White Force IPO Details
| IPO Open Date: | July 3, 2025 |
| IPO Close Date: | July 7, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹72 to ₹76 Per Share |
| Issue Size: | Approx ₹24.25 Crores |
| Fresh Issue: | Approx ₹24.25 Crores |
| Issue Type: | Book Build Issue |
| IPO Listing: | NSE SME |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
White Force IPO Market Lot
The White Force IPO minimum market lot is 1600 shares with ₹1,21,600 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 1600 | ₹1,21,600 |
| Retail Maximum | 1 | 1600 | ₹1,21,600 |
| S-HNI Minimum | 2 | 3,200 | ₹2,43,200 |
White Force IPO Dates
The White Force IPO date is July 3 and the close date is July 7. The White Force IPO allotment will be finalized on July 8 and the IPO listing on July 10.
| IPO Open Date: | July 3, 2025 |
| IPO Close Date: | July 7, 2025 |
| Basis of Allotment: | July 8, 2025 |
| Refunds: | July 9, 2025 |
| Credit to Demat Account: | July 9, 2025 |
| IPO Listing Date: | July 10, 2025 |
Promoters of White Force IPO
The promoters of the company are Shraddha Rajpal and Nalini Rajpal.
About White Force IPO
Happy Square Outsourcing Services, founded in April 2017, is one of the growing companies involved in HR outsourcing, focusing on recruitment, payroll, onboarding, and flexible staffing. Based in Jabalpur, Happy Square is a technology-driven company that focuses on tech-based human resource outsourcing, offering complete end-to-end solutions. Having over 10 years of experience in the staffing industry, Shraddha Rajpal and Nalini Rajpal have an aim to create an integrated staffing company and play a key role in the growth and shaping the values of their company. Happy Square offers its products to the Indian and US markets, both helping the various needs of each region for staffing solutions. The company has 4225 personnel deployed at various locations for its clients as of July 31, 2024. Moreover, the company includes 151 department employees as of July 31, 2024.
White Force IPO Company Financial Report
The company reported revenue of ₹97.68 crores in 2025 against ₹69.54 crore in 2024. The company reported profit of ₹5.90 crores in 2025 against profit of ₹4.39 crores in 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
| 2023 | ₹52.80 | ₹50.41 | ₹1.79 | ₹14.32 |
| 2024 | ₹69.54 | ₹63.68 | ₹4.39 | ₹28.38 |
| 2025 | ₹97.68 | ₹89.71 | ₹5.90 | ₹39.64 |
White Force IPO Valuation – FY2025
Check White Force IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 61.97% |
| ROCE: | 57.75% |
| EBITDA Margin: | 9.70% |
| PAT Margin: | 6.06% |
| Debt to equity ratio: | 1.48 |
| Earning Per Share (EPS): | ₹7.02 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 61.97% |
| Net Asset Value (NAV): | ₹14.84 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Spectrum Talent Management Ltd | 2.98 | 40.44 | 4.56% | 68.17 | 1,253.36 Cr. |
Objects of the Issue
- Funding of working capital requirements of the Company
- General corporate purposes
White Force IPO Review
- IPO Watch – May Apply
- Canara Bank –
- DRChoksey FinServ –
- Emkay Global –
- Hem Securities –
- IDBI Capital –
- Marwadi Shares –
- Nirmal Bang –
- SBICAP Securities –
- Sharekhan –
- SMC Global –
- Sushil Finance –
- Swastika Investmart –
- Ventura Securities –
- Geojit –
- Reliance Securities –
- Capital Market –
- BP Wealth –
- ICICIdirect –
- Choice Broking –
White Force IPO Registrar
Purva
Sharegistry
India
Pvt
Ltd
Phone:
+91-022-23018261/
23016761
Email:
[email protected]
Website:
https://www.purvashare.com/investor-service/ipo-query
IPO Lead Managers aka Merchant Bankers
- Corpwis Advisors Private Limited
Company Address
Happy
Square
Outsourcing
Services Limited
240,
Nagpur
Road
Madan
Mahal,
Jabalpur, Madhya
Pradesh,
482008
Phone: 0761-4083591
Email: [email protected]
Website: https://www.white-force.com/
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Note: The White Force IPO price band and date are officially announced. The (White Force IPO grey market premium) will be added to the IPO GMP page as it will start).
