Happy Square Outsourcing Services Limited IPO

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Happy Square Outsourcing Services Limited is a Jabalpur-based technology-driven HR consulting and outsourcing firm, delivering end-to-end human resource solutions across diverse sectors in India. Initially incorporated as Splendid Academy Private Limited on April 20, 2017, the company rebranded as Happy Square Outsourcing Services Private Limited in February 2020. It was subsequently converted to a public limited company on August 1, 2024.

Business Focus

Happy Square specializes in tech-enabled human resource outsourcing services, with a comprehensive offering that includes:

i) General Staffing & Flexi Staffing
ii) Executive Search & High-End Leadership Hiring
iii) Industrial Staffing
iv) Apprentice Staffing (TPA registered under NSDC)
v) Payroll & Compliance Management
vi) Recruitment Process Outsourcing (RPO)
vii) Permanent Hiring across sectors including IT, Automobile, FMCG, and Advisory

The company’s core strength lies in its integrated staffing process — from workforce planning and recruitment to onboarding, retention, and separation. As of March 31, 2025, Happy Square had 5,802 personnel deployed across various client locations.

Clientele & Sectoral Reach

With a pan-India footprint, Happy Square serves clients in a wide range of industries, including Automobile & Aviation, E-commerce & Retail, Logistics & Manufacturing, Healthcare, Food & Beverages, Technology & IT, Public Sector Units (PSUs)

The company has built long-term relationships with marquee clients such as Cars24 Services Pvt. Ltd. and Octopolis Technologies Pvt. Ltd., offering scalable solutions tailored to specific business needs.

Growth Trajectory

– In FY 2022, the company expanded into E-commerce, Retail, Logistics, and Government sectors.
– In FY 2023, PSU revenues contributed 19% of total revenue, reflecting increased government project participation.
– In FY 2024, the Logistics sector accounted for 28% of total revenue, indicating strategic sectoral expansion.

Digital Integration & E-Recruitment

Happy Square operates a tech-enabled recruitment model backed by a proprietary HR database, multi-channel sourcing through job portals, referrals, institutions, and digital ads, along with robust compliance oversight by qualified professionals. Its online presence is strengthened through website optimization, strategic recruitment campaigns, job fairs, and seamless integration with offline channels to ensure efficient and scalable talent acquisition.

Competitive Strengths

1. Client-Centric Approach & Long-Term Relationships
2. Experienced Promoters & Leadership
3. Scalable & Technology-Driven Model
4. Diversified Industry Exposure:
5. Sound Financial Position:

Objects of the Happy Square Outsourcing Services Limited IPO:

The Company proposes to utilize the Net Proceeds from the Issue towards the following objects: 1. Funding of working capital requirements of the Company (₹20.17 cr) 2. General Corporate Purposes.
DRHP of Happy Square Outsourcing Services Limited IPO
RHP of Happy Square Outsourcing Services Limited IPO

Happy Square Outsourcing Services Limited IPO Details:

Open Date: Jul 03 2025
Close Date: Jul 07 2025
Total Shares: 31,90,400
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 24.25 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 72-76 Per Equity Share
Listing At: NSE Emerge

Promoters And Management:

1. Ms. Poonam Rajpal, aged 42 years, serves as the Managing Director of the company. She holds degrees in Commerce and Law from Jiwaji University, Gwalior. With a background in corporate governance, she brings over four years of directorial experience from her tenure at M/s White Force Outsourcing Services Private Limited. In her current capacity, she leads the company’s operations and recruitment departments. Ms. Rajpal has been associated with the company since December 27, 2024. 2. Ms. Deepika Ondela, aged 36 years, is the Whole-Time Director and also serves as the Senior Human Resource Manager of the company. She holds a bachelor’s degree in commerce from St. Aloysius’ College, Jabalpur. Previously, she worked with Saisun Outsourcing Services Pvt. Ltd. as a Human Resource Manager for five years. Ms. Ondela has been associated with the company since December 27, 2024. 3. Ms. Rani Mathya, aged 50 years, is the Non-Executive Director of the company. She holds both a Bachelor’s and Master’s degree in Zoology from Jiwaji University, Gwalior. She brings 15 years of experience in promotional product design, having worked with M/s Quality Creations. Ms. Mathya has been associated with the company since May 29, 2024.

Financials of Happy Square Outsourcing Services Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 97.41 69.28 52.69
EBITDA 9.44 6.64 2.84
EBITDA Margins 9.70% 9.59% 5.40%
PAT 5.9 4.39 1.78
PAT Margins 6.06% 6.34% 3.39%
ROCE 57.75% 66.34% 56.78%
Debt to Equity Ratio(In Times) 1.47 1.29 1.25
Operating Cash Flows -1.64 -1.88 -1.42

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins D/E Ratio MCap (in cr) P/E
Happy Square Outsourcing Services Limited 97.41 9.70% 6.06% 1.47 88.16 14.94
Spectrum Talent Management Ltd 1270 0.62% 0.55% 0.22 281 38.8

Lead Manager of Happy Square Outsourcing Services Limited IPO:

  1. Corpwis Advisors Private Limited

Registrar of Happy Square Outsourcing Services Limited IPO:

  1. Purva Sharegistry India Private Limited

Discussion on Happy Square Outsourcing Services Limited IPO:

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