HGS (India) IPO Opens: SME Dates, Price Band & Details (2026)
· 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
HGS (India) Limited opens its ₹34.56 Cr SME IPO on 30 Oct 2026. Key details from the DRHP include a price band of ₹114–₹120 per share, a lot size of 1,200 shares, objects of the issue, and financial facts.
Direct answer: The HGS (India) SME IPO opens for subscription on 30 Oct 2026 and closes on 3 Nov 2026. The issue features a price band of ₹114 to ₹120 per share with a lot size of 1,200 shares, requiring a minimum retail investment of ₹1,44,000. Total issue size is ₹34.56 Cr on NSE SME.
Source: DRHP filed with NSE.
HGS (India) IPO: Issue Terms and Key Dates
HGS (India) Limited has announced the issue schedule and pricing details for its upcoming initial public offer on the NSE SME platform. The offer opens on 30 Oct 2026 and closes on 3 Nov 2026. The allotment of shares is scheduled for 4 Nov 2026, with initiation of refunds and credit of shares to demat accounts on 5 Nov 2026. The listing date is expected on 6 Nov 2026.
| Item | Value | As of |
|---|---|---|
| Price band | ₹114 – ₹120 | 27 Oct 2026 |
| Lot size | 1200 shares | 27 Oct 2026 |
| Minimum application | ₹1,44,000 | 27 Oct 2026 |
| Issue size | ₹34.56 Cr | 27 Oct 2026 |
| Fresh issue | ₹26.2 Cr | 27 Oct 2026 |
| Offer for sale | ₹6.7 Cr | 27 Oct 2026 |
| Exchange | NSE SME | 27 Oct 2026 |
| Issue type | SME | 27 Oct 2026 |
| Face value | ₹10 | 27 Oct 2026 |
| Opens | 30 Oct 2026 | 27 Oct 2026 |
| Closes | 3 Nov 2026 | 27 Oct 2026 |
| Allotment | 4 Nov 2026 | 27 Oct 2026 |
| Listing | 6 Nov 2026 | 27 Oct 2026 |
| Registrar | Kfin Technologies Ltd. | 27 Oct 2026 |
The price band for the book-built issue is fixed between ₹114 and ₹120 per share with a face value of ₹10 per equity share. The lot size is 1,200 shares. Based on the lot size and upper price band, the minimum retail application requires 1 lot (1,200 shares) amounting to ₹1,44,000. For high net-worth individuals (SHNI and BHNI), the minimum bidding requirement is 3,600 shares (3 lots).
The overall issue size is ₹34.56 Cr, consisting of 27,34,800 equity shares. This comprises a fresh issue component of ₹26.17 Cr (23,26,000 equity shares) and an offer for sale (OFS) of ₹6.65 Cr (5,54,000 equity shares). The allocation reservation is structured as not more than 50% of the net offer for Qualified Institutional Buyers (QIB), not less than 15% for Non-Institutional Investors (NII), and not less than 35% for Retail Individual Investors. Market makers are reserved 1,45,200 shares.
Pre-issue promoter shareholding stands at 87.3%, which will reduce to 64.33% post-issue. Promoters of the company include Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel, and Sowar Pvt. Ltd. The lead manager for the issue is Hem Securities Ltd., and the registrar is Kfin Technologies Ltd. You can check further updates on HGS (India) on BuyUnlistedShares or track upcoming market schedules on our IPO calendar.
Business Profile and Operations
Per the DRHP filed with NSE, HGS (India) Limited was established in 1986 under technical and financial collaboration with Geosource Inc., USA. The company manufactures geophysical instruments and components used in seismic surveys and geoscience-related applications. Its products are sold under the brand name "HG".
The company's product portfolio includes geophones, geophone strings, seismic cables, connectors, and geophysical instruments such as seismographs, seismometers, and accelerographs. These products cater to end-use applications across oil and gas exploration, mineral exploration, defence research, earthquake studies, and infrastructure monitoring.
HGS (India) operates a manufacturing unit in Manesar, Haryana, equipped with precision assembly lines, injection moulding machines, and coil winding and magnetizing equipment. The DRHP states that the company has implemented backward integration, incorporating wire and cable extrusion lines alongside 16 injection moulding machines for internal sub-assembly manufacturing. As of 30 Sep 2025, the company reported serving 146 domestic and international clients across 21 countries. It also operates a wholly-owned subsidiary, HGS Products B.V., in the Netherlands for international sales support. To track other corporate profiles, visit our Unlisted shares screener.
