White Force IPO is scheduled to open on July 3, 2025, and will close on July 7, 2025. It is a Book Build Issue, with the company aiming to raise approximately ₹24.25 crores. This IPO includes a fresh issue of ₹24.25 crores and an Offer for Sale (OFS) of up to [.] equity shares with a face value of ₹10 each.
The White Force IPO price band is set at ₹72 to ₹76 per share. The retail investor quota is 35%, QIB (Qualified Institutional Buyers) quota is 50%, and HNI (High Net-worth Individuals) quota is 15%. The shares are expected to be listed on the NSE on July 10, 2025, and the allotment date is July 8, 2025.
In terms of financial performance, the company reported a revenue of ₹97.68 crores in FY 2025 as compared to ₹69.54 crores in FY 2024. The net profit also saw a rise, reaching ₹5.90 crores in 2025 from ₹4.39 crores in 2024.
White Force IPO Date & Price Band Details
| Category | Details |
|---|---|
| IPO Open Date: | July 3, 2025 |
| IPO Close Date: | July 7, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹72 to ₹76 Per Share |
| Issue Size: | Approx ₹24.25 Crores |
| Fresh Issue: | Approx ₹24.25 Crores |
| Issue Type: | Book Build Issue |
| IPO Listing: | NSE SME |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
White Force Company Overview, Strengths, and Risks
White Force Outsourcing Services Private Limited is an unlisted private company incorporated in India on November 19, 2019. It is classified as a non-government company and is registered with RoC-Delhi. The company primarily focuses on providing AI consulting, staffing, and recruitment services. They aim to offer comprehensive HR solutions, including workforce planning, recruitment, onboarding, placement, retention, and separation. They also provide temporary staffing, high-end executive solutions (COO/CEO/CXO/CFO level hiring), and facility management.
White Force targets both national and international clients across various sectors such as automotive, e-commerce, logistics, healthcare, IT, and PSUs. The company emphasizes its technology-enabled approach to recruitment and manpower solutions, aiming for scalability, cost-efficiency, and profitability. As of FY25, they reported consistent revenue growth and profitability.
Key Details:
- Company Name: White Force Outsourcing Services Private Limited
- Incorporation Date: November 19, 2019
- Registered Office: F-79, First Floor, Manish Global Mall Sector 22, Dwarka, New Delhi, Delhi, India – 110077
- CIN: U74999DL2019PTC357697
- Primary Services: AI consulting, Staffing, Recruitment, HR Outsourcing, Payroll Software (White Force Payroll)
- Current Status: Active
- Directors: Shishir Rajpal and Poonam Rajpal
Strengths of White Force Outsourcing Services Private Limited
Based on the available information, White Force’s strengths likely include:
- Comprehensive Service Offering: They provide a wide range of HR and staffing solutions, from temporary staffing and general recruitment to high-end executive hiring and facility management. This breadth allows them to cater to diverse client needs.
- Technology-Enabled Approach: The company highlights its use of technology (including AI consulting and “Hyper-automation” with “Smart reports”) for recruitment and HR processes. This can lead to increased efficiency, scalability, and potentially better matches for clients. Their “White Force Payroll” software also indicates a focus on automated solutions.
- Client-Centricity and Relationships: The company states it maintains long-standing client relationships through senior management reviews and cross-departmental involvement. Testimonials on their website also suggest high client satisfaction.
- Experienced Management: The company’s directors, Shishir Rajpal and Poonam Rajpal, have been with the company for 5 years since its incorporation, suggesting consistent leadership. They also claim to have an “experience of 10 years” in the recruitment field, possibly referring to the directors’ personal experience or a broader industry tenure.
- Growth Trajectory: The reported consistent increase in revenue from operations and profit after tax (PAT) from FY23 to FY25 indicates a positive growth trend.
- Franchise Model (Potential Strength): White Force offers a franchise model, which can enable rapid expansion and market penetration by leveraging local entrepreneurs.
- Quality Management: The company is ISO 9001:2015 certified, indicating a commitment to quality management systems.
Risks of White Force Outsourcing Services Private Limited
Several risks could impact White Force:
- Intense Competition: The staffing and recruitment industry in India is highly competitive. White Force has “2525 active competitors,” including established players like TeamLease, Xpheno, and Spectrum Talent Management, and it’s ranked 397th among them (Tracxn score 16/100). This suggests a challenging market where securing and retaining market share can be difficult.
- Unfunded Status: As an unfunded company, White Force may have limited capital for aggressive expansion, technology upgrades, or weathering economic downturns compared to funded competitors. Its low authorized and paid-up capital (INR 1.00 lac) further underscores this.
- Reliance on Economic Climate: The demand for staffing and recruitment services is highly dependent on the overall economic health and employment market. An economic slowdown could directly impact their business.
- Talent Acquisition and Retention: In a competitive market, attracting and retaining skilled recruiters and HR professionals is crucial. Shortages of talent or high attrition rates could hamper their ability to serve clients effectively.
