HGS (India) IPO
Updated 27 Oct 2026, 6:50 pm.
Minimum investment (Individual investors (IND))
₹2,88,000
2 lots · 2,400 shares at the upper price band
Price band
₹114–120
Latest GMP
₹0
0.0% of the ₹120 upper band
Est. listing price
₹120
Issue size
₹32.82 Cr
Allotment status
Allotment is due on 4 Nov 2026. Check it on the registrar's page or either exchange with your PAN or application number.
- Allotment finalised4 Nov 2026(upcoming)
- Refunds start5 Nov 2026(upcoming)
- Shares credited to demat5 Nov 2026(upcoming)
- Listing6 Nov 2026(upcoming)
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 27 Oct 2026, 3:47 pm | ₹0 | ₹120 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- SME
- Price band
- ₹114–120
- Issue size
- ₹32.82 Cr
- Lot size
- 1,200
- Opens
- 30 Oct 2026
- Closes
- 3 Nov 2026
- Allotment
- 4 Nov 2026
- Listing
- 6 Nov 2026
- Est. listing price
- ₹120
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Kfin Technologies Ltd.
- Minimum investment
- ₹2,88,000 (2 lots · 2,400 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Offer for sale
- ₹7 Cr
- Listing at
- NSE SME
- Refunds
- 5 Nov 2026
- Shares credited
- 5 Nov 2026
- Promoter holding
- 87.3% before · 64.33% after
- Lead managers
- Hem Securities Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 27 Oct 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 30 Oct to 3 Nov, 2026 |
|---|---|
| Listing Date | Fri, Nov 6, 2026 (tentative) |
| Face Value | ₹ 10 per share |
| Price Band | ₹114 to ₹120 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 28,80,000 shares (agg. up to ₹ 35 Cr) |
|---|---|
| Reserved for Market Maker | 1,45,200 shares (agg. up to ₹ 2 Cr) |
| Fresh Issue (Ex Market Maker) | 21,80,800 shares (agg. up to ₹ 26 Cr) |
| Offer for Sale | 5,54,000 shares of ₹ 10 (agg. up to ₹ 7 Cr) |
| Net Offered to Public | 27,34,800 shares (agg. up to ₹ 33 Cr) |
| Share Holding Pre Issue | 85,32,713 shares |
| Share Holding Post Issue | 1,08,58,713 shares |
IPO Timetable (Tentative)
- IPO Open
- Fri, Oct 30, 2026
- IPO Close
- Tue, Nov 3, 2026
- Allotment
- Wed, Nov 4, 2026
- Refund
- Thu, Nov 5, 2026
- Credit of Shares
- Thu, Nov 5, 2026
- Listing
- Fri, Nov 6, 2026
Issue Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 2,400 | ₹2,88,000 |
| Individual investors (IND) (Max) | 2 | 2,400 | ₹2,88,000 |
| S-HNI (Min) | 3 | 3,600 | ₹4,32,000 |
| S-HNI (Max) | 6 | 7,200 | ₹8,64,000 |
| B-HNI (Min) | 7 | 8,400 | ₹10,08,000 |
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
About HGS (India) Ltd.
Incorporated in 1986, HGS (India) Limited is engaged in the manufacturing of geophysical equipment and components used in seismic and geoscience applications.
The company was established in technical and financial collaboration with Geosource Inc., USA, and operates under the brand name "HG".
The company's product portfolio includes geophones, geophone strings, seismic cables, connectors, and a range of seismic accessories such as seismographs, seismometers, accelerographs, and related equipment.
These products are designed for applications across oil & gas exploration, mineral exploration, defence research, earthquake seismology, and infrastructure monitoring.
The company has a manufacturing facility in Manesar, Haryana, equipped with precision assembly lines, injection moulding machines, and cable manufacturing capabilities. It has also undertaken backward integration by producing key components in-house.
As of September 30, 2025, the company serves customers across 21 countries and caters to 146 domestic and international clients.
The company has 161 permanent employees.
Company Financials (Restated Consolidated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 111.37 | 104.04 | 113.70 | 114.52 |
| Total Income | 28.13 | 53.45 | 37.93 | 33.77 |
| Profit After Tax | 6.82 | 10.51 | 4.00 | 3.67 |
| EBITDA | 10.21 | 15.31 | 6.16 | 6.37 |
| NET Worth | 87.72 | 85.16 | 95.04 | 94.52 |
| Reserves and Surplus | 90.53 | 87.97 | 95.47 | 94.96 |
| Amount in ₹ Crore |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the capital expenditure towards replacement of plant and machinery for our existing manufacturing facility at Manesar, Gurugram | 18.50 |
| 2 | Funding the capital expenditure towards Backward Integration for setting up in-house gold plating facility | 1.05 |
| 3 | Funding the capital expenditure towards Infrastructural development of building on 3rd Floor at our existing manufacturing facility at Manesar, Gurugram | 4.73 |
| 4 | Pursuing unidentified acquisitions and general corporate purpose | — |
| Total | 24.28 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
ROCE
RoNW
PAT Margin
EBITDA Margin
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROCE | 10.79% | 16.23% |
| RoNW | 7.77% | 12.34% |
| PAT Margin | 26.04% | 31.19% |
| EBITDA Margin | 38.99% | 21.40% |
| NAV | 102.81 | 85.99 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 12.31 | 12.55 |
| Market Cap at Offer Price | - | - |
Shareholding Structure
Pre IPO
- Promoter and Promoter Group87.3%
- Public12.70%
Post IPO
- Promoter and Promoter Group64.33%
- Public35.67%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 87.3% | 64.33% |
| Public | 12.70% | 35.67% |
| Total | 100% | 100% |
Company Promoters: Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel and Sowar Pvt.Ltd..
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Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Pawan Singh | Promoter | 2,85,120 | 3.42 |
| Anjali Singh | Promoter | 1,20,960 | 1.45 |
| Trishna Singh | Promoter | 27,213 | 0.33 |
| Beena Dosija | Other | 24,900 | 0.30 |
| Karan Singh | Promoter | 21,434 | 0.26 |
| Preneet Kaur | Other | 19,166 | 0.23 |
| Anil Seth | Other | 14,197 | 0.17 |
| Archna Dosija | Other | 12,600 | 0.15 |
| Girrendra Kaur | Other | 10,000 | 0.12 |
| Veena Uttamsingh | Other | 9,892 | 0.12 |
| Anil Henrik Ramel Singh | Promoter | 4,259 | 0.05 |
| Chaya Cecilia Ramel Homann | Promoter | 4,259 | 0.05 |
| Total | — | 5,54,000 | 6.65 |
HGS (India) IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Registrar
Kfin Technologies Ltd.
040-79615565
hgs.ipo@kfintech.com
IPO Lead Manager(s)
Hem Securities Ltd.
Contact Details
HGS (India) Ltd. Address
Portion-2, First & Second Floor,
A-259,
Defence Colony
New Delhi, New Delhi , 110024
011-46066604
cs@hgsindia.com
HGS (India) IPO in the news
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HGS (India): common questions
Answered from this issue's own record.
