The White Force IPO (Happy Square Outsourcing Services Limited IPO) is all set to open for public subscription on July 3, 2025, and will close on July 7, 2025. This article covers everything you need to know about this IPO—from price band, lot size, subscription details, GMP, allotment date, to company background and financial performance.

Let’s dive into the details so you can make an informed investment decision.

IPO Details and Structure

White Force IPO is a Bookbuilding issue worth ₹24.25 crores, consisting entirely of a fresh issue of 31.90 lakh shares. There is no Offer For Sale (OFS), meaning all funds will go to the company for growth and expansion.

• IPO Date: July 3, 2025, to July 7, 2025

• Listing Platform: NSE SME

• Issue Type: Bookbuilding IPO

• Face Value: ₹10 per share

• Price Band: ₹72 to ₹76 per share

• Lot Size: 1600 shares

• Market Maker: Giriraj Stock Broking Private Limited

• Registrar: Purva Sharegistry India Pvt Ltd

• Lead Manager: Corpwis Advisors Private Limited

The IPO will list on the NSE SME segment with a tentative listing date of July 10, 2025.

Lot Size and Investment

Retail Investors can apply for a minimum of one lot of 1600 shares, amounting to approximately ₹1,21,600 (at the cutoff price of ₹76).

For HNI (NII) investors, the minimum application is 2 lots (3,200 shares) for ₹2,43,200.

Key Takeaway: It’s recommended to bid at the cutoff price to increase the chances of allotment in case of oversubscription.

Reservation and Allocation

The IPO offers a structured reservation for different investor categories:

• QIB: 45.39% (14,48,000 shares)

• NII (HNI): 13.69% (4,36,800 shares)

• Retail: 31.90% (10,17,600 shares)

• Market Maker: 9.03% (2,88,000 shares)

• Anchor Investors: 27.23% (8,68,800 shares)

Anchor Investors already subscribed on July 2, 2025, raising ₹6.60 crore.

Timeline of Events

Here’s the tentative schedule for the White Force IPO:

• Anchor Bid Date: July 2, 2025

• IPO Open Date: July 3, 2025

• IPO Close Date: July 7, 2025

• Allotment Date: July 8, 2025

• Refund Initiation: July 9, 2025

• Credit to Demat: July 9, 2025

• Listing Date: July 10, 2025

Note: UPI mandate confirmation cut-off time is 5 PM on July 7, 2025.

Anchor Investor Details

Anchor investors subscribed for 8,68,800 shares worth ₹6.60 crore. The lock-in period:

• 50% shares: 30 days (until August 7, 2025)

• Remaining 50% shares: 90 days (until October 6, 2025)

Company Background: Happy Square Outsourcing Services Limited

Incorporated in April 2017, Happy Square Outsourcing Services Limited (the company behind White Force brand) specializes in HR outsourcing.

Their core services include:

• Recruitment

• Payroll

• Onboarding

• Flexible Staffing

The company is ISO 9001:2015 certified and operates in India and the US, catering to diverse staffing needs with technology-driven solutions.

They provide end-to-end workforce management, sourcing qualified candidates and managing deployment for their clients.

Operational Scale

As of July 31, 2024:

• 4,225 personnel deployed across various client locations.

• 151 employees in the company’s own departments.

This scale demonstrates strong operational capabilities and the ability to manage large staffing assignments for corporate clients.

Promoters and Shareholding

• Promoters: Shraddha Rajpal and Nalini Rajpal

• Pre-issue shareholding: 84.00%

• Post-issue shareholding: 60.89%

The dilution supports growth plans and expansion.

Financial Performance

Happy Square Outsourcing Services Limited has shown strong financial growth:

Highlights:

• Revenue growth: ~40% YoY

• PAT growth: ~34% YoY

• Debt/Equity ratio: 1.17

Key Performance Indicators (KPI)

As of March 31, 2025, the company reported:

• Market Capitalization: ₹88.16 Cr

• ROE: 61.97%

• ROCE: 57.75%

• RoNW: 61.97%

• PAT Margin: 6.06%

• EBITDA Margin: 9.70%

• Price to Book Value: 5.12

These impressive ratios reflect strong profitability and capital efficiency.

Competitive Strengths

Happy Square Outsourcing Services Limited positions itself well with:

• Customer Satisfaction and long-standing relationships with clients.

• Experienced Promoters and strong management.

• Scalable Business Model for different geographies and industries.

• Diversified Industrial Verticals served.

• Strong Financial Position with a track record of consistent growth.

Risks and Considerations

Investors should be aware of certain risks:

• Dependence on economic cycles: Staffing demand can be cyclical.

• Client concentration risk: Large accounts can influence revenues.

• Competition: Other staffing firms in India and globally.

• Leverage: Debt/Equity at 1.17 indicates some borrowing risk.

However, the overall growth story remains strong.

Why Invest in White Force IPO?

• High Growth Potential: Growing demand for HR outsourcing.

• Strong Financials: Consistent revenue and profit growth.

• Diversified Services: End-to-end HR solutions.

• Technological Edge: Tech-enabled recruitment and staffing.

• Strong Promoter Experience: Backed by seasoned professionals.

Conclusion

The White Force IPO offers an opportunity to invest in a high-growth HR outsourcing company with strong financials and a scalable business model.

With a price band of ₹72-₹76, a minimum lot of 1600 shares, and NSE SME listing, it is suitable for both retail and HNI investors looking to tap into India’s growing staffing and outsourcing sector.

As always, investors should assess their own risk appetite and consult financial advisors before subscribing.

Disclaimer:
This article is prepared purely for educational and informational purposes and does not constitute investment advice. Investors are encouraged to perform their own due diligence and consult a SEBI-registered financial advisor before making any investment decisions. Investing in securities is subject to market risks.

The Upcoming IPOs in this week and coming weeks are Chemkart India, Meta Infotech, Happy Square Outsourcing Services, Travel Food Services, Cryogenic, Crizac.

The Current active IPO are Silky Overseas, Vandan Foods, Pushpa Jewellers, Cedaar Textile, Marc Loire Fashions, Neetu Yoshi, Adcounty Media India, Moving Media Entertainment, Valencia India, PRO FX Tech, Ace Alpha Tech, Indogulf Cropsciences.

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