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Happy Square Outsourcing Services IPO

₹1,15,200/1600 shares

Minimum Investment

IPO Details

Open Date

03 Jul 25

Close Date

07 Jul 25

Minimum Investment

₹1,15,200

Lot Size

1600

Price Range

₹72 to ₹76

Listing Exchange

NSE

Issue Size

₹24.25 Cr

Listing Date

10 Jul 25

Open Free Demat Account

Happy Square Outsourcing Services IPO Timeline

Bidding Start

03 Jul 25

Bidding Ends

07 Jul 25

Allotment Finalisation

08 Jul 25

Refund Initiation

09 Jul 25

Demat Transfer

09 Jul 25

Listing

10 Jul 25

Happy Square Outsourcing Services Limited

Founded in April 2017, Happy Square Outsourcing Services is an ISO 9001:2015 certified company offering tech-driven HR outsourcing solutions, including recruitment, payroll, onboarding, and flexible staffing. Operating across India and the US, it leverages a vast talent pool and a strong network to deliver customised workforce solutions. Acting as a third-party provider, the company caters to diverse staffing needs with robust HR capabilities. As of July 31, 2024, Happy Square had 4,225 personnel deployed across client sites and 151 employees managing operations internally.

Happy Square Outsourcing Services Limited IPO Overview

White Force IPO is a book-built issue worth ₹24.25 crore, consisting entirely of a fresh issue of 31.90 lakh shares. The IPO opens for subscription on July 3, 2025, and closes on July 7, 2025. Allotment is expected to be finalised on July 8, 2025, with the listing scheduled on the NSE SME platform on July 10, 2025. The price band is set at ₹72 to ₹76 per share, with a minimum application lot of 1,600 shares. Retail investors are advised to bid at the cutoff price, requiring an investment of approximately ₹1,21,600, while the minimum investment for HNIs is ₹2,43,200 for two lots. Corpwis Advisors Private Limited is the book-running lead manager, Purva Sharegistry India Pvt Ltd is the registrar, and Giriraj Stock Broking Private Limited is the market maker for the issue.

Happy Square Outsourcing Services Limited IPO Details

Particulars	Details
IPO Date	3 July 2025 to 7 July 2025
Listing Date	10 July 2025
Face Value	₹10 per share
Issue Price Band	₹72 to ₹76 per share
Lot Size	1,600 Shares
Total Issue Size	31,90,400 shares (₹24.25 Cr)
Fresh Issue	31,90,400 shares (₹24.25 Cr)
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Share Holding Pre Issue	84,10,000 shares
Share Holding Post Issue	1,16,00,400 shares
Market Maker Portion	2,88,000 shares

Happy Square Outsourcing Services Limited IPO Reservation

Investor Category	Shares Offered
QIB	14,48,000 (45.39%)
NII (HNI)	4,36,800 (13.69%)
Retail	10,17,600 (31.90%)
Market Maker	2,88,000 (9.03%)

Happy Square Outsourcing Services Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	1,600	₹1,21,600
Retail (Max)	1	1,600	₹1,21,600
HNI (Min)	2	3,200	₹2,43,200

Happy Square Outsourcing Services Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	84.00%
Post-Issue	60.89%

Happy Square Outsourcing Services Limited IPO Valuation Overview

KPI	Value
EPS (Diluted)	₹7.02
P/E Ratio	14.93
Return on Net Worth	61.97%
Net Asset Value (NAV)	₹14.84
Return on Equity	61.97%
Return on Capital Employed (ROCE)	57.75%
EBITDA Margin	9.70%
PAT Margin	6.06%
Debt to Equity Ratio	1.17

Objectives of the Proceeds

Funding of working capital requirements – ₹19.00 Cr

General corporate purposes – Unspecified

Key Financials (in ₹ Crore)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	39.64	28.38	14.32
Revenue	97.68	69.54	52.80
Profit After Tax	5.90	4.39	1.79
Reserves & Surplus	12.47	6.52	2.13
Total Borrowings	14.59	10.98	6.57

SWOT Analysis of Happy Square Outsourcing Services IPO

Strength and Opportunities

Strong financials with rising revenue and profit over 3 years.
Operating in both Indian and US staffing markets.
Tech-driven HR outsourcing platform with scalable business model.
Large deployment of workforce across client locations.

Risks and Threats

High debt-to-equity ratio at 1.17.
Competitive industry with low entry barriers.
Limited brand recognition beyond B2B partnerships.
Dependent on a few sectors for major revenue streams.

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About Happy Square Outsourcing Services Limited

Happy Square Outsourcing Services IPO Strengths

High customer satisfaction and lasting relationships ensure repeat business and strong market credibility over time.

Experienced promoter and capable management contribute to strategic decisions, business growth, and operational excellence.

Scalable business model allows for efficient expansion, adaptability, and sustainable long-term profitability across markets.

Serving diverse industrial sectors ensures revenue stability, risk mitigation, and access to multiple growth opportunities.

Strong financial health and proven performance establish trust, attract investors, and support future business expansion.

Peer Group Comparison

Company Name	EPS (Diluted)	NAV (₹)	P/E (x)	RoNW (%)	P/BV Ratio
Happy Square Outsourcing Services	7.02	14.84	14.93	61.97	5.12
Peer Groups
Spectrum Talent Management Limited	2.80	68.17	40.44	4.56	1.76

How to apply IPO with HDFC SKY?

Follow these simple steps to apply for an IPO through HDFC SKY. Secure your investments and explore new opportunities with ease by accessing the IPOs available on the platform.

1Login to your HDFC SKY Account

2Select Issue

3Enter Number of Lots and your Price.

4Enter UPI ID

5Complete Transaction on Your UPI App