Happy Square Outsourcing Services (White Force) came to market through an SME IPO that opened on 3 July 2025 and closed on 7 July 2025, and the shares listed on 10 July 2025 on NSE SME. The price band was ₹72 to ₹76 per share and one lot was 1600 shares, so the minimum application was ₹1,21,600. The issue size was ₹24.25 crore. The whole issue was fresh shares, so the money raised went to the company.
Purva Sharegistry India Pvt Ltd was the registrar to the issue, and Corpwis Advisors Private Limited was the lead manager.
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Founded in April 2017, Happy Square Outsourcing Services is an HR outsourcing firm with expertise in hiring, payroll, onboarding, and flexible staffing. It is engaged in a technology-driven human resource outsourcing business with end-to-end solutions. Its services are Recruitment, Payroll, Onboarding and flexible staffing.
It is an ISO 9001:2015 company.The firm leverages a massive talent pool to provide staffing solutions to businesses across India and the US, focusing on technology-driven solutions and a wide network to find skilled resources, serving as a third-party manager of the workforce through strong recruitment and HR capabilities.Happy Square has a presence in both Indian and US markets, fully comprehending the region-specific needs for staffing solutions.As of July 31, 2024, the firm has 4,225 staff deployed across different locations for its customers.
As of July 31 2024, the firm employed 151 department staff.
As described in the offer document.
| Metric | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
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Shraddha Rajpal, Nalini Rajpal.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Happy Square Outsourcing Services (White Force) IPO was a ₹24.25 crore book-built issue, made up entirely of a fresh issue. It was priced at ₹72–₹76 per share with a lot size of 1,600 shares; the minimum retail application was 3,200 shares (₹2,43,200). The IPO was open from July 3 to July 7, 2025. Shares listed on NSE SME on July 10, 2025 at ₹77, a 1.3% premium to the issue price of ₹76.
Purva Sharegistry India Pvt Ltd is the registrar. Corpwis Advisors Private Limited is the book running lead manager.
The price band of Happy Square Outsourcing Services (White Force) IPO is ₹72 to ₹76 per share.
The lot size of Happy Square Outsourcing Services (White Force) IPO is 1600 shares.
The minimum investment for Happy Square Outsourcing Services (White Force) IPO is approximately ₹1,21,600 based on the upper price band.
The allotment date of Happy Square Outsourcing Services (White Force) IPO is Jul 8, 2025.
You can check Happy Square Outsourcing Services (White Force) IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Happy Square Outsourcing Services (White Force) IPO allotment status on Rupix for quick and easy access.
₹72 to ₹76 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1600 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,21,600. After listing, SME shares also trade in lots rather than one share at a time.
₹1,21,600, for one lot of 1600 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 3 July 2025 and closed on 7 July 2025.
The basis of allotment was published on 8 July 2025 by Purva Sharegistry India Pvt Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 10 July 2025 on NSE SME.
The issue size was ₹24.25 crore. The fresh issue was 31,90,400 shares (aggregating up to ₹24.25 crore).