 9,77,600 | 65 |
| Individual Investors | 2.12 | 10,17,600 | 21,60,000 | 675 |
| Total | 3.58 | 20,33,600 | 72,84,800 | 743 |
Total Application : 743
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees Payable to the Book Running Lead Manager (BRLM) towards issue management | 0.18 |
| 2 | Fees payable to Underwriter | 0.30 |
| 3 | Fees payable to Market maker | 0.07 |
| 4 | Fees payable to the legal advisors to the Issue | 0.12 |
| 5 | Fees payable to the Registrar to the Issue | 0.04 |
| 6 | Advertisements and Marketing | 0.13 |
| 7 | Listing fees, processing fees and any other regulatory fees | 0.42 |
| 8 | Printing and Stationery | 0.02 |
| 9 | Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Issue. Brokerage and selling commission and bidding charges or Members of the Syndicate, Registered Brokers, RTAs and CDPs | 0.01 |
| 10 | Fee to professionals and experts for confirmations and certifications to the issue | 0.41 |
| 11 | Others | 0.07 |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹76.00 |
| Open | ₹77.00 |
| Low | ₹77.00 |
| High | ₹80.85 |
| Last Trade | ₹80.85 |
Purva Sharegistry (India) Pvt.Ltd.
Lead Manager Reports
Happy Square Outsourcing IPO is a SME IPO of 31,90,400 equity shares of the face value of ₹10 aggregating up to ₹24 Crores. The issue is priced at ₹76 per share. The minimum order quantity is 1600.
The IPO opens on Thu, Jul 3, 2025, and closes on Mon, Jul 7, 2025.
Purva Sharegistry (India) Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Happy Square Outsourcing IPO using UPI as a payment gateway. Zerodha customers can apply in Happy Square Outsourcing IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Happy Square Outsourcing IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Happy Square Outsourcing IPO opens on Thu, Jul 3, 2025 and closes on Mon, Jul 7, 2025.
Happy Square Outsourcing IPO lot size is 1600, and the minimum amount required for application is ₹2,43,200, with 2 lots being the minimum application size.
You can apply in Happy Square Outsourcing IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Happy Square Outsourcing IPO will be done on Tuesday, July 8, 2025, and the allotted shares will be credited to your demat account by Wed, Jul 9, 2025. Check the Happy Square Outsourcing IPO allotment status.
The Happy Square Outsourcing IPO listing date is on Thu, Jul 10, 2025.
