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Happy Square Outsourcing IPO
Price Band
₹72.0–76.0
Issue Size
₹24.25 Cr
Lot Size
1,600 shares
Min Investment
₹243,200
2 LOTS MIN
GMP
+₹5.0 (6.58%)
Issue Price
₹76.0
Subject to Sauda
₹6100
Paid only if allotted
Happy Square Outsourcing IPO AI Summary
- Happy Square Outsourcing IPO is listed on NSE SME in the Diversified Commercial Services sector.
- Price band: ₹72.0–₹76.0 per share, lot size 1,600 shares (min. investment ₹243,200, 2 lots minimum).
- Subscription window: 03 Jul–07 Jul 2025, listing on 10 Jul 2025.
- Current GMP is +₹5.0 (6.58%), an estimated listing price of ₹81 — unofficial and can change daily.
Happy Square Outsourcing Services is a growing HR outsourcing company with a focus on technology-based solutions. The IPO offers an opportunity for investors to participate in a firm with a solid financial track record and a scalable business model.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Happy Square Outsourcing IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 07 Jul 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Happy Square Outsourcing IPO Grey Market Premium (GMP) Today
GMP
+₹5.0
GMP %
+6.58%
Est. Listing
₹81.0
Updated: 25 Jul 2026 14:14
About the Company
Incorporated in April 2017, Happy Square Outsourcing Services specializes in HR outsourcing, focusing on recruitment, payroll, onboarding, and flexible staffing. The company is involved in a tech-based human resource outsourcing business focusing on end-to-end solutions. The company's services include Recruitment, Payroll, Onboarding and flexible staffing. The company is an ISO 9001:2015 certified company. The company utilizes a large talent pool to meet staffing needs for businesses in India and the US, emphasizing technology-based solutions and a comprehensive network to source qualified candidates, acting as a third-party provider for workforce management through robust recruitment and HR capabilities. Happy Square operates in both the Indian and US markets, understanding the specific needs of each region for staffing solutions. As of July 31, 2024, the company has 4,225 personnel deployed at various locations for its clients. As of July 31 2024, the company had 151 department employees. Competitive Strength Customer Satisfaction and long-standing relationships with its customers. Experienced Promoter and Management Expertise. Scalable Business Model Catering to diversified industrial verticals. Strong financial position and good track record of financial performance.
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 39.64 | 28.38 | 14.32 |
| Total Income | 97.68 | 69.54 | 52.80 |
| Profit After Tax | 5.90 | 4.39 | 1.79 |
| EBITDA | 9.45 | 6.64 | 2.85 |
| NET Worth | 12.48 | 6.57 | 2.14 |
| Reserves and Surplus | 12.47 | 6.52 | 2.13 |
| Total Borrowing | 14.59 | 10.98 | 6.57 |
Key Ratios
EPS
₹7.02
NAV
₹14.84
ROE
61.97%
ROCE
57.75%
RoNW
61.97%
P/B Value
5.12
P/E Ratio
10.83
Market Cap
₹88.16 Cr
PAT Margin
6.06%
Debt/Equity
1.17
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Spectrum Talent Management Limited | 68.17 | 4.56% | 40.44 | 2.98 | 2.8 |
| Happy Square Outsourcing Services Limited This IPO | 14.84 | 61.97% | — | 7.02 | 7.02 |
Promoters
Shraddha Rajpal and Nalini Rajpal
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of Working Capital Requirement of the company 19.00 2 General Corporate Purposes 3.48 3 Issue Expenses 1.77 Total 24.25
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹52.80 Cr in the year ending 31 Mar 2023, rising to ₹69.54 Cr by 31 Mar 2024, and further increasing to ₹97.68 Cr by 31 Mar 2025. This indicates a consistent upward trend in revenue over the periods.
Profit Trend
Profit After Tax was ₹1.79 Cr in the year ending 31 Mar 2023, increasing to ₹4.39 Cr by 31 Mar 2024, and further rising to ₹5.90 Cr by 31 Mar 2025. This shows a positive growth trajectory in profitability across the reported periods.
Valuation
The implied P/E at the issue price is approximately 10.83, compared to peers trading at a P/E of 40.44. This suggests that Happy Square Outsourcing is priced at a lower multiple than its peer group.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on unofficial trading before its official listing. A positive GMP suggests that the stock may list at a higher price than the issue price, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk tolerance and investment goals. It's important to consider the company's growth potential and market conditions.
Who May Want to Wait
Investors who are risk-averse or those who prefer stable and established companies may want to avoid investing in IPOs like this, which can be more volatile and less predictable.
Listing Gains — The Risk
Listing-day gains can be uncertain. While some IPOs may experience a surge in price due to initial demand, others may not perform as well. Factors influencing listing performance include market conditions, investor sentiment, and the company's financial health.
This evaluation is generated from Happy Square Outsourcing's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Happy Square Outsourcing IPO GMP today?
Happy Square Outsourcing IPO GMP today is +₹5.0 (6.58%), indicating an estimated listing price of ₹81. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Happy Square Outsourcing IPO?
The price band of Happy Square Outsourcing IPO is ₹72.0–₹76.0 per share.
When does Happy Square Outsourcing IPO open and close?
Happy Square Outsourcing IPO opens on 03 July 2025 and closes on 07 July 2025.
When does Happy Square Outsourcing IPO list on the stock exchange?
Happy Square Outsourcing IPO listed on 10 July 2025 at ₹81.0.
What is the lot size for Happy Square Outsourcing IPO?
The lot size for Happy Square Outsourcing IPO is 1600 shares, requiring a minimum investment of ₹243,200 (2 lots).
What is the price band for the Happy Square Outsourcing IPO?
The price band for the Happy Square Outsourcing IPO is ₹72.0 to ₹76.0.
What is the minimum investment required?
The minimum investment required is ₹243,200.
What is the lot size for this IPO?
The lot size for the Happy Square Outsourcing IPO is 1600 shares.
When does the IPO open and close?
The IPO opens on July 3, 2025, and closes on July 7, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium or discount at which the stock may list compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
03 Jul 2025
Close
07 Jul 2025
Allotment
08 Jul 2025
Listing
10 Jul 2025
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