Happy Square Outsourcing Ltd, an HR solutions provider serving India and the US, made a modest debut on the NSE SME platform on July 10, 2025. The IPO, aimed at strengthening the company’s HR outsourcing capabilities, opened at ₹77, a 1.32% premium over its issue price of ₹76.
Happy Square Outsourcing Ltd, based in Maharashtra, India, launched its Initial Public Offering (IPO) aimed at bolstering its HR outsourcing services across India and the US. The stock debuted on the NSE SME platform at ₹77 per share, registering a tepid 1.32% gain over its issue price of ₹76.
Happy Square Outsourcing Ltd is a technology-driven human resource solutions company that offers recruitment, payroll, onboarding, and flexible staffing services. With operations extending to both Indian and US markets, the firm provides comprehensive staffing solutions using a tech-based, scalable HR model.
The IPO ran from July 3 to July 7 and received a moderate subscription rate of 3.58 times, according to Chittorgarh. With a face value of ₹10, the company issued 31,90,400 new equity shares, raising ₹24.25 crore. Notably, there was no offer-for-sale (OFS) component in the issue.
Funds raised through this IPO will be allocated towards working capital requirements and general corporate purposes.
Corpwis Advisors Pvt Ltd acted as the book-running lead manager, while Purva Sharegistry India Pvt Ltd served as the issue registrar. Giriraj Stock Broking Pvt Ltd functioned as the market maker for the issue.
Despite a grey market premium (GMP) of ₹5, indicating a potential listing price of ₹81, the stock opened slightly below expectations.
Happy Square’s public debut reflects cautious optimism amid broader market volatility and positions the firm to scale its workforce solutions across geographies.
