White Force IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Jul 03 to Jul 07 2025
Price Band
₹72 - 76
Current GMP
₹77(1.32%)
Subscription
3.58 times
IPO Details
| IPO Date | July 3, 2025 to July 7, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹72 to ₹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 (aggregating up to ₹2.19 Cr)Giriraj Stock Broking Private Limited |
| 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 |
IPO Date
July 3, 2025 to July 7, 2025
Listing Date
[.]
Face Value
₹10 per share
Issue Price Band
₹72 to ₹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 (aggregating up to ₹2.19 Cr)Giriraj Stock Broking Private Limited
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
IPO Subscription Details
| Anchor Investors | 1 |
| Market Maker | 1 |
| Qualified Institutions | 7.16 |
| Non-Institutional Buyers*** | 2.24 |
| Individual Investors (IND category bidding for 2 Lots) | 2.12 |
| Total ** | 3.58 |
Anchor Investors
1
Market Maker
1
Qualified Institutions
7.16
Non-Institutional Buyers***
2.24
Individual Investors (IND category bidding for 2 Lots)
2.12
Total **
3.58
Day Wise Sub
| Day | QIB | NII* | Individual Investors | Total |
|---|---|---|---|---|
| Day 1 Jul 3, 2025 | 0.00 | 0.94 | 0.37 | 0.39 |
| Day 2 Jul 4, 2025 | 0.14 | 0.88 | 0.72 | 0.59 |
| Day 3 Jul 7, 2025 | 7.16 | 2.24 | 2.12 | 3.58 |
DayDay 1
Jul 3, 2025
QIB0.00
NII*0.94
Individual Investors0.37
Total0.39
DayDay 2
Jul 4, 2025
QIB0.14
NII*0.88
Individual Investors0.72
Total0.59
DayDay 3
Jul 7, 2025
QIB7.16
NII*2.24
Individual Investors2.12
Total3.58
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 10-07-2025 | 76.00 | 5(6.58%) | 81 |
| 09-07-2025 | 76.00 | 5(6.58%) | 81 |
| 08-07-2025 | 76.00 | 5(6.58%) | 81 |
| 07-07-2025 | 76.00 | 5(6.58%) | 81 |
| 06-07-2025 | 76.00 | 5(6.58%) | 81 |
| 05-07-2025 | 76.00 | 5(6.58%) | 81 |
| 04-07-2025 | 76.00 | 5(6.58%) | 81 |
| 03-07-2025 | 76.00 | 5(6.58%) | 81 |
| 02-07-2025 | 76.00 | 5(6.58%) | 81 |
| 01-07-2025 | 76.00 | 5(6.58%) | 81 |
| 30-06-2025 | 76.00 | 0(0.00%) | 76 |
Date10-07-2025
Price76.00
GMP5(6.58%)
Estimate List Price81
Date09-07-2025
Price76.00
GMP5(6.58%)
Estimate List Price81
Date08-07-2025
Price76.00
GMP5(6.58%)
Estimate List Price81
Date07-07-2025
Price76.00
GMP5(6.58%)
Estimate List Price81
Date06-07-2025
Price76.00
GMP5(6.58%)
Estimate List Price81
Date05-07-2025
Price76.00
GMP5(6.58%)
Estimate List Price81
Date04-07-2025
Price76.00
GMP5(6.58%)
Estimate List Price81
Date03-07-2025
Price76.00
GMP5(6.58%)
Estimate List Price81
Date02-07-2025
Price76.00
GMP5(6.58%)
Estimate List Price81
Date01-07-2025
Price76.00
GMP5(6.58%)
Estimate List Price81
Date30-06-2025
Price76.00
GMP0(0.00%)
Estimate List Price76
IPO Important Dates
| 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 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 July 7, 2025
IPO Lot Size
| 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 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares3,200
Amount₹2,43,200
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares3,200
Amount₹2,43,200
ApplicationS-HNI (Min)
Lots3
Shares4,800
Amount₹3,64,800
ApplicationS-HNI (Max)
Lots8
Shares12,800
Amount₹9,72,800
Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 39.64 | 28.38 | 14.32 |
| Revenue | 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 |
Period EndedPeriod Ended
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
31 Mar 202331 Mar 2023
Period EndedAssets
31 Mar 202539.64
31 Mar 202428.38
31 Mar 202314.32
Period EndedRevenue
31 Mar 202597.68
31 Mar 202469.54
31 Mar 202352.80
Period EndedProfit After Tax
31 Mar 20255.90
31 Mar 20244.39
31 Mar 20231.79
Period EndedEBITDA
31 Mar 20259.45
31 Mar 20246.64
31 Mar 20232.85
Period EndedNet Worth
31 Mar 202512.48
31 Mar 20246.57
31 Mar 20232.14
Period EndedReserves and Surplus
31 Mar 202512.47
31 Mar 20246.52
31 Mar 20232.13
Period EndedTotal Borrowing
31 Mar 202514.59
31 Mar 202410.98
31 Mar 20236.57
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Happy Square Outsourcing Services Limited | 7.02 | 7.02 | 14.84 | 61.97 | ||
| Spectrum Talent Management Limited | 2.98 | 2.80 | 68.17 | 40.44 | 4.56 | 1.76 |
Company NameHappy Square Outsourcing Services Limited
EPS (Basic)7.02
EPS (Diluted)7.02
NAV (per share) (Rs)14.84
P/E (x)
RoNW (%)61.97
P/BV Ratio
Company NameSpectrum Talent Management Limited
EPS (Basic)2.98
EPS (Diluted)2.80
NAV (per share) (Rs)68.17
P/E (x)40.44
RoNW (%)4.56
P/BV Ratio1.76
IPO Reservation
| Market Maker Shares Offered | 2,88,000 (8.28%) |
| QIB Shares Offered | 14,48,000 (41.63%) |
| − Anchor Investor Shares Offered | 8,68,800 (24.98%) |
| − QIB (Ex. Anchor) Shares Offered | 5,79,200 (16.65%) |
| NII (HNI) Shares Offered | 4,36,800 (12.56%) |
| Retail Shares Offered | 10,17,600 (29.25%) |
| Total Shares Offered | 34,78,400 (100.00%) |
Market Maker Shares Offered
2,88,000 (8.28%)
QIB Shares Offered
14,48,000 (41.63%)
− Anchor Investor Shares Offered
8,68,800 (24.98%)
− QIB (Ex. Anchor) Shares Offered
5,79,200 (16.65%)
NII (HNI) Shares Offered
4,36,800 (12.56%)
Retail Shares Offered
10,17,600 (29.25%)
Total Shares Offered
34,78,400 (100.00%)
Information about company
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
Customer Satisfaction and long-standing relationships with its customers.
Experienced Promoter and Management Expertise.
Scalable Business Model
Catering to diversified industrial verticals.
Strong financial position and good track record of financial performance.
Objectives of IPO
The Company White Force IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (in Million)
1
Funding of working capital requirements of the Company
190.00
2
General corporate purposes
0.00
Disclaimer
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