rewrite this title and make it good for SEOHappy Square Outsourcing IPO opens today: Check details

The IPO of Happy Square Outsourcing Services, popularly known by its brand name White Force, will open for subscription today on the NSE SME platform. The IPO aims to raise Rs 24.25 crore via a complete fresh issue of 31.90 lakh equity shares and will close on Monday, July 7.

The company, which specializes in technology-driven HR outsourcing solutions—including recruitment, payroll, onboarding, and staffing—is offering its shares in a price band of Rs 72 to Rs 76.

The issue has already attracted anchor interest, raising Rs 6.6 crore from institutional investors on July 2. Giriraj Stock Broking is the market maker, and Corpwis Advisors is the lead manager. Purva Sharegistry India serves as the registrar.

Happy Square Outsourcing has posted healthy growth metrics—its revenue rose 40% YoY in FY25 to Rs 97.68 crore, while net profit climbed 34% to Rs 5.9 crore. The company operates across India and the US, with over 4,200 personnel deployed and a strong bench of 151 in-house staff.

Its asset-light, tech-led model offers scalability, while the impressive ROE of nearly 62% and strong margins give confidence in the business fundamentals. However, investors should note the relatively high P/E ratio post-issue (14.93x), which slightly tempers the valuation comfort.

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