White Force IPO Highlights You Shouldn’t Miss
India’s staffing and recruiting market is currently valued at around USD 18.5 billion. Over the past five years, the industry has seen steady growth as more companies across IT, manufacturing, and banking prefer flexible staffing solutions.
White Force, which has been actively working in this space for years, is now gearing up to launch its IPO. With a strong background in staffing and workforce services, the company aims to take its business to the public listing.
The White Force IPO lead manager is Corpwis Advisors Private, while the registrar of this IPO is Purva Sharegistry.
Check the RHP for more details.
Note: For 50% of the shares, the anchor lock-in period expires 30 days following the actual allocation, and for the remaining part, it ends 90 days later.
White Force IPO: Company Profile
Here are the key reasons why investors are showing interest in the White Force IPO.
Particulars | Details |
Established | 2017 |
Registered Office | Jabalpur, Madhya Pradesh |
Name of Some Clients | Cognizant, Mahindra, Ecom Express, EY, Airtel, Tata, and more |
Services | Onboarding, Payroll, Recruitment, and Flexible Staffing |
Clients | 1000+ |
Competitors | Spectrum Talent Management Ltd |
Exploring the White Force IPO Details
Get quick details on price, timing, and what to expect.
Here’s the timeline for the White Force IPO. Use these dates to check the White Force IPO allotment status.
Event | Date |
Issue open date | 03 Jul 2025 |
Last date to apply | 07 Jul 2025 |
UPI approval deadline | 07 Jul 2025 (5 PM) |
IPO allotment result | 08 Jul 2025 |
Refunds begin | 09 Jul 2025 |
Shares added to demat | 09 Jul 2025 |
Stock market listing date | 10 Jul 2025 |
UPI mandate auto-cancellation date | 22 July 2025 |
50% lock-in ends for anchor investors | 7 August 2025 |
Remaining lock-in ends for anchor investors | 06 October 2025 |
This is how much White Force wants to raise to grow its business.
Particulars | Number of Equity Shares | Aggregate Value |
Fresh Issue | 31,90,400 | ₹24.25 Crores |
Offer for Sale | — | — |
Overall Issue | 31,90,400 | ₹24.25 Crores |
See where your money might go before checking GMP.
Utilisation of proceeds for the funding of working capital requirements of the company |
Particular | Amount (₹ in lakhs) |
Total Estimated Cost | 2,017.28 |
Amount to be Funded from the Net Proceeds | 1,900.00 |
Amount to be Funded from Short-Term Borrowings | 71.67 |
Amount to be Funded from Internal Accruals | 46 |
Estimated Utilisation of Net Proceeds Fiscal 2025 | 1,900.00 |
An undisclosed amount is also set for allocation towards the general corporate fund. |
Other takeaways from the White Force IPO Price
These are the most important things to know about its price.
Particulars | Description |
Face value of each share | ₹10 |
Price Range | ₹72 - ₹76 |
Listed At | NSE SME |
Categorisation of different investors
Here’s how the bidding rules change for each investor group.
Particulars of the Issue | Market Maker Reservation Portion | QIBs | Non-Institutional Applicants | Individual Investors |
Number of Equity Shares available for allocation | Up to 2,88,000 Equity Shares | Not more than 14,48,000 Equity Shares | Not less than 4,36,800 Equity Shares | Not less than 10,17,600 Equity Shares |
Minimum Bid Size | 2,88,000 Equity Shares in multiple of 1,600 | Such a number of Equity Shares and in multiples of 1,600 that the Bid Size exceeds 2 lots | Such a number of Equity Shares in multiples of 1,600 that Bid Size exceeds 2 lots | Such a number of Equity Shares so that the Bid Size is 2 lots |
Maximum Bid Size | 2,88,000 Equity Shares | In multiples of 1,600 not exceeding the Net Issue size (excluding Anchor portion), subject to limits | In multiples of 1,600 not exceeding the Net Issue size (excluding QIB portion), subject to limits | In multiples of 1,600 so that the Bid Size does not exceed 2 lots |
Get a demat account with top brokers in India for the White Force IPO Allotment. You can check its details like IPO price, date, and size to get the best White Force IPO review.
White Force IPO details: Key Financials
Review the company’s recent figures to see where it stands.
Key Performance Indicators | March 31, 2025 (₹ in lakhs) | March 31, 2024 (₹ in lakhs) | March 31, 2023 (₹ in lakhs) |
Revenue from Operations | 9,741.46 | 6,928.87 | 5,269.92 |
EBITDA | 944.67 | 664.47 | 284.51 |
Profit After Tax | 590.34 | 439.32 | 178.78 |
Net Debt / EBITDA | 1.48 | 1.62 | 2.23 |
Metrics of White Force IPO
Metrics | March 31, 2025 | March 31, 2024 | March 31, 2023 |
Current Ratio (Times) | 1.47 | 1.29 | 1.25 |
Return on Equity Ratio (%) (Annualized) | 61.97 | 100.82 | 143.47 |
Net Profit Ratio (%) | 6.06 | 6.34 | 3.39 |
Return on Capital Employed (%) | 57.75 | 66.34 | 56.78 |
Debt Equity Ratio | 1.17 | 1.67 | 3.07 |
PAT Margin (%) | 6.06% | 6.34% | 3.39% |
Return on Equity (ROE) (%) | 61.97% | 100.82% | 143.47% |
Return on Capital Employed (ROCE) (%) | 57.75% | 66.34% | 56.78% |
Strengths and risks
Get a clear view by looking at both strengths and challenges.
Strengths
Company works with big-name clients across India
Strong financial performance over the years
Tech-based model helps it grow faster and reach more clients
Present in many sectors like auto, e-commerce, F&B, infra, and PSUs
Risks
Cyber threats or misuse of data could cause legal or money problems
Has faced cash flow issues recently and this may impact future plans
Labour laws are strict and can push up costs or pause work
Top 5 clients make up nearly half the revenue
IPO Closing Soon: Is White Force IPO Worth the Rush?
White Force IPO has yet to debut in the grey market. So White Force IPO GMP (Grey Market Premium) remains unconfirmed.
Before making any move, make sure to review the IPO's expected price, issue size, and schedule.
You can apply for the White Force IPO through your broker.
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