Happy Square IPO sees muted response; subscription lags at 42%, GMP 5%

Happy Square Outsourcing IPO has received bids for 9,79,200 shares compared to 23,21,600 shares on offer

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Happy Square Outsourcing Services IPO Day 2 subscription status: The maiden public issue of Happy Square Outsourcing Services, which opened for public bidding on Thursday, July 3, 2025, has received a lacklustre response from investors so far. The issue has received bids for 9,79,200 shares compared to 23,21,600 shares on offer, resulting in subscription of only 42 per cent as of 11:30 AM on Friday, July 4. 

 

Happy Square aims to raise ₹24.25 crore from investors. The book-built issue comprises a fresh issue of 3.19 million shares. 

Happy Square Outsourcing IPO details

The IPO will close for bidding on Monday, July 7, 2025. The basis of the allotment of shares is expected to be finalised on Tuesday, July 8, 2025. Happy Square Outsourcing shares will tentatively list on the NSE SME platform on Thursday, July 10 2025, according to the red herring prospectus (RHP).

 

The company has set the price band in the range of ₹72-76 per share. Retail investors can bid for a minimum of two lots consisting of 1,600 shares each, with an investment amount of ₹2,43,200. The minimum investment required for high-net-worth individuals (HNIs) is ₹3,64,800 for three lots of 4,800 equity shares.  ALSO READ | Neetu Yoshi shares list at 40% premium, beat IPO GMP forecast

 

Purva Sharegistry is the registrar for the issue. Corpwis Advisors is the book-running lead manager of the Happy Square Outsourcing IPO.

Happy Square Outsourcing IPO GMP

The unlisted shares of Happy Square Outsourcing were commanding a modest grey market premium of ₹5 or 6.6 per cent over the upper end of the issue price of ₹81, according to sources tracking unofficial market activities.   ALSO READ | Cryogenic OGS IPO Day 2 update; subscription rises 28x, GMP at 47%

About Happy Square Outsourcing 

Incorporated in 2017, Happy Square is a technology-based consulting firm. It is involved in a tech-based human process outsourcing business, which focuses on end-to-end solutions. It offers a wide range of services such as Recruitment, Payroll, Onboarding and flexible staffing. The company is headquartered in Jabalpur.

 

In fiscal year 2024-25 (FY25), the company reported revenue from operations of ₹97.41 crore and profit after tax (PAT) of ₹5.9 crore. The company's earnings before interest, tax, depreciation and amortisation (Ebitda) came in at ₹9.44 crore.