Happy Square Outsourcing IPO description – Headquartered in Jabalpur, Happy Square Outsourcing Services is a technology-driven human resource outsourcing firm specializing in end-to-end staffing solutions. Founded by industry veterans Shraddha Rajpal and Nalini Rajpal—who collectively bring over a decade of experience—the company has rapidly evolved into a trusted name in HR services both in India and the US.
As of 31 March 2025, Happy Square has deployed 5,802 personnel across client locations and maintains a dedicated internal workforce of 142 employees. The firm provides a comprehensive suite of services, including recruitment, onboarding, payroll, and flexible staffing, leveraging structured processes and a deep talent pool.
White Force serves a diverse range of sectors such as automobile, e-commerce, healthcare, IT, logistics, and public sector undertakings (PSUs), partnering with marquee clients like Cars24 Services and Octopolis Technologies. The company’s technology-led and scalable business model supports rapid expansion across industries and geographies. ISO 9001:2015 certified, the company emphasizes customer satisfaction through long-standing client relationships, timely delivery, and responsive support.
Promoters of Happy Square Outsourcing Services – Shraddha Rajpal and Nalini Rajpal
Table of Contents
Happy Square Outsourcing Services IPO Details
| White Force IPO Dates | 3 – 7 July 2025 |
| White Force IPO Price | INR 72 – 76 per share |
| Fresh Issue | 31,90,400 shares (INR 22.97 – 24.25 crore) |
| Offer For Sale | Nil |
| Total IPO Size | 31,90,400 shares (INR 22.97 – 24.25 crore) |
| Minimum Bid | 3,200 shares (INR 2,43,200) |
| Lot Size | 1,600 shares (INR 1,21,600) |
| Face Value | INR 10 per share |
| Retail Allocation | 35% |
| Listing On | NSE EMERGE |
Happy Square Outsourcing Financial Performance
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 52.70 | 69.29 | 97.41 |
| Expenses | 50.41 | 63.68 | 89.71 |
| Net income | 1.79 | 4.39 | 5.90 |
Happy Square Outsourcing Offer News
- Happy Square Outsourcing RHP
- Happy Square Outsourcing Draft Prospectus
- ASBA IPO Forms
- Live IPO Subscription Status
- Highest SME IPO Subscription in 2024
Happy Square Outsourcing Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 | |
| EPS | 2.13 | 5.22 | 7.02 |
| PE ratio | – | – | 10.26 – 10.83 |
| RONW (%) | 143.47 | 100.82 | 61.97 |
| NAV | 2.54 | 7.82 | 14.84 |
| ROCE (%) | 56.78 | 66.34 | 57.75 |
| EBITDA (%) | 5.40 | 9.59 | 9.70 |
| Debt/Equity | 3.07 | 1.67 | 1.17 |
Happy Square Outsourcing IPO GMP Today
| Date | Consolidated IPO GMP | Kostak | Subject to Sauda |
| 9 July 2025 | 6 | – | 6,100 |
| 8 July 2025 | 6 | – | 6,100 |
| 7 July 2025 | 7 | – | 7,500 |
| 5 July 2025 | 7 | – | 7,500 |
| 4 July 2025 | 7 | – | 7,500 |
| 3 July 2025 | 7 | – | 7,500 |
| 2 July 2025 | 7 | – | 7,500 |
Happy Square Outsourcing IPO Subscription – Live Updates
| Category | QIB | NII | Individual | Total |
|---|---|---|---|---|
| Shares Offered | 5,79,200 | 4,36,800 | 10,17,600 | 20,33,600 |
| 7 Jul 2025 | 7.16 | 2.90 | 2.12 | 3.72 |
| 4 Jul 2025 | 0.14 | 1.54 | 0.72 | 0.73 |
| 3 Jul 2025 | 0.00 | 0.92 | 0.36 | 0.37 |
The market maker reservation portion of 2,88,000 shares and the anchor investors portion of 8,68,800 shares are not included in the above calculations.
Happy Square Outsourcing IPO Allotment Status
Happy Square Outsourcing IPO allotment status is now available on Purva Sharegistry’s website. Click on this link to get allotment status.
White Force IPO Dates & Listing Performance
| IPO Opening Date | 3 July 2025 |
| IPO Closing Date | 7 July 2025 |
| Finalization of Basis of Allotment | 8 July 2025 |
| Initiation of refunds | 9 July 2025 |
| Transfer of shares to demat accounts | 9 July 2025 |
| IPO Listing Date | 10 July 2025 |
| Opening Price on NSE SME | INR 77 per share (up 1.32%) |
| Closing Price on NSE SME | INR 80.85 per share (up 6.38%) |
Happy Square Outsourcing Offer Lead Manager
CORPWIS ADVISORS PRIVATE LIMITED
G-07, Ground floor, The Summit Business Park (Omkar),
Andheri Kurla Road, Andheri East,
Mumbai – 400 093, Maharashtra, India
Phone: +91 22 – 4972 9990
Email: [email protected]
Website: www.corpwis.com
Happy Square Outsourcing Offer Registrar
PURVA SHAREGISTRY (INDIA) PRIVATE LIMITED
9, Shiv Shakti Industrial Estate, J.R. Boricha Marg, Lower
Parel (East) Mumbai-400011, Maharashtra, India
Phone: + 91- 022-4961 4132
Email: [email protected]
Website: www.purvashare.com
Happy Square Outsourcing Contact Details
HAPPY SQUARE OUTSOURCING SERVICES LIMITED
240, Nagpur Road, Madan Mahal,
Jabalpur – 482 008, Madhya Pradesh, India
Phone: +91 761 4083 591
E-mail: [email protected]
Website: www.white-force.com
IPO FAQs
What is the Happy Square Outsourcing offer size?
Happy Square Outsourcing offer size is INR 22.97 – 24.25 crores.
What is the Happy Square Outsourcing offer price band?
Happy Square Outsourcing public offer price is INR 72 – 76 per share.
What is the lot size of the Happy Square Outsourcing IPO?
Happy Square Outsourcing offer lot size is 1,600 shares.
What is Happy Square Outsourcing IPO GMP today?
Happy Square Outsourcing IPO GMP today is INR 6 per share.
What is the Happy Square Outsourcing kostak rate today?
Happy Square Outsourcing kostak rate today is INR NA per application.
What is Happy Square Outsourcing IPO Subject to Sauda rate today?
Happy Square Outsourcing Subject to Sauda rate today is INR 6,100 per application.