IPO Details

Bidding Dates

03 Jul '25 - 07 Jul '25

Minimum Investment

₹1,15,200/ 1 Lot (1,600 Shares)

Price Range

₹72-₹76

Maximum Investment

₹2,43,200/ 2 Lot (3,200 Shares)

Retail Discount

To be announced

Issue Size

₹24.25 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |  

White Force IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Jul 03, 25

IPO Closing Date

Jul 07, 25

Basis of Allotment

Jul 08, 25

Initiation of Refunds

Jul 09, 25

IPO Listing Date

Jul 10, 25

White Force IPO Subscription Details

DateQIBNIIRetailTotal

Day 1Jul 2, 2025

 0.00 0.21 0.13 0.11

About White Force IPO

White Force IPO is a book-built issue worth ₹24.25 crore. The issue consists entirely of a fresh offer of 31.90 lakh equity shares, with no offer for sale component. The IPO opens for public subscription on 3 July 2025 and closes on 7 July 2025.

The allotment of shares is expected to be finalised on Tuesday, 8 July 2025. The equity shares are proposed to be listed on the NSE SME platform, with a tentative listing date set for Thursday, 10 July 2025. The price band for the White Force IPO is fixed between ₹72 and ₹76 per share.

Retail investors are required to apply for a minimum of 1,600 shares, amounting to ₹1,15,200. To increase allotment chances amid likely oversubscription, bidding at the cut-off price is advised, taking the investment to around ₹1,21,600.

For High Net-Worth Individuals (HNIs), the minimum investment is 3 lots, i.e., 4,800 shares, which totals ₹3,64,800. Corpwis Advisors Private Limited is acting as the book-running lead manager, while Purva Sharegistry India Private Limited is the registrar. The market making will be handled by Giriraj Stock Broking Private Limited.

Industry Outlook

  1. Between FY17 and FY23, India added 170 million jobs, marking a 36% rise in employment. With GDP growing over 6.5% annually, this shows a clear link between economic expansion and job creation. This growing demand for manpower will support Happy Square Outsourcing Services Limited in scaling its staffing services across sectors.
  2. EPFO net payroll additions more than doubled from 61.1 lakh in FY19 to 131.5 lakh in FY24, indicating increased formal employment. Additionally, ISF member companies contributed over ₹14,580 crore to EPF and ₹3,044 crore to ESI in the last year. This trend of formal contract staffing benefits companies like Happy Square by boosting demand for compliant outsourcing solutions.
  3. India’s gig workforce is expected to reach 2.35 crore by 2029-30. ISF members already manage over 1.66 million contract workers and have generated employment for over 9 million in the past decade. This growing sector opens up vast opportunities for Happy Square to expand its presence in the organised staffing and outsourcing market.

White Force IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. The company aims to use a portion of the proceeds to help meet the company’s working capital needs for smoother operations.
  2. A portion of the funds will be allocated for general corporate purposes to support business growth.

About Happy Square Outsourcing Services Limited

Happy Square Outsourcing Services Limited is a Jabalpur-based company engaged in technology-driven human resource outsourcing. Originally incorporated as Splendid Academy Private Limited on April 20, 2017, the company underwent multiple transformations before becoming a public limited entity under its current name on August 1, 2024.

The company specialises in end-to-end HR solutions, offering services such as recruitment, payroll, onboarding, and flexible staffing. With a strong focus on technology and structured processes, Happy Square supports businesses across India in meeting their workforce requirements.

As of March 31, 2025, it had 5,802 personnel deployed across various client locations, underlining its operational scale and reach. Founded and promoted by Shraddha Rajpal and Nalini Rajpal, the company benefits from their combined experience of over 10 years in the staffing industry.

Their leadership has been instrumental in shaping Happy Square’s values and strategic direction, aiming for long-term growth in the HR outsourcing segment. The company’s approach to staffing includes a structured process of workforce planning, recruitment and selection, placement, onboarding, retention, and exit management.

This helps align client requirements with appropriate talent solutions. Its extensive talent pool and strong domain understanding make it a reliable partner for businesses seeking efficient workforce management.

Happy Square is also ISO 9001:2015 certified, reflecting its commitment to quality standards. With a professional outlook, comprehensive service offerings, and growing presence, the company is steadily positioning itself as a key player in India’s organised HR services industry.

How To Check the Allotment Status of White Force IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for the White Force IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the White Force IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of White Force IPO

Registered office: 240, Nagpur Road, Madan Mahal, Jabalpur - 482008, Madhya Pradesh, India

Phone: 0761-4083591

E-mail: info@white-force.com 

White Force IPO Reservation

White Force IPO comprises a total of 31,90,400 equity shares. Out of these, 14,48,000 shares (45.39%) are allocated to QIBs, 5,79,200 shares (18.15%) to QIBs again, 4,36,800 shares (13.69%) to NIIs, and 10,17,600 shares (31.90%) to RIIs. Additionally, 8,68,800 shares (27.23%) are reserved for anchor investors.

Investor Category

Number of Shares

Allocation (%)

Market Maker

2,88,000

8.28

Qualified Institutional Buyers (QIBs)

14,48,000

41.63

└─ Anchor Investors

8,68,800

24.98

└─ QIBs (Excluding Anchor)

5,79,200

16.65

Non-Institutional Investors (NIIs)

4,36,800

12.56

Retail Individual Investors (RIIs)

10,17,600

29.25

Total

31,90,400

100.00

White Force IPO Lot Size

Investors can apply for a minimum of 1,600 shares and in multiples thereafter. The table below outlines the minimum and maximum investment limits for Retail and HNI investors, both in terms of shares and amount.

