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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 ₹76.00 per share . The lot size for an application is 1,600. The minimum amount of investment required by an individual investor (retail) is ₹2,30,400.00 (3,200 shares). The minimum lot size investment for 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 Date | July 3, 2025 to July 7, 2025 |
| Listing Date | July 10, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹72 to ₹76 per share |
| Issue Price Final | ₹76 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 31,90,400 shares (aggregating up to ₹24.25 Cr) |
| Reserved for Market Maker | 2,88,000 shares Giriraj Stock Broking Pvt.Ltd. (aggregating up to ₹2.19 Cr) |
| Net Offered to Public | 29,02,400 shares (aggregating up to ₹22.06 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 84,10,000 shares |
| Share Holding Post Issue | 1,16,00,400 shares |
Happy Square Outsourcing IPO offers total 31,90,400 shares. Out of which 14,48,000 (45.39%) allocated to QIB, 5,79,200 (18.15%) allocated to QIB, 4,36,800 (13.69%) allocated to NII, 10,17,600 (31.90%) allocated to RII and 8,68,800 (27.23%) allocated to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 2,88,000 (9.03%) |
| QIB Shares Offered | 14,48,000 (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 (13.69%) |
| − bNII > ₹10L | 2,91,200 (9.13%) |
| − sNII < ₹10L | 1,45,600 (4.56%) |
| Retail Shares Offered | 10,17,600 (31.90%) |
| Total Shares Offered | 31,90,400 (100.00%) |
Happy Square Outsourcing IPO raises ₹6.60 crore from anchor investors. Happy Square Outsourcing IPO Anchor bid date is July 2, 2025. Happy Square Outsourcing IPO Anchor Investors list
| Bid Date | July 2, 2025 |
| Shares Offered | 8,68,800 |
| Anchor Portion Size (In Cr.) | 6.60 |
| Anchor lock-in period end date for 50% shares (30 Days) | August 7, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 6, 2025 |
Happy Square Outsourcing IPO opens on July 3, 2025, and closes on July 7, 2025.
| IPO Open Date | Thu, Jul 3, 2025 |
| IPO Close Date | Mon, Jul 7, 2025 |
| Tentative Allotment | Tue, Jul 8, 2025 |
| Initiation of Refunds | Wed, Jul 9, 2025 |
| Credit of Shares to Demat | Wed, Jul 9, 2025 |
| Tentative Listing Date | Thu, Jul 10, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Jul 7, 2025 |
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,43,200 |
| Individual investors (Retail) (Min) | 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 Limited'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 market capitalization of Happy Square Outsourcing IPO is ₹88.16 Cr.
KPI as of Mon, Mar 31, 2025.
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 7.02 | 5.09 |
| P/E (x) | 10.83 | 14.93 |
The Company Happy Square Outsourcing IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Funding of working capital requirements of the Company | 19.00 |
| 2 | General corporate purposes | 3.48 |
[Dilip Davda] HSOSL is engaged in tech-based staffing and consultancy business. It posted growth in its top and bottom lines for the reported periods. The company is operating in a highly competitive and fragmented segment. Boosted bottom lines from FY24 onwards raise eyebrows and concern over its sustainability. Based on its recent financial data, the issue appears fully priced. Well-informed investors may park moderate funds for long term. Read detail review...
| Listing Date | July 10, 2025 |
| BSE Script Code | |
| NSE Symbol | WHITEFORCE |
| ISIN | INE0TLP01015 |
| Final Issue Price | ₹76 per share |
| NSE Listing Group | ST |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹76.00 |
| Open | ₹77.00 |
| Low | ₹77.00 |
| High | ₹80.85 |
| Last Trade | ₹80.85 |
Happy Square Outsourcing Services Ltd.
240, Nagpur Road
Madan Mahal,
Jabalpur, Madhya Pradesh, 482008
Phone: 0761-4083591
Email: info@white-force.com
Website: https://www.white-force.com/
Purva Sharegistry (India) Pvt.Ltd.
Phone: +91-022-23018261/ 23016761
Email: newissue@purvashare.com
Website: https://www.purvashare.com/investor-service/ipo-query
Happy Square Outsourcing IPO is a SME IPO of 31,90,400 equity shares of the face value of ₹10 aggregating up to ₹24.25 Crores. The issue is priced at ₹76 per share. The minimum order quantity is 1600.
The IPO opens on July 3, 2025, and closes on July 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 July 3, 2025 and closes on July 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 Wednesday, July 9, 2025. Check the Happy Square Outsourcing IPO allotment status.
The Happy Square Outsourcing IPO listing date is on Thursday, July 10, 2025.
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