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Happy Square Outsourcing Services, an Book Built Issue amounting to ₹ 24.25 Crores, consisting entirely an Fresh Issue of 31.90 Lakh Shares. The subscription period for the Happy Square Outsourcing Services IPO opens on July 03, 2025, and closes on July 07, 2025. The allotment is expected to be finalized on or about Wednesday, July 09, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Thursday, July 10, 2025.
The Share Price Band of Happy Square Outsourcing Services IPO is set at ₹ 72 to ₹ 76 per equity share. The Market Capitalisation of the Happy Square Outsourcing Services Limited at IPO price of ₹ 76 per equity share will be ₹ 88.16 Crores. The lot size of the IPO is 1,600 shares. Retail investors are required to invest a minimum of ₹ 1,21,600, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (3,200 shares), amounting to ₹ 2,43,200.
CORPWIS ADVISORS PRIVATE LIMITED is the book running lead manager of the Happy Square Outsourcing Services IPO, while PURVA SHAREGISTRY (INDIA) PRIVATE LIMITEDis the registrar for the issue. Giriraj Stock Broking Private Limited is the Market Maker for Happy Square Outsourcing Services IPO.
Happy Square Outsourcing Services LimitedIPO GMP Today
The Grey Market Premium of Happy Square Outsourcing Services Limited IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Happy Square Outsourcing Services LimitedIPO Live Subscription Status Today: Real-Time Update
Happy Square Outsourcing Services IPO will be open for its subscription on 03 July, 2025.
Happy Square Outsourcing Services IPO Anchor Investors Report
Happy Square Outsourcing Services has raised ₹ 6.60 Crores from Anchor Investors at a price of ₹ 76 per shares in consultation of the Book Running Lead Managers. The company allocated 8,68,800 equity shares to the Anchor Investors. Check Full List of Happy Square Outsourcing Services Anchor Investor List.
Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion. Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.
Happy Square Outsourcing Services Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Happy Square Outsourcing Services IPO allotment date is 09 July, 2025, Wednesday. Happy Square Outsourcing Services IPO Allotment will be out on 9th July, 2025 and will be live on Registrar Website from the allotment date. Check Happy Square Outsourcing Services IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Happy Square Outsourcing Services Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Happy Square Outsourcing Services LimitedIPO
Happy Square Outsourcing Services to utilise the Net Proceeds towards the following objects: 1. ₹ 1,900.00 Lakhs is required for funding of working capital requirements of the Company; 2. General Corporate Purposes.
Happy Square Outsourcing Services IPO Subscription Status
Investor Category
Shares Offered
Shares Bid For
No oF Times Subscribed
Qualified Institutional Buyers (QIB)
5,79,200
-
0.00
Non Institutional Investors(NIIS)
7,24,800
-
0.00
Individual Investor Portion
10,17,600
-
0.00
Total
23,21,600
-
0.00
About Happy Square Outsourcing Services Limited
BUSINESS OVERVIEW
Happy Square Outsourcing Services, headquartered in Jabalpur, is a technology-driven consulting firm specializing in tech-based human resource outsourcing with a focus on end-to-end staffing solutions. As of March 31, 2025, the company has 5,802 personnel deployed across various client locations.
Services include Recruitment, Payroll, Onboarding, and Flexible Staffing, supported by a strong HR database, extensive talent pool, and deep industry expertise. With structured processes, strong ethics, and a professional network, Happy Square meets diverse staffing and recruitment demands across India.
The staffing process comprises:
Workforce Planning
Recruitment and Selection
Placement
Onboarding
Retention
Exit or Separation
A strategic approach ensures alignment with client needs and efficient hiring of suitable candidates. As on March 31, 2025 the company have 142 employees overall. The Banker to the company is Axis Bank Limited.
INDUSTRY ANALYSIS
India’s Employment Growth: Disproving the Myth of Jobless Growth
India has experienced remarkable employment growth, with a 36% increase—adding nearly 170 million jobs between 2016-17 and 2022-23. This surge aligns with an average GDP growth rate of over 6.5%, reflecting a strong correlation between economic expansion and job creation.
A report by the Observer Research Foundation titled “Busting the Myth of Jobless Growth” offers evidence countering the long-standing narrative that India's growth lacks employment gains.
Key Insights:
1. Steady Employment Rise:
Data from the RBI’s KLEMS database, supported by EUS and PLFS surveys, indicates a consistent increase in employment since the 1980s. The 2016–2023 period alone saw substantial job creation across sectors.
2. Worker Population Ratio (WPR):
Between 2017 and 2023, the WPR increased by 9 percentage points, or approximately 26%, further weakening claims of widespread joblessness.
3. Consumption-Driven Economy:
India’s economic growth, driven by rising consumption, suggests ongoing employment generation. Increased consumption would be unsustainable without widespread and meaningful employment.
4. Employment Elasticity:
Econometric analysis reveals that from 2017 to 2023, for every 1% growth in value added, employment increased by 1.11%—indicating a strong causal relationship between growth and job creation.
5. Sectoral Analysis:
The labour-capital ratio in the economy stands at 1.11, with the services sector at 1.17. These figures contradict the notion that services are not labour-intensive and affirm that both supply- and demand-side factors support job generation.
Conclusion:
India’s employment trajectory—driven by a dynamic, consumption-led economy—clearly refutes the idea of “jobless growth.” Strong data trends across sectors confirm that job creation has remained a consistent and integral part of the country’s economic development.
