White Force IPO GMP & Review: Apply or Avoid?

White Force IPO is open for bidding on 3rd July 2025. It is a book-building IPO of 31.90 lakh shares and an entirely fresh issue worth ₹24.25 crore. The issue will be listed on BSE and SME on its tentative listing date, 10th July 2025. 

White Force IPO Details 

The White Force IPO date is fixed between 3rd July 2025 and 7th July 2025. The face value of Happy Square Outsourcing Services Limited shares stands at ₹10 per share, and the IPO price band is fixed at ₹72 to ₹76 per share. 

Purva Sharegistry India Private Limited is the registrar of the White Force IPO and is responsible for managing the allotment process and initiating refunds. Check out the latest IPO details in the table below. 

White Force IPO Share Reservation

White Force IPO is a bookbuilding IPO issue of 31.90 lakh shares worth ₹24.25 crores. Happy Square Outsourcing Services Limited shares will be listed on the NSE and SME. Furthermore, SEBI has specified the share reservation criteria for different investor categories. 

White Force IPO GMP Grey Market Premium

GMP is the gap between the price band of the issue and the price at which company shares are currently trading in the grey market. Do you want to get live updates on the White Force IPO? If yes, then you’ve reached the right spot. Check the table below to learn about the GMP trends.

As of 2nd July 2025, White Force IPO GMP stands at ₹20 per share, which means the share will likely show a listing at ₹67 (47+20) on its tentative listing date, 10th July 2025.

GMP data is subject to change based on market trends and sentiments. You should check the live GMP status before applying for the White Force IPO. Stay informed with Univest to know about real-time insights on IPOs and their GMP trends. 

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White Force IPO Review

Check out the detailed White Force IPO review for a thorough understanding of its potential to report listing gains on 10th July 2025. The White Force IPO review below will help you invest effectively to avoid significant losses. Explore more to make informed investment decisions on this IPO. 

Financial Health

Assess a company’s financial performance to know about its ability to sustain a competitive edge. Thus, it is essential to understand the growth margins and declines of the business’s financials before applying for the White Force IPO.

Happy Square Outsourcing Services Limited’s revenue rose 40.46% from ₹69.54 crores in March 2024 to ₹97.68 crores in March 2025. Moreover, the company’s PAT increased by 34.39% from ₹4.39 crores to ₹5.90 crores. 

Happy Square Outsourcing Services Limited has shown consistent revenue growth, indicating that the company is financially stable. Moreover, the brokers, investors, and RAs have a positive outlook for the White Force IPO for its tentative listing day, which is 10th July 2025.  

Technical Analysis

A number of technical indicators are available to assess a company’s potential to deliver returns. Use the parameters mentioned below to analyse the technicals of the White Force IPO.

The PE ratio of Happy Square Outsourcing Services Limited shares is 10.83, and its Earnings Per Share (EPS) stands at 7.02. Thus, the White Force IPO can potentially deliver gains on its tentative listing date, 10th July 2025. 

Note: The data, as mentioned above, is taken from authentic sources and highlights pre-issue information. The PE ratio and EPS of Happy Square Outsourcing Services Limited are subject to change after the IPO. Explore the table below to get post-issue updates on these two metrics. 

Happy Square Outsourcing Services Limited Peer Comparison

White Force IPO Subscription Status

White Force IPO is to be opened for bidding on 3rd July 2025. The subscription status for this IPO is yet to be announced. Stay informed on this passage to check the live White Force IPO Subscription Status. 

About Happy Square Outsourcing Services Limited

Happy Square Outsourcing Services Limited was incorporated in 2017 and is involved in HR outsourcing, recruitment, onboarding, payroll, and flexible staffing. It is an ISO 9001:2015 certified company. The company utilises a large talent pool to meet staffing needs for businesses in India and the US, emphasizing technology-based solutions and a comprehensive network to source qualified candidates, acting as a third-party provider for workforce management through robust recruitment and HR capabilities. Here are the major competitive strengths of Happy Square Outsourcing Services Limited.

• Customer Satisfaction and long-standing relationships with its customers.
• Experienced Promoter and Management Expertise.
• Scalable Business Model
• Catering to diversified industrial verticals.
• Strong financial position and good track record of financial performance.

Happy Square Outsourcing Services Limited Financials

The company’s financial analysis is essential before applying for the White Force IPO. Look at the table to learn about Happy Square Outsourcing Services Limited’s financials. 

Explanation

Happy Square Outsourcing Services Limited’s revenue rose 40.46% from ₹69.54 crores in March 2024 to ₹97.68 crores in March 2025. Moreover, the company’s PAT increased by 34.39% from ₹4.39 crores to ₹5.90 crores. 

Also read: Indogulf Cropsciences IPO GMP & Review: Apply or Avoid?

White Force IPO Bidding Requirements

White Force IPO has reserved lot sizes to be applied by different investor categories. Look at the table below to know about the requirements to be fulfilled for applying for this IPO. 

Use the lot size calculator to find how many shares you should apply!

