White Force IPO Details: The White Force IPO is scheduled to open on July 3, 2025, and will close on July 7, 2025. This is a book-built issue, aiming to raise approximately ₹24.25 crores through a fresh issue of shares worth the same amount. Additionally, there is a provision for an Offer for Sale (OFS) of equity shares with a face value of ₹10 each (details to be updated).
The price band for the IPO is set between ₹72 to ₹76 per share. The quota distribution includes 50% for Qualified Institutional Buyers (QIBs), 15% for High Net-worth Individuals (HNIs), and 35% for Retail Investors.
The IPO allotment date is expected on July 8, 2025, and the listing is scheduled on the NSE on July 10, 2025.
Financial Performance
White Force has demonstrated steady financial growth. In FY 2025, the company reported a revenue of ₹97.68 crores, up from ₹69.54 crores in FY 2024. Net profit also rose to ₹5.90 crores in FY 2025, compared to ₹4.39 crores in the previous year.
Given the company’s strong financial performance and consistent growth trajectory, the IPO appears to be a promising long-term investment opportunity.
White Force IPO Objectives:
- Funding of working capital requirements of the Company
- General corporate purposes
White Force IPO Review (Apply or Not)
- Update soon
White Force IPO Date & Price Band 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 Lot Size:
The minimum lot size for the White Force IPO is 1,600 shares, requiring a minimum investment of ₹1,21,600 by retail investors.
| 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 Allotment & Listing Date (Details)
The White Force IPO will open on July 3, 2025, and close on July 7, 2025. The allotment of shares is expected to be finalized on July 8, 2025, with the company scheduled to list on the NSE on July 10, 2025.
| 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 |
White Force IPO GMP Today:
White Force SME IPO last GMP is ₹5. With the price band of 76.00, White Force SME IPO’s estimated listing price is ₹81 (cap price + today’s GMP).The expected percentage gain/loss per share is 6.58%.
Promoters of White Force IPO
The promoters of the company are Shraddha Rajpal and Nalini Rajpal.
About White Force IPO
Happy Square Outsourcing Services Limited, incorporated in April 2017, is a technology-driven HR outsourcing company specializing in comprehensive workforce solutions. The company offers a broad range of services, including recruitment, payroll management, onboarding, and flexible staffing, tailored to meet the evolving needs of businesses in India and the United States.
As an ISO 9001:2015 certified organization, Happy Square is committed to delivering quality and efficiency. Leveraging an extensive talent pool and robust HR infrastructure, the company acts as a reliable third-party partner for workforce management, ensuring timely and effective staffing through advanced tech-enabled solutions.
Happy Square serves clients across diverse industries, operating with a deep understanding of both Indian and U.S. markets. This dual-market presence allows the company to customize its services based on region-specific staffing requirements.
As of July 31, 2024, the company had a workforce of 4,225 personnel deployed at client locations, supported by a dedicated internal team of 151 departmental employees.
Competitive Strengths
- Strong focus on customer satisfaction and long-standing client relationships
- Experienced promoters and management team with industry expertise
- A scalable business model designed for rapid growth
- Ability to cater to diverse industry verticals
- Sound financial track record and a stable financial position
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. |
White Force 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
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: info@white-force.com
Website: https://www.white-force.com/
White Force IPO – Frequently Asked Questions (FAQs)
What is the White Force IPO?
White Force IPO is an SME public offering through which the company aims to raise ₹24.25 crores. The IPO is priced in the range of ₹72 to ₹76 per equity share and will be listed on the NSE SME platform.
When will the White Force IPO open for subscription?
The IPO will open for public subscription on July 3, 2025, and will close on July 7, 2025. It is open to Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Investors.
What is the investor reservation in the White Force IPO?
The allocation is structured as follows:
- QIBs: 50%
- NIIs (HNIs): 15%
- Retail Investors: 35%
How can I apply for the White Force IPO?
Investors can apply through the ASBA process using their bank’s net banking portal. Alternatively, applications can be made via UPI through stockbrokers or by submitting a physical application form through a registered broker.
What is the size of the White Force IPO?
The total issue size of the IPO is ₹24.25 crores.
What is the price band for the White Force IPO?
The IPO price band has been fixed at ₹72 to ₹76 per share.
What is the lot size for the White Force IPO?
The minimum lot size is 1,600 shares, requiring an investment of ₹1,21,600.
When is the White Force IPO allotment date?
The allotment of shares is expected to be finalized on July 8, 2025.
When will the White Force IPO be listed?
The shares are scheduled to be listed on the NSE SME platform on July 10, 2025.
