White Force IPO Sees Growing Momentum with Strong Retail Backing on Day 2
By Shishta Dutta | Updated at: Oct 13, 2025 12:14 PM IST
Mumbai, 4 July 2025: The SME initial public offering (IPO) of Happy Square Outsourcing Services Ltd, operating under the brand name WHITEFORCE, continued to witness rising investor interest on Day 2, especially with Qualified Institutional Buyers (QIBs) making their entry.
IPO Subscribed 59% by Day 2 Close as Investor Interest Builds
The issue was subscribed 0.59 times by the end of Friday’s trading session, indicating increasing traction among retail and high-net-worth individual (HNI) investors. The public issue was subscribed 0.72 times in the retail individual investor category, 0.14 times in the Qualified Institutional Buyers (QIB) segment, and 0.88 times in the Non-Institutional Investors (NII) category as of 5:09:59 PM on July 4, 2025 (Day 2).
Retail Investors Show Steady Interest with Over ₹5.5 Crore Bids on Day 2
The retail individual investor segment demonstrated consistent interest, subscribing to 0.72 times the allocated portion. A total of 7,32,800 shares were bid against 10,17,600 shares on offer, generating an application value of approximately ₹5.57 crore through 229 individual applications.
Institutional Response Remains Tepid with Minimal QIB Participation
The Qualified Institutional Buyers (QIBs) category saw limited engagement, recording a subscription of just 0.14 times. Only 80,000 shares were bid for out of the 5,79,200 shares available, with the total bid amounting to approximately ₹0.61 crore from a single institutional application.
High-Net-Worth Investors Drive Uptick with ₹2.91 Crore in Bids
In the Non-Institutional Investors (NII) segment, interest was relatively stronger, with a subscription level of 0.88 times. Bidders placed orders for 3,84,000 shares against the 4,36,800 shares offered, resulting in a bid value of ₹2.91 crore across 13 applications.
Full Subscription Achieved in Anchor and Market Maker Segments
The Anchor Investor portion achieved full subscription at 1.00 times, with 8,68,800 shares bid, representing a commitment of ₹6.60 crore. Similarly, the Market Maker category was completely subscribed, receiving bids for 2,88,000 shares, valued at ₹2.19 crore.
Overall IPO Sees Moderate Demand with ₹9.10 Crore in Cumulative Bids
Excluding anchor and market maker portions, the IPO was subscribed 0.59 times as of the end of Day 2. A total of 11,96,800 shares were bid against 20,33,600 shares on offer, with cumulative applications amounting to approximately ₹9.10 crore across 243 bids.
Subscription Summary as on Day 2 (4 July 2025 – 5:09 PM)
|
Investor Category |
Subscription (times) |
Shares Offered* |
Shares Bid For |
Total Amount (₹ Cr.)* |
Total Applications |
|
Anchor Investors |
1.00 |
8,68,800 |
8,68,800 |
6.603 |
– |
|
Market Maker |
1.00 |
2,88,000 |
2,88,000 |
2.189 |
– |
|
Qualified Institutional Buyers (QIBs) |
0.14 |
5,79,200 |
80,000 |
0.608 |
1 |
|
Non-Institutional Investors (NIIs)*** |
0.88 |
4,36,800 |
3,84,000 |
2.918 |
13 |
|
Retail Individual Investors (2 Lots per application) |
0.72 |
10,17,600 |
7,32,800 |
5.569 |
229 |
|
Total (Excluding Anchor & Market Maker) |
0.59 |
20,33,600 |
11,96,800 |
9.096 |
243 |
No bids have yet been received at the cut-off price, suggesting most investors are bidding at specific limits within the price band.
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Open Date | July 3, 2025 |
| IPO Close Date | July 7, 2025 |
| Price Band | ₹72 to ₹76 per share |
| Lot Size | 1,600 shares |
| Total Issue Size | 23,21,600 shares (₹24.65 crore) |
| Listing Platform | NSE Emerge (SME Segment) |
Step-by-Step Guide to Check IPO Allotment Status
Once the allotment is finalised, investors can verify their status either through the NSE platform or via the registrar, Link Intime India Pvt Ltd.
Using NSE Platform
Visit: https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Steps:
- Open the IPO bid verification page
- Enter your PAN or Application Number
- Select the IPO (WHITEFORCE).
- Submit to check your bid or allotment status
Note: Status will be available within 3–4 working days post IPO close.
Using Registrar’s Portal (Link Intime)
Visit: https://www.linkintime.co.in/MIPO/Ipoallotment.html
Steps:
- Select WHITEFORCE – Happy Square Outsourcing Services Ltd from the dropdown
- Enter your PAN, DP/Client ID, or Application Number
- Submit to view the allotment status
Note: The registrar will update the information only after the final allotment process is completed.
Momentum Likely to Build as Final Day Nears
With institutional bids now entering the fray and individual investors continuing to show solid interest, market observers expect momentum to build further before the IPO closes on Monday, 7 July 2025. The upcoming sessions will be critical in determining whether WHITEFORCE crosses full subscription and attracts oversubscription across investor categories.
Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.
If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.
Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations
