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White Force IPO
Happy Square Outsourcing Services Ltd (White Force)
₹1,15,200 /1600 sharesMinimum Investment
White Force IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹76.00 | ₹77.00 | ₹1.00 (1.32%) |
White Force IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 3 Jul ‘25 - 7 Jul ‘25 | ₹2,30,400 | 1,600 | ₹72 - ₹76 |
| Issue Size | IPO Doc |
|---|---|
| 24.25Cr | RHP PDF |
Subscription rate
As of 07 Jul'25, 04:00 PM
| Qualified Institutional Buyers | 0.14x |
| Non-Institutional Investor | 2.16x |
| Retail Individual Investor | 1.59x |
| Total | 1.14x |
About White Force
Founded in
2017
Managing director
Mrs Poonam Rajpal
Parent organisation
Happy Square Outsourcing Services Ltd (White Force)
Strengths & Financials of White Force
Strengths
Risks
Happy Square Outsourcing Services claims to have worked with several notable clients, such as Cars24 Services Private Limited and Octopolis Technologies Private Limited. The company further states that it maintains long-standing relationships with its clients, supported by regular senior management reviews and involvement across various departments to better understand evolving staffing needs.
The company claims to follow a technology-enabled approach to recruitment and manpower solutions, which allows for scalability based on client demand. The company further states that its operational model has supported expansion across sectors and geographies while maintaining cost efficiency and profitability.
The company claims to cater to clients across multiple sectors, such as automotive, e-commerce, logistics, healthcare, information technology (IT), and public sector undertakings (PSUs), among others.
As of FY25, the company reported a current ratio of 1.47 and return on equity of 61.97 percent.
The company is ISO 9001:2015 certified for its quality management systems.
The company has reported a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 52.70 crore in FY23 to Rs 69.29 crore in FY24 and Rs 97.41 crore in FY25. PAT increased from Rs 1.79 crore in FY23 to Rs 4.39 crore in FY24 and Rs 5.90 crore in FY25.
The company has reported negative cash flow from operating activities amounting to Rs 1.64 crore in FY25, Rs 1.88 crore in FY24, and Rs 1.42 crore in FY23. Additionally, negative cash flow from investing activities amounted to Rs 0.39 crore in FY25, Rs 1.87 crore in FY24, and Rs 1.16 crore in FY23. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
A significant portion of the company’s revenue is derived from the logistics industry and PSUs. The logistics sector accounted for Rs 19.71 crore (20.23 percent) of the company’s revenue in FY25, Rs 19.92 crore (28.75 percent) in FY24, and Rs 17.04 crore (32.35 percent) in FY23. PSUs accounted for Rs 42.19 crore (43.32 percent) of the company’s revenue in FY25, Rs 19.86 crore (28.67 percent) in FY24, and Rs 10.23 crore (19.41 percent) in FY23. Any downturn in these industries or an inability to increase or effectively manage sales could have an adverse impact on the company’s business and results of operations.
The top five customers accounted for Rs 47.24 crore (48.49 percent) of the company’s revenue in FY25, Rs 33.69 crore (48.62 percent) in FY24, and Rs 28.16 crore (53.44 percent) in FY23. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
A significant portion of the company’s revenue is derived from Madhya Pradesh. It accounted for Rs 27.06 crore (27.77 percent) of the company’s revenue in FY25, Rs 12.43 crore (17.94 percent) in FY24, and Rs 6.96 crore (13.22 percent) in FY23. Any adverse political, social, or economic developments in this region could hit the company’s operations and financial condition.
A significant portion of the company’s revenue is derived from its staffing services segment. It accounted for 97 percent of the company’s total revenue in FY25. Any adverse shift in public perception, regulatory scrutiny, or resistance from trade unions toward temporary staffing models could materially impact the company’s business operations and financial performance.
Happy Square Outsourcing Services funds its operations significantly through working capital borrowings, some of which are linked to variable interest rates. Any adverse movement in interest rates could increase borrowing costs and negatively affect the company’s results of operations and financial condition.
The company is involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of FY25, the company had trade receivables amounting to Rs 22.86 crore, a sharp increase from Rs 15.17 crore in FY24 and Rs 7.62 crore in FY23. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As of FY25, the company had outstanding financial indebtedness amounting to Rs 14.59 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
White Force Financials
*All values are in Rs. Cr
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Application Details of White Force IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹72 - 76 | ₹2 - 5 Lakh |
| High Networth Individual | ₹72 - 76 | ₹2 - 5 Lakh |
For White Force IPO, eligible investors can apply as Regular.