White Force IPO Promoter Holdings

Have a look at the table below to check the holdings of Happy Square Outsourcing Services Limited’s promoters: Shraddha Rajpal and Nalini Rajpal. 

Note: Promoter Holdings’ value is to be calculated using Equity dilution, which represents the gap between shareholdings before and after the Issue. 

Aim of White Force IPO

The primary aim of the White Force IPO is to raise ₹24.25 crores. On the other hand, Happy Square Outsourcing Services Limited has decided to utilise these funds in different prospects. Explore some of the secondary objectives for the White Force IPO.

• To meet general corporate purposes. 
• To meet working capital requirements. 
• To repay certain borrowings.

Should I Invest in White Force IPO?

“HSOSL is engaged in tech-based staffing and consultancy business. It posted growth in its top and bottom lines for the reported periods. The company is operating in a highly competitive and fragmented segment. Boosted bottom lines from FY24 onwards raise eyebrows and concern over its sustainability. Based on its recent financial data, the issue appears fully priced. Well-informed investors may park moderate funds for long term.”~Dilip Davda (Chief Editor at Chittorgarh)

Explore the pros and cons of White Force IPO to know whether you should apply or avoid the issue. These pros and cons might help you know about the IPO’s efficiency in delivering profits in the coming decades. 

Pros of White Force IPO

• Scalable Business Model
• Experienced Management and Promoters

Cons of White Force IPO

• Low Market Capitalisation

How to Apply for White Force IPO?

Check the steps mentioned below to apply for the White Force IPO. 

• Step 1: Conduct thorough research on White Force IPO GMP, subscription status, issue size, lot size, and other details. 
• Step 2: Open a demat account on Univest to learn about real-time insights on GMP and subscription status. You can also use your previous demat account by navigating to the IPO section. 
• Step 3: Make a bid for one lot of 3,200 shares worth ₹2,43,200 of White Force IPO.   
• Step 4: You will receive a mandate request after making a bid. Approve the request to proceed further.    

Note: You can apply for the White Force IPO from more than one demat account to increase your allotment chances. 

How to Check White Force IPO Allotment Status?

You can check for White Force IPO allotment in different ways. These include NSE and the registrar portal. Look at the steps mentioned below to check your allotment status online.

Check On NSE

• Visit the NSE Official Website.
• Navigate to the IPO Allotment Section. 
• Select Equity as the issue type. 
• Choose White Force IPO.  
• Choose whether to proceed with the PAN number or the application number.
• Submit your details to get the allotment status online. 

Check On the Registrar Portal

• Visit the registrar portal. 
• Click on the allotment option.
• Fill in the required details.
• Click on the submit button to know your White Force IPO allotment status.

Let’s Wrap

White Force IPO is a bookbuilding issue of 31.90 lakh shares worth ₹24.25 crores. The shares of Happy Square Outsourcing Services Limited will be listed on NSE and SME on its tentative listing date of 10th July 2025. Researching the White Force IPO GMP and reviews is highly suggested to book your ideal profitability. Brokers and investors have highlighted their pros and cons, so one must analyse them and decide accordingly.

Open a demat account on Univest now to initiate your investment journey!

FAQs on White Force IPO

How is the White Force IPO?

Ans. Currently, on 3rd July 2025, White Force IPO GMP (Grey Market Premium) stands at ₹6 (7.89% up). It indicates that the estimated listing price could be ₹82 per share. It is a book-building IPO of 31.90 lakh shares and an entirely fresh issue worth ₹24.25 crore. The face value of each share of Happy Square Outsourcing Services Limited is ₹2. 

What is the White Force IPO price?

Ans. White Force IPO price band has been set between ₹72 and ₹76 per share. Retail investors can apply for a minimum of 2 lots consisting of 3,200 shares worth ₹2,43,200. Moreover, HNIs are required to bid for a minimum of 3 lots (4,800 shares) worth ₹3,64,800. 

Is the White Force IPO good?

Ans. Happy Square Outsourcing Services Limited’s revenue rose 40.46% from ₹69.54 crores in March 2024 to ₹97.68 crores in March 2025. Moreover, the company’s PAT increased by 34.39% from ₹4.39 crores to ₹5.90 crores. Investors can analyse other relevant factors and make a decision accordingly.

Who is the registrar of the White Force IPO?

Ans. Purva Sharegistry India Private Limited is the registrar of the White Force IPO, awaiting to manage the IPO allotment procedure and refund initiation. For any queries regarding the White Force IPO allotment and refund, you can contact Purva Sharegistry India Private Limited at busicomp@vsnl.com or +91-022-23018261/23011676.

What is the issue size of the White Force IPO? 

Ans. White Force IPO is a bookbuilding IPO for 31.90 lakh shares worth ₹24.25 crore. Moreover, the IPO is set to open on 3rd July 2025 and will close on 7th July 2025. 

Disclaimer: The above information is compiled from authentic sources and is just for informational purposes. To have detailed information about the White Force IPO, download the White Force IPO RHP and White Force IPO DRHP. Conduct your own research before investing in IPOs to avoid significant losses. You can also consult your financial advisor.

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