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Happy Square Outsourcing IPO open for subscription to raise ₹24.2 crore; check key details
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3 min read | Updated on July 03, 2025, 08:47 IST
SUMMARY
Happy Square Outsourcing IPO opens on Jul 3 to raise ₹24.2 crore via fresh issue. The company is a HR outsourcing and consulting firm. The IPO price band is set between ₹72 and ₹76 per share, with lot size of 1,600 shares.
Happy Square Outsourcing will use ₹19 crore to fund its working capital needs.
Happy Square Outsourcing IPO will open for subscription on July 3. The company is a HR outsourcing and consulting firm offering staffing, payroll, compliance, and recruitment solutions. The company aims to raise ₹24.2 crore through its initial public offering. The IPO will remain open till July 7.
Happy Square Outsourcing IPO details
Happy Square Outsourcing aims to raise ₹24.2 crore through its SME IPO. The issue is 100% book-built and made up entirely of a fresh issuance of over 29 lakh shares, with no offer-for-sale (OFS) component.
The company has fixed the price band of the issue at ₹72 to ₹76 per share. The lot size, or the minimum bid quantity to apply for the issue, is 1,600 shares. This equates to a minimum investment amount of over ₹2.43 lakh for retail investors (if bids are placed at the upper end of the price band for 2 lots) and ₹3.64 lakh for high networth investors (HNIs) as they need to bid for a minimum of 3 lots.
Happy Square Outsourcing has appointed Corpwis Advisors Private Limited as the book-running lead manager of the IPO, while Purva Sharegistry India Pvt Ltd is the registrar for the issue. The market maker for the Happy Square Outsourcing IPO is Giriraj Stock Broking Private Limited.
Happy Square Outsourcing IPO: Important dates
Happy Square Outsourcing IPO will remain open for bidding from 3 to 7 July. After the bidding is closed, the allotment of shares is expected to be finalised on July 8.
Successful bidders can expect the shares to be credited to their demat accounts by July 9, with others receiving refunds on the same day. Happy Square Outsourcing shares are scheduled to list on the NSE Emerge platform on July 10.
Happy Square Outsourcing IPO: Use of proceeds
| Particulars | Estimated amount |
|---|---|
| Working capital | The company will use ₹19 crore to fund its working capital needs. |
| General corporate purposes | Part of the IPO proceeds will be used for general corporate purposes and strategic initiatives. |
About the company
Happy Square Outsourcing Services is a Jabalpur-based HR outsourcing and consulting firm. Backed by proprietary tech platforms like White Force Plus (ATS) and White Force Payroll HRMS, the company had 5,802 deployed personnel, 142 core staff with a high productivity ratio of 40.86. Government/PSU clients contributed ₹41.7 crore (43%) of FY25 revenue, up from 19% in FY23. Key sectors include PSUs (43%), Logistics (20%), and IT (18%). It onboarded 215 new and 185 repeat clients and has marquee clients like Cars24 and Octopolis. Geographically, Madhya Pradesh (28%), Haryana (13%), and Karnataka (16%) were major revenue contributors.
Happy Square Outsourcing IPO: Financial snapshot
| (In crs) | FY 23 | FY 24 | FY 25 |
|---|---|---|---|
| Revenue | 52.70 | 69.29 | 97.41 |
| Total Assets | 14.32 | 28.42 | 39.64 |
| PAT | 1.79 | 4.39 | 5.90 |
| EBITDA | 2.85 | 6.64 | 9.45 |
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