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WHITEFORCE IPO

Happy Square Outsourcing Services Limited
IPO Doc
Start Date03-07-2025
Application Timing10am-5pm
Price Range₹72 - ₹76
Min Qty1600
Min. Investment₹115200
Listing DateNA
Close Date07-07-2025

About Happy Square Outsourcing Services Limited

Happy Square Outsourcing Services Limited, operating under the brand White Force, was incorporated in April 2017. It is a tech-enabled HR outsourcing company offering a broad range of human resource solutions like recruitment, payroll, onboarding, and flexible staffing services.

The company serves clients across both India and the US, leveraging a large talent pool and advanced HR technologies. It positions itself as a third-party service provider helping businesses manage their workforce efficiently. As of July 31, 2024, the company had 4,225 deployed personnel and a dedicated internal team of 151 employees.

With ISO 9001:2015 certification and a scalable business model, White Force has built long-standing customer relationships across various industrial sectors. Its focus on innovation, customer-centric services, and region-specific HR solutions makes it a prominent player in the staffing industry.

Why To Invest in Happy Square Outsourcing Services Limited

Strong Financial Performance : The company reported a 40% increase in revenue and a 34% rise in PAT from FY24 to FY25, showcasing consistent financial growth.

Tech-Driven HR Services : White Force operates in both India and the US, offering end-to-end HR solutions through a tech-enabled model a strong differentiator in the outsourcing sector.

Impressive Return Ratios : Key return metrics like ROE (61.97%) and ROCE (57.75%) reflect high capital efficiency and strong profitability.

Experienced Promoters : The promoters bring deep industry expertise and have built long-standing relationships with clients, ensuring business continuity and trust.

Diversified Client Portfolio : The company caters to various industry verticals, reducing sectoral dependency and enhancing revenue stability.

Healthy EBITDA Margin : An EBITDA margin of 9.70% indicates efficient operations and cost management, crucial for scalability.

Attractive Valuation : With a Pre-IPO P/E of 10.83x, the IPO appears reasonably priced compared to other SME stocks, providing potential upside for investors.

 

Financial Table
Period Ended 31 Mar 2025 31 Mar 2024 31 Mar 2023
Assets39.6428.38 14.32
Revenue97.6869.5452.80
Profit After Tax 5.904.391.79
EBITDA9.45 6.642.85
Net Worth 12.48 6.572.14
Reserves and Surplus 12.47 6.522.13
Total Borrowing 14.5910.98 6.57
Strengths And Risks
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Consistent Business Growth: The company has shown strong financial momentum with year-on-year growth in both revenue and profit, indicating solid execution and business scalability.
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Presence in India and the US: Operating across two major geographies, the company gains from market diversification and better risk mitigation compared to region-specific firms.
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Technology-Driven HR Solutions: With a focus on digital HR outsourcing, White Force uses technology to streamline recruitment, onboarding, and payroll operations, offering efficient and scalable services.
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Large-Scale Workforce Deployment: As of July 2024, the company had over 4,200 personnel deployed across various client locations a strong indicator of operational strength and customer demand.
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Robust Financial Metrics: With return ratios like ROE at 61.97% and ROCE at 57.75%, along with a healthy EBITDA margin of 9.70%, the company maintains a financially stable and growth-oriented outlook.
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High Industry Competition: The HR outsourcing space is highly competitive and fragmented, which could affect pricing power and profit margins.
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Dependency on Key Clients: A significant portion of revenue may be derived from a limited number of clients. Losing any major account could adversely impact financial performance.
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Regulatory Sensitivity: The business is exposed to changes in labor laws, staffing policies, or compliance regulations, both in India and overseas markets.
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Promoter Stake Dilution: Post-IPO, promoter shareholding will reduce from 84.00% to 60.89%, leading to lower promoter control in strategic decisions.
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High Entry Barrier for Retail Investors: The minimum application size for retail investors is 2.43 lakhs, which might limit participation from smaller retail investors.
FAQs
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