- Technological Disruption: While they use technology, the rapid evolution of AI and automation in HR could pose a risk if they fail to continuously innovate and adapt their solutions to stay ahead of the curve.
- Data Security and Privacy: Handling sensitive employee and client data for payroll and recruitment exposes them to cyber security risks. Data breaches could lead to reputational damage and legal liabilities.
- Regulatory Compliance: The HR and outsourcing industry is subject to various labor laws, tax regulations, and compliance requirements. Non-compliance could result in penalties and legal issues.
- Employee Count Trend: Tracxn reports their employee count as 51 as of October 2024, which is 37% lower than October 2023. A declining employee count could indicate operational challenges or a shift in strategy that might impact service delivery.
- Dependence on Key Personnel: As a private company with two directors, there could be a risk associated with the reliance on these key individuals for strategic direction and operations.
In summary, White Force Outsourcing Services Private Limited appears to be a growing player in the Indian HR and staffing market, leveraging technology and a broad service portfolio. However, it operates in a highly competitive environment and faces risks related to its unfunded status, dependence on economic conditions, and the ongoing need for technological innovation and talent management.
White Force IPO Market Lot
The White Force IPO minimum market lot is 1,600 shares, requiring a total application amount of ₹1,21,600 for retail investors.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 1600 | ₹1,21,600 |
| Retail Maximum | 1 | 1600 | ₹1,21,600 |
| S-HNI Minimum | 2 | 3,200 | ₹2,43,200 |
White Force IPO Allotment & Listing Dates
The White Force IPO will open on July 3, 2025, and close on July 7, 2025. The allotment of shares will be finalized on July 8, 2025, and the IPO listing is scheduled for July 10, 2025.
| Type | Date |
|---|---|
| IPO Open Date: | July 3, 2025 |
| IPO Close Date: | July 7, 2025 |
| Basis of Allotment: | July 8, 2025 |
| Refunds: | July 9, 2025 |
| Credit to Demat Account: | July 9, 2025 |
| IPO Listing Date: | July 10, 2025 |
White Force IPO: Promoters
The promoters of White Force Limited are Shraddha Rajpal and Nalini Rajpal.
White Force IPO Company Financial Report
The company reported a revenue of ₹97.68 crores in FY 2025, compared to ₹69.54 crores in FY 2024. Its net profit also increased to ₹5.90 crores in 2025, up from ₹4.39 crores in 2024, indicating consistent financial growth.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2023 | ₹52.80 | ₹50.41 | ₹1.79 | ₹14.32 |
| 2024 | ₹69.54 | ₹63.68 | ₹4.39 | ₹28.38 |
| 2025 | ₹97.68 | ₹89.71 | ₹5.90 | ₹39.64 |
White Force IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 61.97% |
| ROCE: | 57.75% |
| EBITDA Margin: | 9.70% |
| PAT Margin: | 6.06% |
| Debt to equity ratio: | 1.48 |
| Earning Per Share (EPS): | ₹7.02 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 61.97% |
| Net Asset Value (NAV): | ₹14.84 |
White Force IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Spectrum Talent Management Ltd | 2.98 | 40.44 | 4.56% | 68.17 | 1,253.36 Cr. |
Objects of the Issue – White Force IPO
- Funding of working capital requirements of the Company
- General corporate purposes
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White Force IPO Registrar
Purva Sharegistry India Pvt Ltd
Phone: +91-022-23018261/ 23016761
Email: newissue@purvashare.com
Website: https://www.purvashare.com/investor-service/ipo-query
White Force IPO Lead Managers aka Merchant Bankers
- Corpwis Advisors Private Limited
White Force Company Address
Happy Square Outsourcing Services Limited
240, Nagpur Road
Madan Mahal,
Jabalpur, Madhya Pradesh, 482008
Phone: 0761-4083591
Email: info@white-force.com
Website: https://www.white-force.com/
FAQs about White Force IPO
The White Force IPO will open on July 3, 2025, and close on July 7, 2025.
The price band for the White Force IPO is set at ₹72 to ₹76 per share.
The minimum market lot for retail investors is 1,600 shares, amounting to an application of ₹1,21,600.
The White Force IPO shares are expected to be listed on the NSE SME on July 10, 2025.
The promoters of White Force Limited are Shraddha Rajpal and Nalini Rajpal.
The company intends to use the net proceeds from the IPO for funding its working capital requirements and for general corporate purposes.
In FY2025, White Force reported a revenue of ₹97.68 crores and a net profit of ₹5.90 crores.
The allotment of shares will be finalized on July 8, 2025. You can typically check the allotment status on the website of the IPO registrar, Purva Sharegistry India Pvt Ltd. Your bank and broker will also notify you via email and SMS.
An SME IPO (Small and Medium Enterprise Initial Public Offering) is a public issue launched by small and medium-sized companies to raise capital. These IPOs are typically listed on a dedicated SME platform of stock exchanges like NSE SME or BSE SME.
