White Force SME: Check IPO Date, Live Subscription and Key Details
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.
Price Range
₹72.00-76.00
Issue Size
₹22.06 Cr
Lot Size
1,600 shares
IPO Type
NSE SME
GMP
₹5(+6.58%)
Est. Listing Price
₹81
Estimate Profit
₹16,000
Retail Portion
-
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
5.09
P/E Ratio
14.93
RoNW
61.97%
ROE
61.97%
Debt to Equity
1.17
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Timeline
IPO Opens
3 Jul
IPO Closes
7 Jul
Allotment
8 Jul
Listing
10 Jul
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 3 July 2025 | Subscription starts |
| IPO Close Date | 7 July 2025 | Subscription ends |
| Allotment Date | 8 July 2025 | Allotment |
| Listing Date | 10 July 2025 | Listing |
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.
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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 |
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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
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