White Force SME IPO Subscription Status
White Force SME IPO closed on 7 July 2025 with an overall subscription of 3.58x based on shares applied. QIB demand came in at 7.16x, NII at 2.24x, and retail at 2.11x.
Allotment will be finalised on 8 July 2025. The stock is scheduled to list on NSE and BSE on 10 July 2025.
Issue Price
Rs 76.00
GMP Today
Rs 5.00 (+6.58%)
Overall Subscription
3.58x
Issue Size
₹22.06 Cr
Allotment Date
8 Jul 2025
Listing Date
10 Jul 2025
White Force SME IPO Subscription by Amount
Category-wise subscription based on amount applied at issue price Rs 76.00
| Category | Amount Offered | Amount Applied | Subscription |
|---|---|---|---|
| QIB | Rs 4.40 Cr | Rs 31.52 Cr | 7.16x |
| NII | Rs 3.32 Cr | Rs 7.43 Cr | 2.24x |
| IND | Rs 7.73 Cr | Rs 16.29 Cr | 2.11x |
| Total | Rs 15.46 Cr | Rs 55.24 Cr | 3.57x |
White Force SME IPO Subscription by Shares
Category-wise subscription based on shares bid. Application-wise bid counts are not available for this IPO yet.
| Category | Shares Offered | Shares Bid | Subscription |
|---|---|---|---|
| QIB | 5,79,200 | 41,47,200 | 7.16x |
| NII | 4,36,800 | 9,77,600 | 2.24x |
| IND | 10,17,600 | 21,44,000 | 2.11x |
| Total | 20,33,600 | 72,68,800 | 3.57x |
What Do These Subscription Numbers Mean?
A subscription of 3.58x by shares means the IPO received bids for 4 times the shares reserved. Allotment odds depend on application count in each category, not share volume.
Here is what each category number tells you:
QIB at 7.16x by shares: This is the strongest signal on the page. QIBs are institutional investors, mutual funds, foreign institutions, and banks. When they subscribe at 7.16x, it reflects serious institutional conviction.
NII at 2.24x by shares: NII includes high net worth individuals applying above Rs 2 lakh. Proportional allotment uses application subscription.
Retail at 2.11x by shares: Allotment is by lottery, but application-wise data is needed for accurate 1-in-X odds. Share oversubscription often overstates how hard allotment is.
White Force SME IPO Allotment Chances
Allotment odds below use application subscription (number of bids received), not share or amount subscribed.
Retail (IND)
- •Share subscription: 2.11x (application-wise data pending).
- •Allotment odds will be updated once application subscription is synced.
Check the White Force SME IPO Allotment Status page from 8 July 2025 for your allotment result.
White Force SME IPO GMP After Subscription
GMP for White Force SME stands at Rs 5.00 today, giving an estimated listing price of Rs 81.00 per share.
A subscription of 3.58x combined with a GMP of 6.58% is a strong combination heading into listing. QIB demand above 50x in particular tends to support listing sentiment, as institutional investors are seen as informed buyers.
Track live GMP on the White Force SME IPO GMP Today page or the IPOwiz Live IPO GMP Tracker.
White Force SME IPO Day-wise Subscription
| Day | QIB | NII | Retail | Overall |
|---|---|---|---|---|
| Day 1 - 3 Jul 2025 | 0.00x | 0.94x | 0.37x | 0.39x |
| Day 2 - 4 Jul 2025 | 0.14x | 0.88x | 0.72x | 0.59x |
| Day 3 - 7 Jul 2025 | 7.16x | 2.24x | 2.11x | 3.57x |
White Force SME IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | 3 July 2025 |
| IPO Close Date | 7 July 2025 |
| Allotment Date | 8 July 2025 |
| Refund Initiation | 9 July 2025 |
| Share Credit to Demat | 9 July 2025 |
| Listing Date | 10 July 2025 |
| Minimum Investment | Rs 2,43,200.00 |
| Lot Size | 1600 shares |
About White Force SME
Happy Square Outsourcing Services Limited, operating under the brand 'White Force', is a technology-based human resource outsourcing (HRO) and consulting firm. The company offers a comprehensive range of HR services, including workforce planning, recruitment and selection, payroll management, onboarding, and flexible staffing solutions. Their offerings are categorized into General Staffing (Flexi staffing and High-end solutions), Industrial Staffing, Apprentice Staffing, Payroll Management, Compliance Management, and Recruitment Process Outsourcing (RPO) for permanent recruitment.
Understanding Subscription Categories
QIB - Qualified Institutional Buyers
Includes foreign institutional investors, domestic financial institutions, mutual funds, and other qualified institutions. QIB demand is considered the most reliable indicator of institutional confidence in an IPO.
NII - Non-Institutional Investors
High net worth individuals applying above Rs 2 lakh. Divided into bNII (above Rs 10 lakh) and sNII (Rs 2 lakh to Rs 10 lakh). NII allotment is proportional.
IND - Individual Investors
Investors applying up to Rs 2 lakh per PAN. Allotment is by lottery when oversubscribed. Minimum one lot per successful applicant.
White Force SME IPO Subscription FAQs
What is White Force SME IPO subscription status today?
White Force SME IPO subscription closed on 7 July 2025 with overall subscription of 3.58x (by shares) as of 27 June 2026, 2:47 AM IST. QIB 7.16x, NII 2.24x, IND 2.11x.
What is the overall subscription of White Force SME IPO?
White Force SME IPO is subscribed 3.58x overall by shares at close on 7 July 2025. QIB 7.16x, NII 2.24x, and IND 2.11x.
What is White Force SME IPO QIB subscription?
White Force SME IPO QIB (Qualified Institutional Buyers) subscription is 7.16x by shares. QIB includes mutual funds, FIIs, banks, and other institutions.
What is White Force SME IPO IND subscription?
White Force SME IPO IND subscription is 2.11x by shares. Minimum retail bid is up to Rs 2 lakh per PAN.
What is White Force SME IPO NII subscription?
White Force SME IPO NII (Non-Institutional Investors) subscription is 2.24x by shares. NII covers bids above Rs 2 lakh.
What are allotment chances in White Force SME IPO for retail?
White Force SME IPO retail share subscription is 2.11x. Application-wise data is needed for accurate lottery odds.
When is White Force SME IPO allotment date?
White Force SME IPO allotment date is 8 July 2025. Check White Force SME IPO Allotment Status on IPOwiz from that day using your PAN.
When does White Force SME IPO subscription close?
White Force SME IPO subscription closed on 7 July 2025. No new applications are accepted after the close.
What is White Force SME IPO GMP today?
White Force SME IPO GMP is ₹5 today (+6.58% over issue price ₹76). See live GMP on the White Force SME IPO GMP Today page.
What is White Force SME IPO issue price and lot size?
White Force SME IPO issue price is ₹76 per share. Lot size is 1600 shares. Minimum investment is ₹2,43,200 per lot (minimum 2 lots for SME). Issue size: ₹22.06 Cr.
When is White Force SME IPO listing date?
White Force SME IPO listing date is 10 July 2025 on NSE and BSE. Allotment is on 8 July 2025.
How does subscription affect White Force SME IPO allotment?
Allotment odds in White Force SME IPO depend on application subscription in each category, not share volume. Retail uses lottery when oversubscribed. NII uses proportional allotment by applications. At 3.58x overall, competition is moderate.
For allotment results from 8 July 2025, visit the White Force SME IPO Allotment Status page. For listing day updates on 10 July 2025, download the IPOwiz App.
Reviewed by Dinesh Agrawal
15+ years in Indian capital markets and IPO research. Subscription data verified before publish.