Listed

Happy Square Outsourcing Ser. Ltd IPO

Happy Square Outsourcing Services Ltd, operating as White Force, is launching its IPO on July 3 with a price band of ₹72–76 per share. The HR outsourcing firm based in Jabalpur aims to raise ₹24.25 crore to support working capital and corporate needs. The shares will be listed on NSE Emerge from July 10.

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Min Investment

₹1,21,600

Lot Size

1,600 Shares

Price Range

₹72-76

Issue Size (₹ Cr.)

₹24.25 Cr

IPO Type

NSE SME

Key Metrics

Face Value

₹ 10

GMP

₹ 5.0

Subscription

1.02x

EPS

₹ 5.09

P/E Ratio

14.93 x

RoNW

61.97%

ROE

61.97%

Debt to Equity (₹ Cr.)

0.00%

Timeline

IPO Opened03/07/2025Thursday

IPO Closed07/07/2025Monday

Allotted08/07/2025Tuesday

Refunded09/07/2025Wednesday

Listed10/07/2025Thursday

Strengths

Tech-Based HR Platform - The company leverages custom digital tools for hiring, onboarding, payroll, and compliance, making its services efficient and scalable.
Experienced Management - Founders bring years of industry knowledge, guiding the company through rapid expansion in HR outsourcing services.
Wide Industry Reach - Offers staffing solutions to multiple sectors including IT, logistics, manufacturing, and public sector units, reducing industry-specific risk.
Growing Revenue and Profit - The company has shown strong financial growth, with rising sales and healthy net margins in recent years.
Pan-India Operations - Active across multiple Indian states, the company can serve clients with large-scale staffing needs across regions.

Weaknesses

High Client Dependence - A large portion of revenue comes from a few key clients, making earnings sensitive to their contract renewals or exits.
Negative Cash Flow History - Operating cash flows have been negative in recent years, raising concerns about day-to-day liquidity.
Debt Exposure - The company carries a moderate level of debt, which could limit financial flexibility during downturns.
Limited Global Presence - Despite strong domestic operations, the company currently lacks exposure in international HR outsourcing markets.
Operational Complexity - Managing thousands of outsourced employees across India involves complex compliance and coordination, increasing execution risk.