Happy Square Outsourcing Services was incorporated on April 20, 2017. The company is a tech-based consulting firm offering end-to-end HR outsourcing solutions. Led by experienced promoters, the company aims to grow further by building on strong values and industry expertise
| Bidding Dates |
|---|
| 03 Jul 2025 - 07 Jul 2025 |
| Subscription |
|---|
| 3.26x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,30,400 | 2 | 2 | 1600 | 3.2 M | ₹72 - ₹76 | 60.9 % | ₹229.7 M - ₹242.5 M | RHP DOC |
Happy Square Outsourcing IPO SUBSCRIPTION STATUS
07 Jul '25Happy Square Outsourcing IPO overall subscription rate was 3.26 times the total available shares
Happy Square Outsourcing IPO retail subscription rate was 2.66 times in the retail segment
Happy Square Outsourcing IPO non-institutional investor subscription rate was 3.63 times in the non-institutional investor category
Happy Square Outsourcing IPO Qualified Institutional Bidder subscription rate was 3.57 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
07 Jul 2025 (Day 3) | 2.66x | 3.63x | 3.57x |
04 Jul 2025 (Day 2) | 0.9x | 1.93x | 0.07x |
03 Jul 2025 (Day 1) | 0.45x | 1.15x | - |
Happy Square Outsourcing FINANCIALS
| Period | Net Profit (Rs in crore) | Revenue from Operations (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 5.9 | 97.4 | -1.6 | -3.1 | 9.7% |
| FY24 | 4.4 | 69.3 | -1.9 | -3.8 | 9.6% |
| FY23 | 1.8 | 52.7 | -1.4 | -1.6 | 5.4% |
Happy Square Outsourcing IPO SUBSCRIPTION STATUS DETAILS
Happy Square Outsourcing had 3.2 M shares on offer
Happy Square Outsourcing IPO offer price was in the range ₹72 - ₹76
Happy Square Outsourcing IPO minimum Investment was ₹230400
Happy Square Outsourcing IPO issue size was ₹ 229.7 M - ₹ 242.5 M
Happy Square Outsourcing had a minimum lot size of 1600 Shares per application
Happy Square Outsourcing NUMBER OF SHARES ON OFFER
Happy Square Outsourcing IPO IMPORTANT DATES
| Issue Open Date | 03 Jul 2025 |
| Issue close Date | 07 Jul 2025 |
| Allotment Date | 08 Jul 2025 |
| Refund Date | 09 Jul 2025 |
| Demat Account Credit Date | 09 Jul 2025 |
| Listing Date | 10 Jul 2025 |
| Listing on Exchange(s) | NSE |
| Happy Square Outsourcing Allotment Status | Exchange/ Registrar |
Happy Square Outsourcing IPO subscription opened on 03 Jul 2025, and closed on 07 Jul 2025
IPO allotment for Happy Square Outsourcing was finalized on Tuesday, 08 Jul 2025
IPO listing for Happy Square Outsourcing was on NSE on Thursday, 10 Jul 2025
Happy Square Outsourcing IPO LISTING GAINS
| Issue Price (adjusted) | 76.0 |
| Listing Open Price | 77.0 |
| Listing Close Price | 80.8 |
| Listing Gain% | 1.3% |
| Current Gain% | -48.7% |
Happy Square Outsourcing Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Happy Square Outsourcing Services Ltd. | 39 | 45.2 | 7.6 | 5.6 | 0.4 | 14.2 | 9.8 | 109.9 | 12.5 | 6 | 1.4 | 5.2 | 1.4 |
| Sagility Ltd. | 43.7 | 20443.4 | 20.6 | 0.4 | 2.7 | 9.6 | 7.3 | 7290.8 | 29.6 | 924.8 | 71.5 | 2.1 | 49.2 |
| International Gemological Institute Ltd. | 355.8 | 15376.2 | 25.2 | 1 | 11.3 | 47.8 | 38.3 | 1661.9 | 52.7 | 711.2 | 66.4 | 14.1 | 24.3 |
| Indiabulls Ltd. | 29.4 | 6855.8 | 16.4 | 0 | 6.2 | 8.9 | 6.6 | 880.8 | 172602 | 273.9 | 501.6 | 1.8 | 739.2 |
| SIS Ltd. | 435 | 6146.2 | 41.9 | 0.2 | 0.4 | 5.4 | 1.8 | 16030.1 | 20.9 | 137.8 | 1069.1 | 10.4 | 261.6 |
| eMudhra Ltd. | 538.8 | 4462.3 | 38.8 | 1.5 | 6 | 11.8 | 8.9 | 713.2 | 35.1 | 107.8 | 27.4 | 13.9 | 25.5 |
Happy Square Outsourcing INFORMATION ON IPO ISSUE
About Happy Square Outsourcing
Happy Square Outsourcing Services was incorporated on April 20, 2017. The company is a tech-based consulting firm offering end-to-end HR outsourcing solutions. Led by experienced promoters, the company aims to grow further by building on strong values and industry expertise
Object of the Issue
- Funding of working capital requirements of the company
- General corporate purposes
Happy Square Outsourcing - PROMOTERS
| Name |
|---|
| Shraddha Rajpal |
| Nalini Rajpal |
Happy Square Outsourcing Book Running Lead Manager
Corpwis Advisors Private Limited
ipo.happysquare@corpwis.com
Happy Square Outsourcing Registrar to the issue
Purva Sharegistry (India) Private Limited
newissue@purvashare.com
Happy Square Outsourcing Strengths
Client relationship
The company serves marquee clients like Cars24 and Octopolis, maintaining long-term relationships through deep engagement and tailored staffing solutions. Its industry-specific approach helps cross-sell services and attract new clients across sectors
Scalable business model
The company follows a tech-driven, scalable recruitment model focused on efficient hiring and economies of scale. Growth is driven by entering new markets, acquiring clients, and expanding existing relationships
Diversifed across industries
The company generates revenue from diverse industries and regions across India through its HR outsourcing services. It serves sectors like automobile, e-commerce, healthcare, logistics, IT, manufacturing, and PSUs
Happy Square Outsourcing Risks
Operational risks
The company conducts background checks on all staffed personnel but may face challenges due to high volumes or limited data. Any lapse could risk reputational or operational harm if staff engage in misconduct
Revenue concentration
The company depends heavily on a few key industries for revenue. A slowdown in these sectors or weak sales performance could negatively affect its business and operations
Cybersecurity threats
The company relies on secure IT systems for operations but remains exposed to evolving cybersecurity threats. Any breach or misuse of client data by employees could disrupt operations or lead to legal claims and reputational damage
IPO FAQs
The promoters of the company are Shraddha Rajpal and Nalini Rajpal.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 72.0 - 76.0.
The IPO application opens on Jul 03, 2025 and closes on Jul 07, 2025.
The minimum lot size for the IPO is 3200. The maximum lot size for the IPO is 3200.
For all category investors, the minimum application amount for this IPO is Rs. 230,400.0, the maximum value for this IPO is Rs 243,200.0.
This IPO will be allotted on Jul 08, 2025.
The refund will be credited to your account on Jul 09, 2025.
The allotted shares will be credited to your demat on Jul 09, 2025.
Happy Square Outsourcing Services Ltd.’s shares listed on the stock exchanges on Jul 10, 2025.