White Force IPO
White Force IPO
Overview
White Force IPO is a bookbuilding of ₹24.25 crores. The issue is entirely a fresh issue of 31.90 lakh shares. White Force IPO opens for subscription on July 3, 2025 and closes on July 7, 2025. The allotment for the White Force IPO is expected to be finalized on Tuesday, July 8, 2025. White Force IPO will be list on NSE SME with a tentative listing date fixed as Thursday, July 10, 2025. White Force IPO price band is set at ₹72 to ₹76 per share. The minimum lot size for an application is 1600. The minimum amount of investment required by retail investors is ₹1,15,200. But it is suggested to the investor to bid at the cutoff price to avoid the oversubscription senerio, which is about to ₹1,21,600. The minimum lot size investment for HNI is 2 lots (3,200 shares) amounting to ₹2,43,200. Corpwis Advisors Private Limited is the book-running lead manager of the White Force IPO, while Purva Sharegistry India Pvt Ltd is the registrar for the issue.The market maker for White Force IPO is Giriraj Stock Broking Private Limited. Refer to White Force IPO RHP for detailed information.
Total Shares
31,90,402
Issue Size
₹24.25 Cr
Price Band
₹72 – ₹76
Lot Size
1600 shares
Min. Investment
₹2,43,200
Max. Investment
₹2,43,200
Open Date
03 Jul, 2025
Close Date
07 Jul, 2025
Allotment
08 Jul, 2025
Listing
10 Jul, 2025
Max. Investment
₹2,43,200
Announced
03 Jul, 2025
Opening Date
03 Jul, 2025
Closing Date
07 Jul, 2025
Basis of Allotment
08 Jul, 2025
Initiation of Refunds
09 Jul, 2025
Credit of Shares
09 Jul, 2025
Listing Date
10 Jul, 2025
Live GMP
Est. Listing: ₹81
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About White Force IPO
Incorporated in April 2017, Happy Square Outsourcing Services specializes in HR outsourcing, focusing on recruitment, payroll, onboarding, and flexible staffing.
The company is involved in a tech-based human resource outsourcing business focusing on end-to-end solutions.
The company's services include Recruitment, Payroll, Onboarding and flexible staffing.
The company is an ISO 9001:2015 certified company.
The company utilizes a large talent pool to meet staffing
White Force IPO Share Price
Issue Breakdown
Shareholding
Dilution: 37.9% increase in shares
White Force IPO Promoter Holding
White Force IPO Financial Health
Happy Square Outsourcing Services Limited's revenue increased by 40% and profit after tax (PAT) rose by 34% between the financial year ending with March 31, 2025 and March 31, 2024.
White Force IPO Lot Size
Investors can bid for a minimum of 1,600 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3200 | ₹2,43,200 |
| Individual investors (Retail) (Max) | 2 | 3200 | ₹2,43,200 |
| S-HNI (Min) | 3 | 4800 | ₹3,64,800 |
| S-HNI (Max) | 8 | 12800 | ₹9,72,800 |
| B-HNI (Min) | 9 | 14400 | ₹10,94,400 |
(All values in CR)
White Force IPO Valuations
The market capitalization of White Force IPO is ₹88.16 Cr. KPI as of Mon, Mar 31, 2025.
| Metric | Value |
|---|---|
| Debt/Equity | 1.17 |
| EBITDA Margin | 9.70 |
| PAT Margin | 6.06 |
| Price to Book Value | 5.12 |
| ROCE | 57.75 |
| ROE | 61.97 |
| RoNW | 61.97 |
(All values in CR)
White Force IPO Strength Risk
White Force IPO Strength:
- 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.
White Force IPO Risk:
Thin liquidity and high post-listing volatility typical of SME platform listings.
Limited operating history as a public company—lack of extensive financial track record.
Potential overvaluation driven by market hype rather than fundamentals.
Heavy dependence on the success of IPO—proceeds primarily aimed at working capital and expansion.
