Happy Square Outsourcing Services Limited (White Force) IPO
Happy Square Outsourcing Services Limited (White Force) IPO
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Happy Square Outsourcing Services Limited (White Force)'s completed its IPO journey with a successful listing on NSE on 10-07-2025. The public offering mobilized 31,90,400 Shares in total capital, comprising 31,90,400 Shares in fresh equity.
The offering was conducted within the price band of ₹72 to ₹76, with minimum application lots of 1600 shares. Investor participation during the 03-07-2025 to 07-07-2025 subscription window determined the final allocation pattern.
The basis of allotment was announced on 08-07-2025, finalizing share distribution to successful applicants. The listing represents a significant corporate development, providing the company with enhanced visibility and access to public capital markets.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Happy Square IPO About Company
Incorporated in April 2017, Happy Square Outsourcing Services operates in the human resources outsourcing industry, offering end-to-end solutions with a strong focus on recruitment, payroll, onboarding, and flexible staffing. The company is ISO 9001:2015 certified and leverages technology-driven approaches to deliver efficient HR services. With operations in both India and the United States, Happy Square caters to region-specific staffing needs by utilizing a vast talent pool and an extensive sourcing network. It acts as a third-party provider for workforce management, supported by robust recruitment and HR capabilities. As of July 31, 2024, the company had deployed 4,225 personnel across various client locations and employed 151 staff members across departments.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Happy Square IPO Strength Factors
- Strong Client Relationships: Long-term ties with clients like Cars24 and Octopolis, backed by deep engagement and efficient service delivery.
- Experienced Leadership: Promoters Shraddha and Nalini Rajpal provide strategic direction with over 10 years of industry experience.
- Scalable, Tech-Driven Model: Tech-enabled operations support business growth, sector expansion, and sustained client engagement.
Happy Square IPO Risk Factors
- Limited Background Verification: High hiring volume and data gaps may lead to unchecked placements, risking reputation and trust.
- Inexperienced Leadership: Limited operational experience may affect strategic decisions, service consistency, and overall growth.
- Labour Law & Union Risks: Strict regulations and potential unionization could raise costs, reduce flexibility, and disrupt operations.
Happy Square IPO Lead Manager(s)
- Corpwis Advisors Private Limited
Happy Square IPO Promoter(s)
- Shraddha Rajpal
- Nalini Rajpal
Happy Square IPO FAQs
Happy Square Outsourcing Services Limited (White Force) IPO subscribed 3.27 times. The public issue subscribed 0 times in the retail category,7.16times in QIB, and 3.66 times in the HNI (10+) category byNovember 24, 2025 10:53:00 AM (Day 24).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Happy Square IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Happy Square IPO FAQs
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The basis of allotment for Happy Square Outsourcing Services Limited (White Force) IPO is available now.
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A category of eligible shareholders or other investors who have a reserved quota in the IPO.
If you have any concerns or queries about the allotment status, contact Kfin Technologies Limited either by phone or email. Investors can call on or send an email with all relevant details to .