Objects of the Issue
The total gross proceeds from the fresh issue component equal ₹26.17 Cr. According to the DRHP filed with NSE, the net proceeds from the fresh issue will be deployed across the following key capital deployment objectives:
- Plant and machinery replacement: ₹15.05 Cr is allocated for funding capital expenditure towards the replacement of plant and machinery at the existing manufacturing facility in Manesar, Gurugram.
- In-house gold plating facility: ₹1.05 Cr is earmarked for capital expenditure towards setting up an in-house gold plating unit for backward integration.
- Infrastructure development: ₹3.26 Cr is allocated for building infrastructure development on the 3rd floor of the existing Manesar facility.
- Corporate acquisitions and general corporate purposes: The remaining net proceeds will be deployed toward general corporate purposes and potential unidentified acquisitions.
The company will not receive any funds from the Offer for Sale (OFS) portion of ₹6.65 Cr, as those proceeds will go directly to the selling shareholders.
Financial Performance
According to the restated financial statements in the DRHP filed with NSE, the company's financial metrics across recent reporting periods reflect the following figures:
- FY24 (year ended 31 Mar 2024): Total income was ₹37.93 Cr, EBITDA stood at ₹6.16 Cr, and Profit After Tax (PAT) was ₹4 Cr. Net worth stood at ₹95.04 Cr.
- FY25 (year ended 31 Mar 2025): Total income reached ₹53.45 Cr, EBITDA was ₹15.31 Cr, and PAT reached ₹10.51 Cr. Net worth was reported at ₹85.16 Cr.
- FY26 (year ended 31 Mar 2026): Total income stood at ₹48.91 Cr, EBITDA was ₹16.89 Cr, and PAT was ₹11.64 Cr. Net worth was recorded at ₹89.27 Cr.
- Part-year FY27 (period to 30 Apr 2026): Total income for this one-month period was ₹3.79 Cr, EBITDA was ₹1.58 Cr, and PAT was ₹1.11 Cr. Net worth stood at ₹90.41 Cr. This represents a part-year stub period and is not a full financial year figure.
Per the financial summary in the DRHP filed with NSE, total income rose from ₹37.93 Cr in FY24 to ₹53.45 Cr in FY25 before adjusting to ₹48.91 Cr in FY26, while profit after tax expanded from ₹4 Cr in FY24 to ₹11.64 Cr in FY26.
Risk Factors and Industry Peers
The DRHP filed with NSE highlights several business risk factors relevant to the company's operational context:
- Customer concentration risk: The company relies on specific key customers without long-term purchase agreements. For the period ended 30 Sep 2025, its top customer accounted for 37.58% of total revenue from operations, while the top five customers generated 67.72% of operational revenue.
- Single manufacturing location: All production activities are concentrated at a single manufacturing facility in Manesar, Haryana. Any operational interruption at this location could directly impact production and supply capabilities.
- Working capital intensity: Inventories and trade receivables constitute a major portion of current assets, exposing operations to cash flow reliance on timely collection.
- Quality and warranty exposure: The company manufactures critical precision equipment and operates under contractual product warranty terms, making it subject to customer inspections, strict compliance audits, and potential claims for defective parts.
- Supplier dependencies: Raw material procurement relies on a limited set of suppliers for core inputs such as plastic granules, copper, brass, aluminium, and specialized steels.
Peer Comparison: The DRHP explicitly states that there are no listed companies in India engaged in a business model similar to that of HGS (India) Limited. Consequently, no peer comparison accounting table is included in the offer document.
For information on other upcoming public issues in the SME market, read our articles on the Ajwa Projects IPO 2026: SME Issue Dates, Price Band & Lot Size and the Antala Industries IPO 2026: SME Opening Dates, Price Band & Details.
Frequently Asked Questions
What are the opening and closing dates for the HGS (India) IPO?
The issue opens for public subscription on 30 Oct 2026 and closes on 3 Nov 2026.
What is the price band and lot size for the issue?
The price band is fixed between ₹114 and ₹120 per equity share. The lot size is 1,200 shares, translating to a minimum retail application amount of ₹1,44,000 at the upper price band.
What is the total issue size and break-up between fresh issue and OFS?
The total issue size is ₹34.56 Cr (27,34,800 shares), consisting of a fresh issue of ₹26.17 Cr (23,26,000 shares) and an offer for sale (OFS) of ₹6.65 Cr (5,54,000 shares).
On which platform will HGS (India) shares be listed?
The shares are proposed to be listed on the NSE SME platform.
Who is the registrar and lead manager for the HGS (India) IPO?
Kfin Technologies Ltd. is the registrar for the issue, and Hem Securities Ltd. serves as the book running lead manager.
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Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
