White Force IPO: Price, Valuation, And GMP

White Force IPO- Complete Overview

White Force IPO under the SME IPO category is a book build issue of Rs. 24.25 Cr by Happy Square Outsourcing Services Limited. The company was founded in April 2017. It offers The organisation works in an IT-driven HR outsourcing industry, concentrating on holistic offerings.

The specific services of the company are comprised of Recruitment, Payroll, Onboarding, and flexible staffing. It is an ISO 9001:2015 certified company, which speaks to its quality commitment.

It uses a considerably large talent pool for meeting staffing requirements for various companies in India and the US, using technological approaches along with broad networks to provide a platform for skilled personnel as a third-party workforce management contractor through strong recruitment and HR services.

Happy Square serves both Indian and US markets while differentiating on region-specific requirements for staffing solutions.

 

White Force IPO Overview

The White Force IPO date is on 03 July 2025, and its initial public offering will end on 07 July 2025. 

The Rs. 24.25 crore new SME IPO comprises an entirely fresh issue of 31.90 lac Shares. The White Force IPO price is Rs. 72 to Rs. 76 for each Share. 

The White Force IPO listing date (expected) might be on Thursday, Jul 10, 2025, and listing at the NSE and SME.

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Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	39.64	28.38	14.32
Total Revenue	97.68	69.54	52.8
PAT	5.90	4.39	1.79
Net Worth	12.48	6.57	2.14
Reserves & Surplus	12.47	6.52	2.13
Borrowings	14.59	10.98	6.57

 

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(164.25)	(188.10)	(142.53)
Net Cash Flow Investing Activities	(39)	(187.53)	(116.41)
Net Cash Flow Financing Activities	245.90	375.36	232.27

 

Revenue Bifurcation

Industry-wise Revenue Breakdown

(Amount in lac)

Revenue Breakdown of Government/PSUs and Private Sector organizations

(Amount in lac)

 

Breakup of Revenue from New and Repeat Clientele

(Amount in lac)

 

State-wise Revenue Breakdown

(Amount in lac)

(Source: RHP)

 

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Financing the company's operating cash needs.

• Working capital requirements.

• General corporate purposes.

 

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Peers of White Force Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Spectrum Talent Management Limited	10	2.98	40.44

 

 

Evaluation

The White Force Limited IPO price is Rs. 72 to Rs. 76 for each Share.

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2025 with an EPS of Rs. 7.02 from the last year, the resulting P/E ratio is 10.83x.

Considering the weighted EPS of Rs. 5.61 for the last three years, the P/E ratio is 13.54x.

Explore the Cedaar Textile IPO.

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 40.44x.

Particulars	P/E Ratio (x)
Highest	40.44
Lowest	40.44
Average	40.44

In simple words, the P/E ratio of this IPO is 10.83x, compared with the industry’s average P/E of 40.44x, indicating an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors when considered based on the average P/E ratio of the industry.

IPO's Strengths

• Customer loyalty and satisfaction are notable focuses of the organisation.

• Promoter and management competencies are accomplished.

• Adaptable business strategy.

• Serving a diverse range of industries.

• Strong reputation alongside solid standing in industry illustrates good historical financial metrics alongside strong continuing performance.

 

IPO’s Weaknesses

• The company's operations depend heavily on a select group of vital clients.  Operations and finances could suffer if the business lost one of these clients.

• Growth often comes with diversification. The failure to manage controllable factors within the growth initiatives could disrupt operations or negatively affect future strategic business models and financial performance.

• The company has large amounts of debt, and there is no guarantee that new loans can be secured under favourable terms.
  
  

White Force IPO GMP

White Force IPO GMP has not started yet as of 30 Jun 2025 at the time of writing this information..

IPO Timetable (Tentative)

The White Force (Happy Square) IPO date of opening is from Jul 03 to Jul 07, 2025, allotment on Jul 08, refund initiation on Jul 09, and listing on Jul 10, 2025.

Events	Date
IPO Opening Date	Jul 03, 2025
IPO Closing Date	Jul 07, 2025
IPO Allotment Date	Jul 08, 2025
Refund Initiation	Jul 09, 2025
IPO Listing Date	Jul 10, 2025

 

White Force IPO Details 

The IPO with a Face Value of Rs. 10 per share offers a total issue size of 31,90,400 Shares (Rs. 24.25 Cr) with a market maker portion of 2,88,000 Shares (Rs. 2.19 Cr).

IPO Opening & Closing Date	03 Jul, 2025 to 07 Jul, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 72 to Rs. 76 per Share.
Lot Size	1600 Shares
Issue Size	31,90,400 Shares (Rs. 24.25 Cr)
Offer for Sale	-
Fresh Issue	31,90,400 Shares (Rs. 24.25 Cr)
Listing at	NSE, SME
Issue Type	Book Built Issue
Registrar	Purva Sharegistry India Pvt Ltd.

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 1 Lot (1600 Shares) for Rs. 1,21,600 and in multiples thereof, while for HNI investors, the minimum Lot is 2 (3200 Shares) for Rs. 2,43,200.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	1 Lot
HNI (Min)	2 Lots

 

IPO Reservation (% of Net Issue)

Institutional’s Portion	45.39%
Retail’s Portion	31.90%
Non-Institutional Portion	13.69%

 

Promoters And Management of White Force Ltd.

• Shraddha Rajpal

• Nalini Rajpal.
  
  

Pre-Issue Promoter Shareholding	84%
Post-Issue Promoter Shareholding	60.89%

 

IPO Lead Managers

• Corpwis Advisors Private Limited.

 

 

Dividend Policy

The company has not declared dividends in the last three fiscal years.

Conclusion

The White Force IPO introduces a fresh prospect for Small and Medium-sized Enterprises (SMEs). Receiving an ISO 9001:2015 certification showcases the company's emphasis on integrated HR services, showing its commitment to quality as a service provider. With regards to investor interest, the IPO valuation relative to peer competition in the industry suggests favourable pricing for an initial investment.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.