Sector exposure: HR outsourcing is vulnerable to economic downturns and labor market fluctuations.
Execution risk around deploying IPO funds toward technology integration and business growth.
High promoter shareholding could limit free float post-IPO, further affecting liquidity.
Lock-in restrictions for promoters may lead to sudden share unlock and selling pressure.
Governance and disclosure standards not yet tested in public markets; SME issuers have lighter compliance norms.
White Force IPO Subscription
Happy Square Outsourcing IPO Subscription Status Happy Square Outsourcing IPO subscribed 3.58 times. The public issue subscribed 2.12 times in the individual investors category, 7.16 times in QIB, and 2.24 times in the NII category by July 7, 2025 6:20:00 PM (Day 3).
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
|---|---|---|---|---|
| Anchor | 1.00 | 8,68,800 | 8,68,800 | 6.603 |
| Market Maker | 1.00 | 2,88,000 | 2,88,000 | 2.189 |
| Qualified Institutions | 7.16 | 5,79,200 | 41,47,200 | 31.519 |
| Non-Institutional Buyers | 2.24 | 4,36,800 | 9,77,600 | 7.43 |
| Individual Investors (IND category bidding for 2 Lots) | 2.12 | 10,17,600 | 21,60,000 | 16.416 |
| Total | 3.58 | 20,33,600 | 72,84,800 | 55.364 |
White Force SME IPO GMP
White Force SME IPO last GMP is ₹5, last updated Jul 7th 2025 05:57 PM. With the price band of 76.00, White Force SME IPO's estimated listing price is ₹81 (cap price + today's GMP).The expected percentage gain/loss per share is 6.58%. >> White Force SME IPO Retail Subject to Sauda: ₹6100 The lowest GMP is ₹0.00, while the highest GMP is ₹5.00.
Last updated 07 Jul, 2025 · Source: aggregated grey-market dealers
| Date | IPO Price | GMP | Sub2 Sauda | Est. Listing | Est. Profit | Updated |
|---|---|---|---|---|---|---|
| 07 Jul, 2025 | 76 | ₹5 | 6100 | ₹81 (6.58%) | 8000 | 07 Jul, 2025 |
| 06 Jul, 2025 | 76 | ₹5 | 6100 | ₹81 (6.58%) | 8000 | 06 Jul, 2025 |
| 05 Jul, 2025 | 76 | ₹5 | 6100 | ₹81 (6.58%) | 8000 | 05 Jul, 2025 |
| 04 Jul, 2025 | 76 | ₹5 | 6100 | ₹81 (6.58%) | 8000 | 04 Jul, 2025 |
| 03 Jul, 2025 | 76 | ₹5 | 6100 | ₹81 (6.58%) | 8000 | 03 Jul, 2025 |
| 02 Jul, 2025 | 76 | ₹5 | 6100 | ₹81 (6.58%) | 8000 | 02 Jul, 2025 |
| 01 Jul, 2025 | 76 | ₹5▲ | 6100 | ₹81 (6.58%) | 8000 | 01 Jul, 2025 |
| 30 Jun, 2025 | 76 | ₹0 | - | ₹76 (0.00%) | - | 30 Jun, 2025 |
Disclaimer: GMP is an unofficial signal from grey-market dealers and is not regulated by SEBI. Use it alongside subscription data and other research for informed decision-making.
How to Apply for White Force IPO
Login to Your Trading App
Open Zerodha, Upstox, Groww, Angel One, or any brokerage app.
Go to IPO Section
Find White Force IPO under the IPO section. Select it and enter your bid details — choose lot size and price (cut-off price recommended).
Enter UPI ID and Submit
Provide your UPI ID linked to your bank account and submit the application.
Approve Mandate on UPI App
Open your UPI app (Google Pay, PhonePe, Paytm, BHIM) and approve the IPO payment request.
Application Confirmed
Your funds will be blocked in your account until the IPO allotment process is completed.