HR Consulting Firm White Force Submits Issue Papers with NSE for SME IPO, Aims for Expansion

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Happy Square Outsourcing Services, operating as White Force, has moved closer to a public listing by filing its issue prospectus with the National Stock Exchange (NSE) for an SME IPO. The company is planning to issue up to 32,00,000 equity shares. Corpwis Advisors has been appointed as the book-running lead manager and Purva Sharegistry (India) as the registrar to the issue. The capital raised will support expansion efforts and strengthen its service portfolio in the human resource outsourcing sector.

White Force file DRHP

About White Force: A Key Player in HR Outsourcing

Based in Jabalpur, Madhya Pradesh, White Force is a technology-driven HR consulting firm. It specializes in recruitment, payroll management, onboarding, and flexible staffing solutions. As of 31 July 2024, the company had deployed 4,225 personnel across client locations, reinforcing its market position.

The company leverages AI and data analytics to optimize HR processes, enhancing efficiency and workforce management. Its technology-driven model enables it to cater to businesses in both domestic and international markets.

The company’s clientele includes well-known companies such as Tata, Bharti Airtel, Aegis Logistics, Cognizant and many more. White force is trusted by 1,000+ customers

HR Outsourcing Industry

The HR outsourcing industry is expanding as businesses seek cost-efficient workforce management solutions. AI-driven recruitment and cloud-based HR tools are reshaping hiring, payroll, and onboarding processes. India’s staffing market benefits from government employment initiatives and digital transformation trends. White Force is well-positioned to capitalize on this growth.

Leadership and Promoters

The company is promoted by Ms. Shraddha Rajpal and Ms. Nalini Rajpal, who each have over a decade of experience in staffing. Under their leadership, White Force has expanded through strategic partnerships, workforce training, and cloud-based HR management tools.

Financial Performance

White Force has demonstrated stable financial performance, as reflected in key metrics:

Particulars31 July 2024FY24FY23FY22
Revenue from Operations (INR Crore)32.9369.2952.7028.23
Profit After Tax (INR Crore)1.974.391.792.46

The company’s financial growth highlights its ability to scale operations while maintaining profitability.

IPO Proceeds

The IPO consists of a fresh issue of 32,00,000 equity shares. White Force plans to allocate proceeds as follows:

  • Working capital requirements – INR 19.00 crore
  • Expansion of service portfolio and technology integration
  • General corporate purposes
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Conclusion

Filing for an IPO is a critical step in White Force’s expansion journey. With a solid financial foundation, experienced leadership, and a tech-driven approach, the company is set to scale further. The listing will boost market visibility, attract investors, and provide financial flexibility for future initiatives.

For more details related to IPO GMPSEBI IPO Approval, and Live Subscription stay tuned to IPO Central.

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