The White Force IPO by Happy Square Outsourcing Services Ltd. showcases a technology-driven HR outsourcing firm specializing in recruitment, payroll, onboarding, and flexible staffing solutions for diverse sectors in India and the US. Established in 2017 and ISO 9001:2015 certified, the company leverages a large talent pool and advanced tech platforms to deliver scalable, end-to-end workforce solutions. As of March 2025, White Force IPO had 5,802 personnel deployed at client sites and 142 internal employees.
₹5
₹76
₹77.00
Expert Opinions
The White Force IPO by Happy Square Outsourcing Services Ltd. is generating moderate optimism in the market, supported by the company’s rapid revenue growth, scalable business model, and technology-driven HR solutions. Key strengths include a robust 40% revenue increase and 34% profit growth from FY24 to FY25, a large client base across India and the US, and efficient workforce management. However, risks remain in the form of high sector competition, client concentration, and sensitivity to economic cycles.
For FY 2025, the White Force IPO valuation highlights strong metrics: Return on Equity (ROE) at 61.97%, Return on Capital Employed (ROCE) at 57.75%, and Net Asset Value (NAV) of ₹14.84. From a long-term perspective, the company’s focus on technology and expanding demand for organized HR outsourcing positions it well for sustained growth, though investors should monitor sector volatility and client diversification.
Investor Considerations
Investors assessing the White Force IPO should recognize the company’s strong fundamentals, highlighted by a 40% revenue surge and 34% rise in profit after tax in FY 2025, reflecting robust demand for tech-driven HR outsourcing across India and the US. The sector outlook remains positive as businesses increasingly seek organized, scalable staffing solutions. The IPO’s FY 2025 valuation shows a Price to Book Value of 5.12, PAT margin of 6.06%, and a Debt/Equity ratio of 1.17, indicating moderate leverage and healthy profitability.
Growth prospects are supported by the company’s asset-light model, expanding client base, and technology integration. However, risks include high client concentration, exposure to PSUs and logistics, negative operating cash flows in recent years, and regulatory or cyber threats. While short-term investors may benefit from initial listing momentum, the White Force IPO is best suited for those with a long-term horizon seeking exposure to the evolving HR outsourcing sector.
| Date | GMP | Trend |
|---|---|---|
| 09 Jul 2025 10.51 | ₹5 | --- |
| 07 Jul 2025 10.49 | ₹5 | --- |
| 06 Jul 2025 17.08 | ₹5 | --- |
| 05 Jul 2025 10.28 | ₹5 | --- |
| 04 Jul 2025 10.39 | ₹5 | --- |
| 02 Jul 2025 16.05 | ₹5 | --- |
FAQs
The Grey Market Premium showed poor accuracy in predicting White Force IPO’s listing performance. With a final GMP of ₹5, it indicated a premium of 6.58% over the issue price of ₹76. However, the stock listed almost flat at ₹77, delivering a minimal gain of 1.32%. This resulted in a prediction error of 5.26%, where the GMP correctly predicted a positive listing direction but significantly overestimated the actual gains, reflecting weak reliability in this case.
White Force IPO Current GMP is ₹5.
White Force IPO Expected Returns is 6.58%.
White Force IPO estimated listing price is ₹81.