Happy Square Outsourcing Services Limited, a key player in the staffing and recruitment industry, has launched its Initial Public Offering (IPO) on July 3, 2025. The IPO is a Book Built Issue amounting to ₹24.25 Crores, entirely composed of a Fresh Issue of 31.90 lakh equity shares. This IPO aims to raise working capital and meet general corporate requirements.

The IPO subscription period runs from July 3 to July 7, 2025. The price band for the IPO is fixed between ₹72 to ₹76 per equity share, and the shares will be listed on the NSE SME platform. The market capitalization at the upper band price of ₹76 per share is estimated at ₹88.16 Crores.

Retail investors need to apply for a lot size of 1,600 shares, amounting to a minimum investment of ₹1,21,600, while HNIs must apply for at least 2 lots, which is 3,200 shares, totaling ₹2,43,200.

CORPWIS Advisors Private Limited is the Book Running Lead Manager, PURVA Sharegistry (India) Private Limited is the registrar, and Giriraj Stock Broking Private Limited is the market maker for this IPO.

Happy Square Outsourcing IPO GMP Today

As of the latest update, the Grey Market Premium (GMP) for Happy Square Outsourcing IPO stands at ₹0, indicating no speculative listing gains are being observed in the grey market. It's important to remember that GMP reflects unofficial market sentiment, not the true value of shares. GMP is influenced by demand and supply in informal channels, which makes it unreliable for price discovery before listing.

Happy Square Outsourcing IPO Live Subscription Status

As of 01:20 PM on July 3, 2025, the IPO has been subscribed 0.25 times, showing a slower response on Day 1 of the offering. This subscription data can be tracked on the NSE SME portal, providing real-time visibility into demand across different investor categories.

Anchor Investor Participation in Happy Square Outsourcing IPO

The company raised ₹6.60 Crores from Anchor Investors by allocating 8,68,800 shares at the upper price band of ₹76. The allocation was made in consultation with the Book Running Lead Manager and was drawn from the Qualified Institutional Buyers (QIBs) quota.

Happy Square Outsourcing IPO Allotment Date and Listing Schedule

The allotment of shares is scheduled for Wednesday, July 9, 2025, and the IPO is expected to list on the NSE SME platform on Thursday, July 10, 2025.

Steps to Check Allotment Status Online:

1. Visit the IPO allotment page of the registrar.

2. Select "Happy Square Outsourcing Services Limited IPO" from the dropdown.

3. Enter your Application Number, PAN, or DP Client ID.

4. Submit the details to view your allotment status.

This will allow investors to know whether they have been allotted shares and prepare for listing accordingly.

Use of IPO Proceeds

The Net Proceeds from the IPO will be used for the following purposes:

• ₹19.00 Crores allocated towards working capital requirements.

• The remaining will be used for general corporate purposes.

This capital infusion is expected to support the company’s operations and help scale its recruitment business across more locations and sectors.

About Happy Square Outsourcing and White Force Jobs

Happy Square Outsourcing is the company behind White Force Jobs, a leading job board in India with over 1 million registered users. The platform provides career advice, recruitment solutions, and real-time job connections for professionals and employers. It bridges the gap between job seekers and employers using AI-driven communication tools that ensure the right candidate reaches the right job faster.

The company’s business model focuses on staffing, outsourcing, and workforce management services, offering customized recruitment across multiple industries.

Promoter Background

The company is promoted by Shraddha Rajpal and Nalini Rajpal, who bring over 10 years of combined experience in staffing and recruitment. Their vision and leadership have helped Happy Square grow into a trusted name in the Indian job market.

Their deep industry knowledge and strategic direction have contributed significantly to establishing a robust operational and value system within the company.

Financial Highlights

The company has shown steady and consistent growth in recent financial years:

• Revenue from Operations:

  • FY 2025: ₹9,768.35 Lakh

  • FY 2024: ₹6,954.31 Lakh

  • FY 2023: ₹5,280.11 Lakh

• EBITDA:

  • FY 2025: ₹958.25 Lakh

  • FY 2024: ₹669.89 Lakh

  • FY 2023: ₹294.13 Lakh

• Profit After Tax (PAT):

  • FY 2025: ₹590.34 Lakh

  • FY 2024: ₹439.32 Lakh

  • FY 2023: ₹178.78 Lakh

These figures reflect a positive and upward business trajectory, reinforcing investor confidence in the company’s growth model.

Valuation and Key Ratios

Here’s a summary of Happy Square Outsourcing’s valuation and financial metrics:

• Pre-Issue EPS (FY24): ₹7.02

• Post-Issue EPS (FY24): ₹5.09

• Pre-Issue P/E Ratio: 10.82x

• Post-Issue P/E Ratio: 14.93x

• Industry Average P/E Ratio: 40.00x

• Return on Capital Employed (ROCE): 57.75%

• Return on Equity (ROE): 61.97%

• Return on Net Worth (RoNW): 61.97%

Despite high returns on equity and capital, the IPO appears to be fully priced, and the lack of GMP listing gains suggests that the offer may not be attractive for short-term listing benefits.

Should You Subscribe?

Given the absence of GMP and the fact that this is a fully priced IPO, investors looking for short-term listing gains may choose to avoid this IPO. However, the company's strong fundamentals, robust growth, and high return ratios may appeal to long-term investors who are looking for exposure in the staffing and outsourcing sector.

Investors are advised to keep an eye on the subscription status and anchor demand before making a decision. Those with a higher risk appetite and long-term view may consider subscribing after further due diligence.

Conclusion

The Happy Square Outsourcing IPO offers an opportunity to invest in a growing recruitment and staffing company with a credible platform in the Indian job market. Despite a reasonable P/E ratio, the lack of grey market enthusiasm and fully priced valuation warrant cautious optimism.

As of now, the IPO may not deliver listing day profits, but it might offer long-term returns if the company continues its current performance trajectory and successfully utilizes the IPO proceeds for working capital and expansion.

Disclaimer:
This article is for informational and educational purposes only. It does not constitute financial advice or a recommendation to buy or sell any securities. Investments in securities markets are subject to market risks. Please consult a qualified financial advisor before investing.

The Upcoming IPOs in this week and coming weeks are CFF Fluid Control, Smarten Power Systems, Glen Industries, Travel Food Services, Anthem Biosciences, Chemkart India, Meta Infotech.

The Current active IPO are Happy Square Outsourcing Services, Cryogenic OGS, Crizac.

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