Application

Lots

Shares

Amount

Retail (Min)

1

1,600

₹1,15,200

Retail (Max)

2

3,200

₹2,43,200

HNI (Min)

3

4,800

₹3,64,800

White Force IPO Promoter Holding

The promoters of the company include Shraddha Rajpal and Nalini Rajpal.

Share Holding Pre-Issue

84.00%

Share Holding Post Issue&nbsp

60.89%

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

White Force IPO Anchor Investors Details

White Force IPO secured ₹6.60 crore through anchor investor participation. The anchor bidding date is July 2, 2025.

Bid Date

July 2, 2025

Shares Offered

8,68,800

Anchor Portion Size (In ₹ Cr.)

6.60

Anchor lock-in period end date for 50% shares (30 Days)

August 7, 2025

Anchor lock-in period end date for remaining shares (90 Days)

October 6, 2025

Key Performance Indicators for White Force IPO

KPI

Value

RoE (%)

61.97

RoCE (%)

57.75

RoNW (%)

61.97

PAT Margin (%)

6.06

Price to Book Value

5.12

White Force IPO Prospectus

White Force IPO Registrar and Lead Managers

White Force IPO Lead Managers

  • Corpwis Advisors Private Limited

Registrar for White Force IPO

Purva Sharegistry India Private Limited

White Force IPO Registrar

Financial Performance of Happy Square Outsourcing Services Limited

Particulars Year ending on March 31, 2025 Year ending on March 31, 2024 Year ending on March 31, 2023
Revenue from Operation (in ₹ lakh) 9741.46 6,928.87 5,269.92
Profit/ (loss) for the year (in ₹ lakh) 590.34 439.32 178.78
Earnings per Share (₹) 7.02 5.22 2.13
Net Worth (in ₹ lakh) 1247.81 657.47 214.00
Return on Capital Employed (RoCE) (%) 57.75 66.34 56.78
Return on Equity (ROE) (%) 61.97 100.82 143.47
EBITDA (in ₹ lakh) 944.67 664.47 284.51

Know before investing

Strengths

8

  1. Served marquee clients like Cars24, strengthening customer trust and retention.

  2. Promoters bring 10+ years of staffing industry experience and leadership.

  3. Tech-driven business models enable cost-effective and scalable operations.

  4. Services offered across automobile, retail, healthcare, IT, and logistics sectors.

  5. Cash and bank balance stood at ₹65.14 lakh in FY25.

  6. Long-term client ties help in deeper account penetration and growth.

  7. Recruitment Process Outsourcing services offer higher margins and tailored recruitment solutions.

  8. Expanding globally by offering Indian manpower to international operations.

Risks

8

  1. Incomplete background checks may hurt reputation and client trust significantly.

  2. Past negative cash flows may impact future business growth prospects.

  3. Management has under 5 years’ experience in core operations handling.

  4. Overdependence on specific industries may hurt revenue if demand drops.

  5. Frequent auditor changes raise questions about financial control and consistency.

  6. System breaches may risk client data and daily operational functions.

  7. Hard to recruit skilled staff could affect project delivery timelines.

  8. ₹26.22 lakh loans to related parties may risk working capital.

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White Force IPO Peer Comparison

Company Name EPS (Basic) EPS (Diluted) NAV (per share) (₹) RoNW (%)
Happy Square Outsourcing Services Limited 7.02 7.02 14.84 61.97
Spectrum Talent Management Limited 2.98 2.80 68.17 4.56

White Force IPO FAQs

What is the White Force IPO?

White Force IPO is a book-built issue IPO. It runs from July 3, 2025, to July 7, 2025.

When will the White Force IPO be allotted?

The Basis of Allotment will happen on Tuesday, July 8, 2025.

When will the White Force IPO open for subscription?

The IPO subscription window will open on July 3, 2025.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 1,600 shares.

When will the White Force IPO list on exchanges?

The listing date for White Force IPO is Thursday, July 10, 2025.

What is the issue size of the White Force IPO?

The issue size of the White Force IPO is up to ₹24.25 crore.

What are the open and close dates of the White Force IPO?

The open and close dates for White Force IPO are from July 3, 2025, to July 7, 2025.

What would be the listing gains on the White Force IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

When will I know if my White Force IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.

Who is the registrar of White Force IPO?

Purva Sharegistry India Private Limited is the registrar responsible for managing the IPO allotment process and handling investor queries.

Where is the White Force IPO getting listed?

White Force IPO is proposed to be listed on the SME platform of the National Stock Exchange (NSE).

How to increase your chances of getting a White Force IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for the White Force IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate. 

Can I submit more than one application for the public issue of White Force IPO using one PAN?

You can submit only one application using your PAN card. 

How to read Happy Square Outsourcing Services Limited's financial statements?

To read Happy Square Outsourcing Services Limited’s financial statements, download the IPO’s RHP document. 

What is 'pre-apply' for the White Force IPO?

Pre-apply allows investors to apply for the White Force IPO two days before the subscription period opens, ensuring an early submission of your application. 

If I pre-apply for the White Force IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.