Headquartered in Jabalpur, Happy Square is a technology-driven consulting firm specializing in human resource outsourcing with a focus on delivering end-to-end staffing solutions. The company offers a broad spectrum of services, including recruitment, payroll management, onboarding, and flexible staffing, catering to the evolving HR needs of its clients. Led by promoters Shraddha Rajpal and Nalini Rajpal, who collectively bring over a decade of experience in the staffing industry, the company leverages its strong human resource database—a critical asset in the HR outsourcing sector. As of March 31, 2025, Happy Square had 5,802 personnel deployed across various client locations, underscoring its growing operational scale and ability to deliver customized staffing solutions across sectors.
Price Band₹72 - ₹76 |
Dates03 Jul - 07 Jul |
GMP₹5 (6.58%) |
Subscriptions3.73 times |
Issue Size₹24.25 Crs |
Happy Square Outsourcing Services IPO Objects
- Funding of working capital requirements of our Company
- General Corporate Purposes.
Happy Square Outsourcing Services IPO Details
Price Band₹72 - ₹76 |
Listing AtNSE SME |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹24.25 Cr (0.32 Cr Shares) |
Offer For Sale₹0.00 (0.00 Shares) |
Total Issue₹24.25 Cr (0.32 Cr Shares) |
Face Value₹10 per equity share |
Happy Square Outsourcing Services IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Individual Investor |
Minimum
2
3,200
2,43,200
Maximum
2
3,200
2,43,200
|
|||
| Small HNI |
Minimum
3
4,800
3,64,800
Maximum
8
12,800
9,72,800
|
|||
| Big HNI |
Minimum
9
14,400
10,94,400
|
|||
Happy Square Outsourcing Services IPO Subscription
Updated as on 07-Jul-2025 19:00:10 hrs
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| QIB | 7.16 | 5,79,200 | 41,47,200 |
| NII | 2.91 | 4,36,800 | 12,70,400 |
| bNII | - | 0 | 10,65,600 |
| sNII | - | 0 | 2,04,800 |
| Individual Investor | 2.13 | 10,17,600 | 21,63,200 |
| Total | 3.73 | 20,33,600 | 75,80,800 |
Happy Square Outsourcing Services IPO GMP
The estimated Grey Market Premium of Happy Square Outsourcing Services IPO is ₹5 per share (6.58%)
Disclaimer: The GMP prices displayed here reflect news related to grey market trends. We do not trade or deal in the grey market, including subject-to-rates, nor do we recommend participating in grey market trading.
Category Allocation
| Particulars | Allocation |
|---|---|
| QIB | Not more than 49.89 % of Net Offer |
| NII | Not less than 35.06 % of Net Offer |
| Retail | Not less than 15.05% of Net Offer |
| Market Maker | 288000 EQ Shares |
Happy Square Outsourcing Services IPO Financials
| Particulars | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| Revenue from Operations | 97.41 | 69.29 | 52.70 |
| Profit after Tax | 5.90 | 4.39 | 1.79 |
| Net Worth | 12.48 | 6.57 | 2.14 |
| Total Borrowing | 14.59 | 10.98 | 6.57 |
| Total Assets | 39.64 | 28.42 | 14.32 |
| NAV per share (in ₹) | 14.84 | 7.82 | 2.54 |
| EPS - Basic (in ₹) | 7.02 | 5.22 | 2.13 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | Values |
|---|---|
| EBITDA | 9.70% |
| PAT | 6.06% |
| ROE | 61.97% |
| ROCE | 57.75% |
| Net Debt to Equity | 1.48 |
| PE Ratio | 10.83 |
| PB Ratio | 5.12 |
| Mkt Cap (in Crs.) | 88.16 |
All the data pertains to FY 2024-25. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Happy Square Outsourcing Services IPO Peer Comparision
| Particulars | Happy Square Outsourcing Services Limited | Spectrum Talent Management Ltd |
|---|---|---|
| Revenue from Ops (in Crs.) | 97.41 | 1,253.36 |
| PAT (In Crs.) | 5.90 | 6.89 |
| EPS - Basic | 7.02 | 2.98 |
| NAV per share | 14.84 | 68.17 |
| RONW | 61.97% | 4.56% |
| EBITDA | 9.70% | 0.89% |
| PAT Margin | 6.06% | 0.55% |
| Price to earning (PE) | 10.83 | 40.44 |
| Net Debt to Equity | 1.48 | 0.16 |
All information pertains to FY 2024-25. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of May 29, 2025 for Peers
Happy Square Outsourcing Services IPO Peer Comparision
| Particulars | Happy Square Outsourcing Services Limited |
|---|---|
| Revenue from Ops (in Crs.) | 97.41 |
| PAT (In Crs.) | 5.90 |
| EPS - Basic | 7.02 |
| NAV per share | 14.84 |
| RONW | 61.97% |
| EBITDA | 9.70% |
| PAT Margin | 6.06% |
| Price to earning (PE) | 10.83 |
| Net Debt to Equity | 1.48 |
| Spectrum Talent Management Ltd |
|---|
| 1,253.36 |
| 6.89 |
| 2.98 |
| 68.17 |
| 4.56% |
| 0.89% |
| 0.55% |
| 40.44 |
| 0.16 |
All information pertains to FY 2024-25. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of May 29, 2025 for Peers
Promoter Details
| Name | Shareholding |
|---|---|
| Nalini Rajpal | 25.00% |
| Shraddha Rajpal | 50.00% |
| Others | 9.00% |
| Total | 84.00% |
Management Details
| Name | Designation |
|---|---|
| Poonam Rajpal | MD |
| Kanchan Patel | CFO |
Company Details
Name: Happy Square Outsourcing Services Ltd
Address: 240, Nagpur Road, Madan Mahal, Jabalpur - 482008, Madhya Pradesh, India
Number: 0761-4083591
Email: info@white-force.com
Website: www.white-force.com
Book Running Lead Managers (BRLMs)
Corpwis Advisors
Visit WebsiteRTAs
Purva Share Registry
Visit WebsiteFrequently Asked questions?
Find answers to common questions that come in your mind related to IPO.
Happy Square Outsourcing Services IPO is a SME IPO having an issue size of Rs. ₹24.25 Crs. Happy Square Outsourcing Services IPO is priced at ₹72 - ₹76 per share. The issue opens on 03 Jul 25 and closes on 07 Jul 25.
Happy Square Outsourcing Services IPO opens on 03 Jul 25 and closes on 07 Jul 25.
The estimated Grey Market Premium of Happy Square Outsourcing Services IPO is ₹5 per share (6.58%).
The minimum lot size of Happy Square Outsourcing Services IPO is 1600 shares & the minimum application amount is Rs. 121600.
The allotment date of Happy Square Outsourcing Services IPO is 09 Jul 25.
The listing date of Happy Square Outsourcing Services IPO is 10 Jul 25.
Happy Square Outsourcing Services IPO is subscribed 3.73 times.
Happy Square Outsourcing Services IPO is priced at ₹72 - ₹76 per share.
Click the allotment link on Happy Square Outsourcing Services IPO page of IPO360.
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Happy Square Outsourcing Services IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
We are a one-stop destination for all your IPO needs. Get reliable, accurate, and timely information for all the IPOs in India!