BUSINESS STRENGTHS
1. Strong Client Relationships and Customer Satisfaction
Long-standing partnerships with marquee clients such as Cars24 Services Pvt Ltd and Octopolis Technologies Pvt Ltd highlight consistent customer satisfaction. Regular senior management reviews, cross-selling opportunities, and tailored workforce solutions across departments help deepen client engagement and attract new business.
2. Experienced Promoters and Management
Promoters Shraddha Rajpal and Nalini Rajpal bring over a decade of industry experience. Their leadership drives strategic growth, team development, and delivery of effective manpower solutions across diverse sectors.
3. Scalable and Technology-Driven Business Model
A tech-enabled model ensures efficient recruitment operations and economies of scale. The company demonstrates scalable growth through client acquisition, sector diversification, and market expansion.
4. Diversified Industry Coverage
Operations span multiple sectors across India, including Automobile & Aviation, E-commerce, Retail, Food & Beverages, Healthcare, Infrastructure, Logistics, Manufacturing, Technology, and Public Sector Units (PSUs)—ensuring a resilient and varied revenue base.
5. Robust Financial Performance
A strong financial foundation with healthy liquidity and a consistent performance track record ensures the company can meet short-term obligations while supporting long-term growth
BUSINESS STRATEGIES
a) Client Acquisition and Account Expansion
Focus on acquiring new clients and strengthening long-term relationships through customer behavior analysis, trend insights, and consultative engagement.
b) General Staffing for Efficiency and Growth
Volume-driven general staffing services enhance clients’ operational focus, enabling improved efficiency, profitability, and sustainable growth.
c) High-Margin Recruitment Process Outsourcing (RPO)
Customized, project-specific and ongoing recruitment solutions are delivered through a problem-solving approach backed by deep industry expertise.
d) Export of Services via India-Based Talent
Leverage Indian workforce for international operations, offering clients unified vendor support across geographies and cost-effective global delivery.
e) Geographic Expansion
Plans to expand beyond India by addressing rising client demands and entering new regions to enhance market reach, improve client understanding, and strengthen long-term relationships through quality, timely, and competitively priced services.
BUSINESS RISK FACTORS & CONCERNS
1. Industry Concentration Risk
A significant portion of revenue is derived from a limited number of industries. Any downturn in these sectors could negatively impact business operations and financial performance.
2. Client Dependency Risk
Revenue is heavily dependent on a few key clients. Loss of major clients or reduced business from them may adversely affect revenue, profitability, and operational stability.
3. Revenue Volatility
Client contributions to revenue may fluctuate between reporting periods based on contract terms, impacting financial consistency.
4. Geographic Concentration Risk
Operations are concentrated in select Indian states such as Delhi, Uttar Pradesh, Maharashtra, Tamil Nadu, and others. Entry into new geographies may not yield similar profitability, posing expansion-related risks.
Happy Square faces business risks due to reliance on specific industries, a limited client base, revenue concentration, and regional dependency. Any disruption in these areas could impact operational and financial outcomes.
Happy Square Outsourcing Services Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakh)
Period Ended
Mar 31, 2025
Mar 31, 2024
Mar 31, 2023
Reserve of Surplus
406.81
656.47
213.00
Total Assets
3,964.00
2,842.22
1,432.00
Total Borrowings
1,459.40
1,098.20
657.16
Fixed Assets
111.14
115.85
42.73
Cash
65.14
22.49
22.75
Net Borrowing
1,394.26
1,075.71
634.41
Revenue
9,768.35
6,954.31
5,280.11
EBITDA
958.25
669.89
294.13
PAT
590.34
439.32
178.78
EPS
7.02
5.22
2.13
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on Cap Price after the Offer, given inRHP.
Lead Manager : CORPWIS ADVISORS PRIVATE LIMITED Contact Person : Mr. Nikunj Kanodia Telephone : +91-22-49729990 Email : ipo.happysquare@corpwis.com Website : https://corpwis.com/
Happy Square Outsourcing Services IPO Review
White Force is the leading career destination for job seekers at every stage of their careers. White Force Jobs is a leading job board for employers in the india. With more than 1 million candidates registered, professionals receive career advice, news and real-time connections with approved employers. Unique communication and engagement tools connect jobseekers and job agencies with easy-to-find right candidates.
Promoters of the company, Shraddha Rajpal and Nalini Rajpal have a combined experience of 10 plus years in the staffing industry. Driven by the passion for building an integrated staffing company, backed by their experience, the Promoters are the pillars of the Company's growth and have built a strong value system for the Company.
The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 9,768.35 Lakh, ₹ 6,954.31 Lakh and ₹5,280.11 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 958.25 Lakh, ₹669.89 Lakh and ₹ 294.13 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 590.34 Lakh, ₹ 439.32 Lakh and ₹ 178.78 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹7.02and post-issue EPS of ₹ 5.09 for FY24.The pre-issue P/E ratio is 10.82x, while the post-issue P/E ratio is 14.93x against the Industry P/E ratio is 40.00x. The company's ROCE for FY24 is 57.75%, ROE for FY24 is 61.97% and RoNW is 61.97%. These metrics suggest that the IPO is fully priced.
The Grey Market Premium (GMP) of Happy Square Outsourcing Services showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Happy Square Outsourcing Services Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
