Technology-driven HR consulting and staffing firm Happy Square Outsourcing Services, which is also known White Force, has received 3.27 times subscription for its initial public offering (IPO) on July 7, the final day of bidding.
Investors bid 75.8 lakh shares compared to the offer size of 23.21 lakh shares via 745 applications.
The company is set to finalise IPO share allotment by the end of July 8, and its equity shares will be available for trading on the NSE Emerge effective July 10.
The Madhya Pradesh-based White Force is raising Rs 24.25 crore via maiden public issue of 31.9 lakh shares at a price of Rs 76 per share. The IPO consisted of solely fresh issue.
Of which, Rs 6.6 crore has already been raised through its anchor book on July 2. The company has allotted 8.68 lakh shares to three anchor investors - Inti Capital, Rajasthan Global Securities, and LRSD Securities.
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Incorporated in 2017, Happy Square Outsourcing Services that specialises in HR outsourcing intends to utilise IPO proceeds for its working capital requirements, and general corporate purposes.
The price band for the offer, which was opened for public on July 3, was Rs 72-76 per share.
Corpwis Advisors acted as the sole book running lead manager for the White Force IPO.
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