White Force (Happy Square Outsourcing Services) IPO Upcoming
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Schedule of White Force (Happy Square Outsourcing Services)
| Issue open date | 03 Jul 2025 |
| Issue close date | 07 Jul 2025 |
| UPI mandate deadline | 07 Jul 2025 (5 PM) |
| Allotment finalization | 08 Jul 2025 |
| Refund initiation | 09 Jul 2025 |
| Share credit | 09 Jul 2025 |
| Listing date | 10 Jul 2025 |
| Mandate end date | 22 Jul 2025 |
| Lock-in end date for anchor investors (50%) | 07 Aug 2025 |
| Lock-in end date for anchor investors (remaining) | 06 Oct 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About White Force (Happy Square Outsourcing Services)
Incorporated in 2017, Happy Square Outsourcing Services is a technology-based human resource consulting firm headquartered in Jabalpur, specializing in end-to-end HR outsourcing solutions. Happy Square offers comprehensive services including recruitment, payroll management, onboarding, and flexible staffing solutions. With 5,802 personnel deployed across various client locations as of March 2025, the company maintains a substantial talent pool and deep understanding of the hiring industry. The company’s structured processes encompass workforce planning, recruitment and selection, placement, onboarding, retention, and exit management.
As an ISO 9001:2015 certified organization, the company leverages its comprehensive network, professionalism, and strong work ethics to satisfy firms’ staffing and recruitment needs across India, positioning itself as a reliable partner in the domestic HR outsourcing market.
Financials of White Force (Happy Square Outsourcing Services)
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹24.25 crores |
| Fresh Issue | ₹24.25 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Working capital requirements | 19 (78.35%) |
| General corporate purposes | – |
Strengths
- Strong ties with marquee clients through timely, tailored staffing solutions.
- Experienced promoters with over a decade in staffing and workforce solutions.
- Scalable, tech-driven model enables expansion across clients, sectors, and markets with growing demand.
- Pan-India presence with clients across auto, e-com, F&B, infra, and PSUs.
- The company has a strong financial position and good track record of financial performance.
Risks
- Inability to fully verify staffed personnel may pose reputational and operational risks.
- Negative operating cash flows in recent years may affect liquidity and growth.
- High reliance on PSUs, logistics, and tech makes the company vulnerable to sector-specific downturns.
- Cyber risks or data misuse could lead to legal, financial, or reputational harm.
- Top 5 clients contribute 48.5% of revenue, loss of any may hit profits.
- Strict labour laws may raise costs and disrupt operations.
- Growing government contracts (43% in FY25) expose the company to policy, payment, and compliance risks.
- Group companies White Force and Happiest Resume operate in similar businesses, which may lead to conflicts of interest and competition.
Allotment Status for Happy Square Outsourcing Services
To check your allotment status – click here.