When every new IPO is being taken in the market, the IPO of Happy Square Outsourcing Services Limited has not attracted the investors so much. The second day subscription report of the IPO states that the investors’ stance towards White Force remained cold and its speed is slowing down.
While the total subscription was 39% on the first day of IPO, this figure could reach only 59% on the second day. This clearly indicates that either investors do not find its evaluation attractive, or there is a slight movement in GMP (gray market premium).
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IPO structures: What do the conditions of offering?
- IPO Open date: 3 July 2025
- Close date: 7 July 2025
- Total issue size: ₹ 24.25 Crore (Pure Fresh Issue)
- Share Quantity: 31.90 lakh equity shares
- Price Band: ₹ 72 – ₹ 76 per share
- Lot size: 1,600 shares
- Minimum investment of retail investor: ₹ 2,30,400 (3,200 shares)
- HNI Investment limit (threshold): ₹ 3,64,800 (3 lot / 4,800 shares)
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Subscription status (up to day 2)
- Overall subscription: 59%
- Retail category: 72%
- NII (HNI) Category: 88%
- QIB Category: Only 14%
These figures clearly show that qualified institutional buyers (QIB) have not yet shown special interest – which is usually considered to be the main indicator of the market for the IPO.
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GMP (Gray Market Premium): Why not grow?
White Force IPO The GMP is currently stable at ₹ 5, which shows only 6.5% premium as compared to the cap price ₹ 76 of the issue. The special thing is that even before the IPO opened, GMP was only ₹ 5, and now there has been no change in it on the second day.
The market is not very excited about this issue at the moment. Most unlisted market traders towards this IPO Flat listing Are expressing the possibility of
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Business model of the company: What is White Force?
Happy Square Outsourcing Services Ltd. A Tech-Drivan is a HR outsourcing company that serves in India and the US. Its business model is based on “End-to-And HR Solution”:
- Hiring and recruitment
- Parole management
- Onboarding
- Flexible Staffing
- Client-based custom hR solution
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Financial Reports: What do data say?
FY24 Vs fY25:
- Revenue Growth: 40% ↑
- Profit after tax (pat): 34% ↑
These figures show that both the top and bottom line of the company have improved, but investors Scalability And Pricing power There are still doubts about it.
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IPO Proceeds: Where will the money be spent?
- ₹ 19 crore: Working capital For
- Rest amount: Corporate needs For
Company someone OFS (Offer for Sale) Not bringing, which indicates that the holding of promoters will remain. This can be a positive sign for investors.
Listing date and allotment update
- IPO Close: 7 July 2025
- Share allotment: 8 July 2025
- Potential Listing Date: 10 July 2025 (NSE SME Platform)
