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
- 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.
- 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.
- 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:
- The company aims to use a portion of the proceeds to help meet the company’s working capital needs for smoother operations.
- 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:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the White Force IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the White Force IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- 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  |
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
- Contact Number: +91-022-23018261/ 23016761
- Email Address: newissue@purvashare.com
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 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 9741.46 | 6,928.87 |
| Profit/ (loss) for the year (in ₹ lakh) | 590.34 | 439.32 |
| Earnings per Share (₹) | 7.02 | 5.22 |
| Net Worth (in ₹ lakh) | 1247.81 | 657.47 |
| Return on Capital Employed (RoCE) (%) | 57.75 | 66.34 |
| Return on Equity (ROE) (%) | 61.97 | 100.82 |
| EBITDA (in ₹ lakh) | 944.67 | 664.47 |
Know before investing
Strengths
8Served marquee clients like Cars24, strengthening customer trust and retention.
Promoters bring 10+ years of staffing industry experience and leadership.
Tech-driven business models enable cost-effective and scalable operations.
Services offered across automobile, retail, healthcare, IT, and logistics sectors.
Cash and bank balance stood at ₹65.14 lakh in FY25.
Long-term client ties help in deeper account penetration and growth.
Recruitment Process Outsourcing services offer higher margins and tailored recruitment solutions.
Expanding globally by offering Indian manpower to international operations.
Risks
8Incomplete background checks may hurt reputation and client trust significantly.
Past negative cash flows may impact future business growth prospects.
Management has under 5 years’ experience in core operations handling.
Overdependence on specific industries may hurt revenue if demand drops.
Frequent auditor changes raise questions about financial control and consistency.
System breaches may risk client data and daily operational functions.
Hard to recruit skilled staff could affect project delivery timelines.
₹26.22 lakh loans to related parties may risk working capital.
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 |
