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.