Happy Square Outsourcing Services Limited IPO
Happy Square Outsourcing Services Limited IPO
Price Band
₹72 - ₹76
Total Issue
₹24.25 Cr
Bid Dates
03 Jul - 07 Jul
Subscription
3.73x
Est. GMP
₹5 (6.58%)
Tentative Timetable
Business Overview
Headquartered in Jabalpur, Happy Square is a technology-driven consulting firm specializing in human resource outsourcing with a focus on delivering end-to-end staffing solutions. The company offers a broad spectrum of services, including recruitment, payroll management, onboarding, and flexible staffing, catering to the evolving HR needs of its clients. Led by promoters Shraddha Rajpal and Nalini Rajpal, who collectively bring over a decade of experience in the staffing industry, the company leverages its strong human resource database—a critical asset in the HR outsourcing sector. As of March 31, 2025, Happy Square had 5,802 personnel deployed across various client locations, underscoring its growing operational scale and ability to deliver customized staffing solutions across sectors.
Lot Info
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual (Min) | 2 | 3,200 | ₹2,43,200 |
| Individual (Max) | 2 | 3,200 | ₹2,43,200 |
| S-HNI (Min) | 3 | 4,800 | ₹3,64,800 |
| S-HNI (Max) | 8 | 12,800 | ₹9,72,800 |
| B-HNI (Min) | 9 | 14,400 | ₹10,94,400 |
Issue Size
Objects of the Issue
A1
A2
A3
Grey Market Premium
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 09 Jul | ₹5 (6.6%) | ₹81 |
| 08 Jul | ₹5 (6.6%) | ₹81 |
| 07 Jul | ₹5 (6.6%) | ₹81 |
| 04 Jul | ₹5 (6.6%) | ₹81 |
| 03 Jul | ₹5 (6.6%) | ₹81 |
| 02 Jul | ₹5 (6.6%) | ₹81 |
| 01 Jul | ₹5 (6.6%) | ₹81 |
| 30 Jun | ₹0 (0%) | ₹76 |
Happy Square Outsourcing Services IPO Peer Comparison
(Rs. in crores)
| Particulars | Happy Square Outsourcing Services Limited | Spectrum Talent Management Ltd |
|---|---|---|
| Revenue from Ops (in Crs.) | 97.41 | 1,253.36 |
| PAT (In Crs.) | 5.90 | 6.89 |
| EPS - Basic | 7.02 | 2.98 |
| NAV per share | 14.84 | 68.17 |
| RONW | 61.97% | 4.56% |
| EBITDA | 9.70% | 0.89% |
| PAT Margin | 6.06% | 0.55% |
| Price to earning (PE) | 10.83 | 40.44 |
| Net Debt to Equity | 1.48 | 0.16 |
All information pertains to FY 2024-25. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of May 29, 2025 for Peers
Financial Performance
(Rs. in crores)
| Particulars | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| Revenue from Operations | 97.41 | 69.29 | 52.70 |
| Profit after Tax | 5.90 | 4.39 | 1.79 |
| Net Worth | 12.48 | 6.57 | 2.14 |
| Total Borrowing | 14.59 | 10.98 | 6.57 |
| Total Assets | 39.64 | 28.42 | 14.32 |
| NAV per share (in ₹) | 14.84 | 7.82 | 2.54 |
| EPS - Basic (in ₹) | 7.02 | 5.22 | 2.13 |
KPIs
EBITDA
9.70%
PAT
6.06%
ROE
61.97%
ROCE
57.75%
Net Debt to Equity
1.48
PE Ratio
10.83
PB Ratio
5.12
Mkt Cap (in Crs.)
88.16
All the data pertains to FY 2024-25. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Shareholding
Promoter
84.00%
Public
16.00%
Management
Subscription Status
Updated as on 07-Jul-2025 19:00:10 hrs
| Category | Sub (x) | Offered | Bids |
|---|---|---|---|
| QIB | 7.16x | 5,79,200 | 41,47,200 |
| NII | 2.25x | 4,36,800 | 9,82,400 |
| Retail | 2.13x | 10,17,600 | 21,63,200 |
| Total | 3.59x | 20,33,600 | 72,92,800 |
Frequently Asked Questions
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How to apply Happy Square Outsourcing Services IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Happy Square Outsourcing Services IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Happy Square Outsourcing Services IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Happy Square Outsourcing Services IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date