Happy Square Outsourcing Services IPO

About Happy Square Outsourcing Services IPO

Happy Square Outsourcing Services Limited IPO is an IPO of up to 31,90,400 equity shares. It consists of a fresh issue of up to 31,90,400 equity shares. The shares will be allotted on July 8, 2025. The credit of shares to the demat account will take place on July 9, 2025 and the initiation of refunds will take place on July 9, 2025.

Objective of Happy Square Outsourcing Services IPO

• Funding of working capital requirements of the company.
• General corporate purposes.

Industry Outlook

The India Staffing and Recruiting market is valued at USD 1,850 crores, based on a five-year historical analysis. This growth is driven by the increasing demand for flexible staffing solutions across various industries, including IT, manufacturing, and BFSI. The market's expansion is supported by the rise in digital recruitment technologies and a growing preference for temporary staffing due to evolving business needs and project-based requirements, making it a pivotal component of India’s workforce management ecosystem. However, the general staffing industry grew at 16.2% YOY (2023-24) & 2.4% Q4 23-24 (QoQ) whereas the flexi staffing industry grew at 15.3 % in FY 2023-24.

Company Information

Headquartered in Jabalpur, Happy Square is a technology-based consulting firm, involved in a tech-based human resource outsourcing business, which focuses on end-to-end solutions. Promoters of the company, Shraddha Rajpal and Nalini Rajpal have a combined experience of 10-plus years in the staffing industry. The human resource database is a key asset for their industry, and as of 31 March 2025, they have 5,802 personnel deployed at various locations for their clients. They offer a wide array of services such as recruitment, payroll, onboarding, and flexible staffing.

Risks of Happy Square Outsourcing Services IPO

• Operating from limited locations.

• Inability to perform background verification procedures on our staffed personnel prior to placing them with their clients

• Change in global economic outlook and increased usage of technology.

• *Financial information for our Company is derived from the Restated Financial Statements as at and for the Fiscal 2024. #Will be updated in the Prospectus. Source: All the financial information for listed industry peer mentioned above is sourced from the annual report of the relevant companies for Fiscal 2025, as available on the websites of the NSE.

Anchor Investor bidding date: 2 July 2025

IPO Registrar and Book Running Lead Managers

Book running lead managers:

Corpwis Advisors Private Limited

Registrar for the IPO is Purva Sharegistry (India) Private Limited

Business Model

The company earns its revenue by offering the following services:

• General Staffing
• Industrial Staffing
• Apprentice Solution
• Payroll Management
• Compliance Management
• RPO (Recruitment Process Outsourcing - Permanent Recruitment)

Company Growth Trajectory

The company’s total income for FY 2025 increased by 40.46% to ₹97.68 crores from ₹69.54 crores in FY 2024.

In FY 2025, revenue from operations increased by 40.59% to ₹97.41 crores from ₹69.29 crores in FY 2024. Other income increased to ₹0.27 crores in FY 2025 from ₹0.25 crores in FY 2024.

Net profit increased by 34.38% to ₹5.90 crores in FY 2025 from ₹4.39 crores in FY 2024.

Company Market Position

The company faces competition from various domestic and international players. The industry in which they operate is unorganised, competitive and highly fragmented in India. They compete based on a number of factors, including network of offices, client relationships, technological and operational excellence, and organic and inorganic growth and integration.

However, the company has over a decade of experience in the human resource segment, and they believe that they will not only maintain but also further enhance their position in the industry.

How To Check Allotment Status of Happy Square Outsourcing Services IPO?

You can check the allotment status of shares either on the website of the National Stock Exchange (NSE) or on the website of the registrar Purva Sharegistry (India) Private Limited. To check the status on the NSE website:

• Visit the NSE website
• Click on “Investor Services” and choose “Application Status Check”
• Choose the issue type — Equity or Debt (Equity in this case)
• Select the Issue Name from the drop-down. The issue name is the company’s name, which is Happy Square Outsourcing Services Limited
• Enter your application number or PAN number
• Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status

Follow these steps to know the allotment status on the registrar’s website:

• Visit the Purva Sharegistry (India) Private Limited website
• Choose “Public Issues” from the “Investor Services” drop-down
• Select Happy Square Outsourcing Services Limited from the drop-down
• Enter your PAN number or Application number
• Click on “Submit” to know the allotment status

How to Apply for Happy Square Outsourcing Services IPO?

To apply for this IPO:

• Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for
• Step 3: Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds
• Step 5: Approve Request: Your funds will be blocked once you approve the mandate request on your UPI