Happy Square Outsourcing IPO Day 1 update: Subscription lags at 27%, GMP 6%

Happy Square Outsourcing IPO: The SME offering comprises an entirely fresh issue of 3.19 million equity shares

Happy Square Outsourcing IPO: The initial public offering (IPO) of HR outsourcing company Happy Square Outsourcing Services has received a muted response from investors so far. The public offering, which opened for subscription today, July 3, 2025, has received bids for 6,32,000 shares against 23,21,600 on offer, till 2:20 PM, showed the NSE data. This translates into a subscription of only 27 per cent.

Happy Square Outsourcing IPO details

The SME offering, valued at around ₹24.25 crore, comprises an entirely fresh issue of 3.19 million equity shares. It does not have any offer for sale (OFS) component. Happy Square Outsourcing IPO is available at a price band of ₹72 to ₹76 per share, and a lot size of 1,600 shares. Thus, the investors can bid for a minimum of 1,600 shares and in multiples thereof.

 

A retail investor would require a minimum of ₹2,30,400 to bid for two lots or 3,200 shares of Happy Square Outsourcing IPO.

Happy Square Outsourcing IPO grey market premium (GMP) today

The unlisted shares of Happy Square Outsourcing were commanding a decent premium in the grey markets on Thursday. Sources tracking unofficial market activities showed that the company's shares were trading at around ₹81 per share, reflecting a grey market premium (GMP) of ₹5 or 6.6 per cent over the upper end of the issue price of ₹76.

Happy Square Outsourcing IPO timeline

The public offering will remain available for subscription till Monday, July 7. Following that, the basis of allotment is expected to get finalised on Tuesday, July 8, with shares getting credited into demat accounts by Wednesday, July 9.

 

Happy Square Outsourcing shares are scheduled to list on the NSE SME platform (NSE Emerge) tentatively on Thursday, July 10.

 

Happy Square Outsourcing objective

According to the red herring prospectus (RHP), the company proposes to utilise the net fresh issue proceeds to meet working capital requirements and general corporate purposes.

About Happy Square Outsourcing

Incorporated in April 2017, Happy Square Outsourcing Services is an HR outsourcing company. It specialises in 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 utilises a large talent pool to meet staffing needs for businesses in India and the United States. It provides 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.