White Force SME IPO
ListedNSE SMEOpens 3 July 2025Closes 7 July 2025
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,…
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.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
3 Jul 2025
IPO Closes
7 Jul 2025
Allotment
8 Jul 2025
Listing
10 Jul 2025
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 3 July 2025 |
| IPO Close Date | 7 July 2025 |
| Allotment Date | 8 July 2025 |
| Listing Date | 10 July 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,43,200 |
SHNI (Min) | 3 | ₹3,64,800 |
SHNI (Max) | 8 | ₹9,72,800 |
BHNIAbove ₹10,00,000 | 9 | ₹10,94,400 |
IPO Objectives
- Funding of working capital requirements of the Company.
- General corporate purposes.
Strengths
- Long-standing relationships with customers: The company has built strong ties with marquee clients like Cars24 Services and Octopolis Technologies, ensuring repeat business and customer satisfaction.
- Experienced promoter and management: Led by promoters with over a decade of combined experience in the staffing industry, driving strategic direction and operational efficiency.
- Scalable business model: Utilizes a technology-driven approach and efficient recruitment operations, allowing for expansion across clients, sectors, and geographies while maintaining cost efficiency.
- Diversified customer base across industries: Caters to various sectors including Automobile & Aviation, E-Commerce & Retail, F&B, Healthcare & Personal Care, Infrastructure, Logistics, Manufacturing & Engineering, Technology, and PSUs.
- Strong financial position and good track record of financial performance: Demonstrated consistent revenue growth (40% in FY25) and profit after tax (34% in FY25), along with high return ratios (RoNW of 61.97% and ROCE of 57.75% in FY25).
Weaknesses
- High debt-to-equity ratio: A debt-to-equity ratio of 1.17 (as of FY25) indicates significant reliance on borrowings, which may lead to higher interest costs and impact financial flexibility.
- Past negative cash flows from operating activities: The company has experienced negative operating cash flows in recent fiscal years (e.g., -₹1.64 crore in FY25), raising concerns about liquidity and its ability to generate sufficient cash from core operations.
- Dependency on a third-party workforce: While it manages a large deployed workforce, reliance on temporary or flexi-staff can affect quality control and compliance, and potential challenges in recruiting skilled staff could impact project delivery timelines.
- EBITDA margin: An EBITDA margin of 9.70% (FY25) suggests moderate operational profitability, which might be lower compared to some capital-intensive industries but is typical for service-based businesses.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 39.64 | 28.38 | 14.32 |
| Revenue (₹ Cr.) | 97.68 | 69.54 | 52.8 |
| PAT (₹ Cr.) | 5.9 | 4.39 | 1.79 |
| Net Worth (₹ Cr.) | 12.48 | 6.57 | 2.14 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0.14x | 7.16x |
| NII | 0.94x | 0.88x | 2.24x |
| RII | 0.37x | 0.72x | 2.11x |
| Total | 0.39x | 0.59x | 3.57x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 5,79,200 | 41,47,200 | 31.52 |
| NII | 4,36,800 | 9,77,600 | 7.43 |
| RII | 10,17,600 | 21,44,000 | 16.29 |
| Total | 20,33,600 | 72,68,800 | 55.24 |
Company Details
- Happy Square Outsourcing Services Ltd.
- 240, Nagpur Road, Madan Mahal, Jabalpur, Madhya Pradesh-482008, India
- 0761-4083591
- info@white-force.com
- https://www.white-force.com/
Registrar Details
- Purva Sharegistry India Pvt Ltd
- +91-022-23018261/ 23016761
- newissue@purvashare.com
- https://www.purvashare.com/investor-service/ipo-query
Frequently Asked Questions
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Sources
We match White Force SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Purva Sharegistry India Pvt LtdOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.