WHITEFORCE SME IPO Attracts Strong Demand, Oversubscribed 3.58 Times on Final Day
By Shishta Dutta | Updated at: Oct 8, 2025 12:36 PM IST
Mumbai, 7 July 2025: The ₹24.65 crore SME initial public offering (IPO) of Happy Square Outsourcing Services Ltd, operating under the brand WHITEFORCE, concluded today with an impressive subscription of 3.58 times. The issue witnessed heightened investor activity, particularly from Qualified Institutional Buyers (QIBs), whose last-day participation significantly boosted the overall figures.
QIBs Lead with 7.16x Subscription, IND and NII Segments Follow
As per data available at 5:55 PM on July 7, 2025, the IPO received bids for 72,84,800 shares against the total 20,33,600 shares offered to the public (excluding anchor and market maker portions), representing a subscription of 3.58 times. The QIB category led with a 7.16x subscription, followed by 2.24x in the Non-Institutional Investors (NII) segment, and 2.12x in the Individual Retail category.
Final Subscription Status (as of July 7, 2025, at 5.55 pm)
Investor-Wise Subscription Details
Anchor Investors
- Subscription: 1 time
- Shares Offered: 8,68,800
- Shares Bid For: 8,68,800
- Total Amount: ₹6.603 crore
- Total Applications: Not applicable
Market Maker
- Subscription: 1 time
- Shares Offered: 2,88,000
- Shares Bid For: 2,88,000
- Total Amount: ₹2.189 crore
- Total Applications: Not applicable
Qualified Institutional Buyers (QIBs)
- Subscription: 7.16 times
- Shares Offered: 5,79,200
- Shares Bid For: 41,47,200
- Total Amount: ₹31.519 crore
- Total Applications: 3
Non-Institutional Buyers (NIIs)
- Subscription: 2.24 times
- Shares Offered: 4,36,800
- Shares Bid For: 9,77,600
- Total Amount: ₹7.430 crore
- Total Applications: 65
Retail Individual Investors (IND Category, Bidding for 2 Lots)
- Subscription: 2.12 times
- Shares Offered: 10,17,600
- Shares Bid For: 21,60,000
- Total Amount: ₹16.416 crore
- Total Applications: 675
Total
- Overall Subscription: 3.58 times
- Total Shares Offered: 20,33,600
- Total Shares Bid For: 72,84,800
- Total Amount: ₹55.364 crore
- Total Applications: 743
Key IPO Details Recapped for Investor Clarity
Review the Offer Structure Before Allotment Status Goes Live
Issue Details Recap
- IPO Open Date: July 3, 2025
- IPO Close Date: July 7, 2025
- Price Band: ₹72 to ₹76
- Lot Size: 1,600 shares
- Total Issue Size: ₹24.25 crore (31,90,400 shares)
- Listing Platform: NSE Emerge
How and Where to Check WHITEFORCE IPO Allotment
With subscription levels rising steadily and concluding with significant institutional support, Happy Square Outsourcing now progresses toward the allotment phase and anticipated listing on the NSE Emerge platform.
NSE and Registrar Platform Provide Simple Verification Process
Investors who participated in the IPO can check the allotment status after finalisation through the official NSE portal.
Steps to Verify Allotment:
- Visit: https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
- Enter your PAN or application number
- Select the IPO name: WHITEFORCE – Happy Square Outsourcing Services Ltd
- Submit to view your bid and allotment status
Note: Since WHITEFORCE is listed on NSE Emerge, allotment status is only available on NSE and the registrar’s platform – Link Intime India Pvt Ltd.
Final Outlook: Institutional Trust and Retail Participation Set Stage for Listing
With a 7.16x oversubscription in the QIB category, WHITEFORCE’s IPO signals substantial institutional trust in its business potential. Combined with strong support from retail and non-institutional investors, the company has successfully concluded its public issue phase. It now proceeds towards the allotment and eventual listing on the NSE SME platform in the coming days.
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