Happy Square Outsourcing Services Limited is a tech-driven HR outsourcing powerhouse based in Jabalpur, Madhya Pradesh. Originally launched as Splendid Academy Private Limited in 2017, the company has evolved into a full-fledged public entity, specializing in human resource services that span recruitment, payroll, onboarding, and flexible staffing.
🌐 One Foot in India, the Other in the USA
With a robust presence in both India and the United States, Happy Square harnesses a vast talent pool to offer tailored workforce solutions that meet region-specific demands. Its operational model blends technology with people, acting as a strategic partner in workforce management.
🧠 Expertise Meets Efficiency
Led by industry-savvy promoters Shraddha and Nalini Rajpal, who bring over a decade of staffing experience, the company combines deep HR insights with digital innovations. Their structured process ensures seamless candidate sourcing, onboarding, and client satisfaction.
👨💼 Massive On-Ground Presence
As of March 31, 2025, Happy Square had deployed 5,802 personnel at client locations, supported by 151+ internal employees who form the backbone of the company’s execution engine.
🔒 Certified & Credible
Backed by an ISO 9001:2015 certification, the company’s emphasis on quality and service delivery standards further solidifies its credibility in the HR outsourcing landscape.
Happy Square Outsourcing Services IPO – Details
| IPO Opening Date | 03 July 2025 |
| IPO Closing Date | 07 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 31,90,400 Shares Worth ₹24.25 Crore Fresh Issue: 31,90,400 Shares Worth ₹24.25 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹72 – ₹76 per share |
| Market Lot | 1600 Shares |
| Min Order | 1600 Shares ( 1 Lot ) |
| Listing At | NSE SME |
| Registrar | Purva Sharegistry India Pvt Ltd |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Happy Square Outsourcing Services IPO – Date Schedule
| IPO Open Date | 03 July 2025 |
| IPO Close Date | 07 July 2025 |
| Basis of Allotment | 08 July 2025 |
| Initiation of Refund | 09 July 2025 |
| Credit of Shares to Demat | 09 July 2025 |
| IPO Listing Date | 10 July 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 07, 2025 |
Happy Square Outsourcing Services IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1600 | ₹1,21,600 |
| Retail (Max) | 1 | 1600 | ₹1,21,600 |
| HNI (Min) | 2 | 3200 | ₹2,43,200 |
Competitive Strengths
- 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.
Company Promoters
- Shraddha Rajpal
- Nalini Rajpal
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹52.80 Cr | ₹50.41 Cr | ₹1.79 Cr | ₹6.57 Cr |
| 31 March 2024 | ₹69.54 Cr | ₹63.68 Cr | ₹4.39 Cr | ₹10.99 Cr |
| 31 March 2025 | ₹97.68 Cr | ₹89.71 Cr | ₹5.90 Cr | ₹14.59 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 61.97% |
| ROCE | 57.75% |
| Debt/Equity | 1.17 |
| RoNW | 61.97% |
| PAT Margin | 6.06% |
| EBITDA Margin | 9.70% |
| Price to Book Value | 5.12 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 7.02 | 5.09 |
| P/E (x) | 10.83 | 14.93 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding of working capital requirements of the Company. | ₹19.00 |
| General Corporate Purposes |
Happy Square Outsourcing Services IPO Peer Comparison
| S.No. | Face Value | Company Name | P/E |
|---|---|---|---|
| 1 | 10 | Quess Corp Limited | 26.12 |
| 2 | 10 | TeamLease Services Limited | 37.59 |
✅Strengths
- ISO-certified HR outsourcing company.
- Tech-enabled recruitment & payroll services.
- Presence in India & US.
- Experienced promoters.
- Growing revenue & workforce.
⚠️Risks
- Dependence on key clients.
- High cost of operations.
- Talent sourcing challenges.
- Attrition in deployed staff.
- Reputation tied to third-party performance.
Happy Square Outsourcing Services IPO Promoter Holding
| Pre Issue Share Holding | 84.00% |
| Post Issue Share Holding | 60.89% |
Happy Square Outsourcing Services IPO Prospectus
Company Contact Information
| Happy Square Outsourcing Services Limited 240, Nagpur Road Madan Mahal, Jabalpur, Madhya Pradesh, 482008 Phone: 0761-4083591 Email: info@white-force.com Website: https://www.white-force.com/ |
Happy Square Outsourcing Services IPO Registrar
| Purva Sharegistry India Pvt Ltd Phone: +91-022-23018261/ 23016761 Email: newissue@purvashare.com Website: https://www.purvashare.com/investor-service/ipo-query |
Happy Square Outsourcing Services IPO Lead Manager(s)
| 1. Corpwis Advisors Private Limited |
Happy Square Outsourcing Services IPO FAQ
| What is Happy Square Outsourcing Services IPO? Happy Square Outsourcing Services IPO is a SME IPO. The issue is priced at ₹72 to ₹76 per equity share. The IPO is to be listed on NSE SME. |
| When Happy Square Outsourcing Services IPO will open? The IPO is to open on 03 July 2025 for QIB, NII, and Retail Investors. |
| What is Happy Square Outsourcing Services IPOv Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Happy Square Outsourcing Services IPO? You can apply Happy Square Outsourcing Services IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Happy Square Outsourcing Services IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Happy Square Outsourcing Services IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Happy Square Outsourcing Services IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Happy Square Outsourcing Services IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Happy Square Outsourcing Services IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Happy Square Outsourcing Services IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Happy Square Outsourcing Services IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Happy Square Outsourcing Services IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is the Happy Square Outsourcing Services IPO Size? Happy Square Outsourcing Services IPO size is ₹24.25 Crore. |
| What is the Happy Square Outsourcing Services IPO Price Band? Happy Square Outsourcing Services IPO Price Band is ₹72 to ₹76. |
| What is Happy Square Outsourcing Services IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 1600 Shares with ₹1,21,600 amount while the maximum bid is 1600 Shares with ₹1,21,600. |
| What is the Happy Square Outsourcing Services IPO Allotment Date? Happy Square Outsourcing Services IPO allotment date is 08 July 2025. |
| What is the Happy Square Outsourcing Services IPO Listing Date? Happy Square Outsourcing Services IPO listing date is 10 July 2025. The IPO is to be listed on the NSE SME. |
