Happy Square Outsourcing Services Limited (White Force ) (NSE SME)
July 3, 2025 – July 7, 2025
| Price | ₹72 - ₹76 |
| Premium | ₹5 |
|---|---|
| Lot size | 1600 |
| Allotment | Jul 8, 2025 |
| Listing | Jul 10, 2025 |
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 3200 | 243200 | 318 |
| sHNI | 3 | 4800 | 364800 | 30 |
| bHNI | 9 | 14400 | 1094400 | 61 |
IPO Reservation
| Investor Category | Shares Offered | No. of Shares |
|---|---|---|
| INDIVIDUAL | 31.90% | 10,17,600 |
| BHNI | 9.12% | 2,91,200 |
| SHNI | 4.56% | 1,45,600 |
| ANCHOR | 27.23% | 8,68,800 |
| QIB | 18.15% | 5,79,200 |
| MARKET MAKER | 9.03% | 2,88,000 |
| Total | 100.00% | 31,90,400 |
IPO Details
| Total Issue Size | 31,90,400 shares (aggregating up to 24.25 Cr) |
| Fresh Issue | 31,90,400 shares (aggregating up to 24.25 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 84,10,000 shares |
| Share Holding Post Issue | 1,16,10,400 shares |
| Reserved for Market Maker | 2,88,000 shares (aggregating up to 2.19 Cr) |
| Market Maker | Giriraj Stock Broking Private Limited |
Key Performance Indicator (KPI)
| KPI | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE | 61.97% | 100.82% | 143.47% |
| ROCE | 57.75% | 66.34% | 56.78% |
| EPS (basic) | 7.02 | 5.22 | 2.13 |
| P/E Pre IPO | 10.83 | ||
| P/E Post IPO | 14.93 |
Company Financial In Crore
| Period Ended | Mar-25 | Mar-24 | Mar-23 | Mar-22 |
|---|---|---|---|---|
| Assets | 39.64 | 28.42 | 14.32 | 8.67 |
| Revenue | 97.68 | 69.54 | 52.8 | 28.25 |
| Profit After Tax | 5.9 | 4.39 | 1.79 | 0.25 |
| Net Worth | 12.47 | 6.57 | 2.14 | 0.35 |
| Reserves and Surplus | 4.07 | 6.56 | 2.13 | 0.34 |
| Total Borrowing | 14.59 | 10.98 | 6.57 | 3.85 |
About Company
Happy Square Outsourcing Services: A Leading Tech-Driven HR Outsourcing Company
Established in April 2017, Happy Square Outsourcing Services is a growing HR outsourcing provider offering technology-driven human resource solutions. The company specializes in recruitment, payroll management, onboarding, and flexible staffing services for businesses across India and the United States.
Comprehensive HR Solutions
Happy Square delivers end-to-end HR services that include recruitment, payroll processing, employee onboarding, and staffing. These services are designed to help companies streamline operations, reduce HR costs, and improve workforce productivity.
Certified for Quality: ISO 9001:2015
The company is ISO 9001:2015 certified, which reflects its commitment to delivering high-quality, consistent, and reliable HR services in accordance with global standards.
Digital-First, Scalable Operations
With a strong focus on technology, Happy Square uses modern digital tools and automated systems to enhance its recruitment and workforce management processes. This tech-enabled approach makes the company’s business model scalable, efficient, and future-ready.
Presence in India and the USA
Happy Square operates in both India and the United States, giving it a deep understanding of regional staffing requirements, employment laws, and workforce trends. This global reach helps it deliver localized HR solutions that meet client expectations in diverse markets.
Large Workforce and Dedicated Team
As of July 31, 2024, the company had 4,225 personnel deployed across client locations and employed 151 internal team members to handle operations and customer support. This strong team structure ensures timely delivery and seamless execution of HR services.
Key Strengths
Happy Square has built long-term relationships with clients like Cars24 Services and Octopolis Technologies. Its ability to understand client-specific staffing needs and provide timely service has resulted in strong customer satisfaction and high client retention.
The company is led by Shraddha Rajpal and Nalini Rajpal, who bring over 10 years of combined experience in HR and business strategy. Under their leadership, the company has expanded its presence, improved processes, and explored new staffing opportunities across sectors.
Its technology-first model and recruitment automation tools have made the business scalable and sustainable. By continuously onboarding new clients and increasing engagement with existing ones, Happy Square is on a consistent growth path.
Key Weaknesses and Risks
Due to high-volume hiring and at times limited access to reliable candidate data, the company may not always perform thorough background verification. This poses a reputational risk if any hired personnel are later found involved in fraud or misconduct.
Although experienced in HR, the company’s executive leadership has limited exposure to managing full-scale business operations. This may impact long-term strategic decisions and the ability to scale efficiently.
Additionally, strict labor laws in India and the possibility of employee unionization could result in operational challenges, wage pressures, or reduced flexibility—affecting profitability and business continuity.
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