Mandeep Auto Industries Limited IPO...
16 Jul, 2025
Happy Square Outsourcing Services Limited IPO (White Force IPO)
Happy Square Outsourcing Services Limited is offering its SME IPO on the NSE EMERGE platform through the Book Building mechanism. The IPO includes a fresh issue of up to 32,00,000 equity shares with a price band determined between ₹72 to ₹76 per equity share. The subscription period of the IPO is from July 3, 2025 to July 7, 2025. The shares are to be allotted and credited to demat accounts on announced dates. Purva Sharegistry (India) Private Limited is the IPO registrar and Corpwis Advisors Private Limited is the book-running lead manager.
Company Background
Happy Square Outsourcing Services Limited is a Jabalpur-based company that deals in the outsourcing business, specializing in technology-led human resource outsourcing and consulting services. Shraddha Rajpal and Nalini Rajpal, the promoters, have more than 10 years of experience in the staffing industry combined. It has created a large database of human resources and has placed around 4,225 employees in different client sites as of July 31, 2024.
Operations & Product Range
Facility & Production
Happy Square offers end-to-end outsourcing services mainly in human resources, such as recruitment, payroll, onboarding, and flexible staffing. The company uses technology to a great extent in order to provide these services to its clients quite efficiently.
Brands & Market Presence
The company is based primarily in Jabalpur and has customers in different locations. It has established long-term relations with its clients which also bring back business. Although the industry is highly fragmented and competitive, Happy Square has positioned itself as a technology-driven Indian staffing and outsourcing market.
Revenue Channels
The main source of revenue in Happy Square is its outsourcing and staffing services. During the financial year 2023-24, the company had a total income of 69.54 crores, which was 31.71 percent higher than the previous year. The revenue generated by operations was 69.29 crores, which was an increase of 31.48 percent in comparison to the previous year. The company had a net profit of 4.393 crores and EBITDA of 6.645 crores. The yearly earnings per share (EPS) were 5.22. The high revenue growth is largely attributed to the acquisition of new customers and the increased services to the current customers.
Management & Shareholding
Promoters & Shareholding
Shraddha Rajpal and Nalini Rajpal are the promoters who have great experience in the staffing industry. They are holding a pre-issue shareholding of 84.00%, which will reduce to 60.89% post-issue.
Board Members
Happy Square Outsourcing Services Limited has six directors, including Shraddha Rajpal, Nalini Rajpal, Rani Mathya, Prasanna Kumar Pavithra, Talluri Jayanthi, and Gurpreet Kaur Dhanjal. The promoters of the company are also Shraddha Rajpal and Nalini Rajpal. The directors possess different tenures with the promoters serving approximately five years and others one year.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Happy Square Outsourcing Services Limited IPO (White Force IPO)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Happy Square Outsourcing Services Limited IPO (White Force IPO) Details
| Detail | Description |
|---|---|
| IPO Date | July 3, 2025 to July 7, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹72 to ₹76 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 31,90,400 shares (aggregating up to ₹24.25 Cr) |
| Reserved for Market Maker | 2,88,000 shares (aggregating up to ₹2.19 Cr) |
| Net Offered to Public | 29,02,400 shares (aggregating up to ₹22.06 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 84,10,000 shares |
| Share Holding Post Issue | 1,16,00,400 shares |
Happy Square Outsourcing Services Limited IPO (White Force IPO) Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Thu, Jul 3, 2025 |
| IPO Close Date | Mon, Jul 7, 2025 |
| Tentative Allotment | Tue, Jul 8, 2025 |
| Initiation of Refunds | Wed, Jul 9, 2025 |
| Credit of Shares to Demat | Wed, Jul 9, 2025 |
| Tentative Listing Date | Thu, Jul 10, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 7, 2025 |
Happy Square Outsourcing Services Limited IPO (White Force IPO) Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1600 | ₹1,21,600 |
| Retail (Max) | 1 | 1600 | ₹1,21,600 |
| HNI (Min) | 2 | 3,200 | ₹2,43,200 |
Happy Square Outsourcing Services Limited IPO (White Force IPO) Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 84.00% |
| Share Holding Post Issue | 60.89% |
Competitive Strength:
- ● More than ten years of experience in the business of human resource outsourcing.
- ● The wide application of technology in effective service delivery.
- ● Strong relations with clients guarantee repeat customers.
- ● Stable income and profitability.
- ● Employment of a high number of employees (4,225 staff by the middle of 2024).
Happy Square Outsourcing Services Limited IPO (White Force IPO) Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 39.64 | 97.68 | 5.9 | 12.48 | 14.59 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 28.38 | 69.54 | 4 | 7 | 10.98 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 14.32 | 52.8 | 1.79 | 2.14 | 6.57 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 61.97% |
| ROCE | 57.75% |
| Debt/Equity | 1.17 |
| RoNW | 61.97% |
| PAT Margin | 6.06% |
| EBITDA Margin | 9.70% |
| Price to Book Value | 5.12 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.02 | 5.09 |
| P/E (x) | 10.83 | 14.93 |
IPO Objectives
The IPO aims to raise fresh capital to:
- Expand business operations and infrastructure.
- Enhance technology capabilities.
- Meet working capital requirements.
- Support general corporate purposes.
Conclusion
The IPO of Happy Square Outsourcing Services Limited is a chance to invest in an expanding, technology-focused HR outsourcing firm with a proven history of revenue growth and profitability. With the growing demand for flexible staffing solutions in India, the company is in a good position to take advantage of the industry growth trends. The competitive and fragmented industry is something investors should take into consideration, but the strengths of the company and the possibilities of growth should be balanced.
RHP:
DRHP:
Read more :
Frequently asked Questions (FAQs )
-
1. How much is the IPO size of Happy Square Outsourcing Services Limited?
The IPO size is 32,00,000 equity shares at a price range of 72 to 76 per share.
-
2. What are the IPO opening and closing times?
The IPO will be open on July 3, 2025, and will be closed on July 7, 2025.
-
3. Where will the IPO be listed?
The stock will be traded at the NSE EMERGE.
-
4. Who is the IPO registrar?
The IPO is registered by Purva Sharegistry (India) Private Limited.
-
5. What are the primary sources of revenue of the company?
Outsourcing services (recruitment, payroll, onboarding, and flexible staffing) are the primary source of revenue.
