HGS (India) IPO: dates, price band, lot size and GMP
HGS (India) IPO opens 30 Oct – 3 Nov 2026 on the SME, price band ₹114 – ₹120, lot 1,200 shares, no GMP reported yet. Allotment 4 Nov, listing 6 Nov.
Listing date: HGS (India) IPO is scheduled to list on 6 Nov on NSE SME.
Updated 28 Oct 2026, 20:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 222 IPOs on its calendar; the HGS (India) IPO has a price band of ₹114 – ₹120, a lot of 1,200 shares and no grey-market premium reported yet as of 28 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 30 Oct – 3 Nov 2026 |
| Price band | ₹114 – ₹120 |
| Lot size | 1,200 shares |
| Issue size | ₹34.56 Cr |
| Fresh issue | ₹26.17 Cr |
| Offer for sale | ₹6.65 Cr |
| Subscription | — |
| Registrar | Kfin Technologies Ltd. |
| Lead managers | Hem Securities Ltd. |
| Status | Upcoming |
Timeline
- Issue opens: 30 Oct
- Issue closes: 3 Nov
- Allotment: 4 Nov
- Refunds: 5 Nov
- Demat credit: 5 Nov
- Listing: 6 Nov
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE SME |
| Market cap at the upper band | ₹130.3 Cr |
| P/E (pre-issue) | 8.8x |
| P/E (post-issue) | 9.76x |
| Fresh issue (shares) | 21,80,800 |
| Offer for sale (shares) | 5,54,000 |
| Total shares offered | 27,34,800 |
| Promoter holding pre-issue | 87.3% |
| Promoter holding post-issue | 64.33% |
| Promoters | Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel, Sowar Pvt.Ltd. |
| Lead managers | Hem Securities Ltd. |
| Registrar phone | 040-79615565 |
| Registrar email | hgs.ipo@kfintech.com |
| Company website | hgsindia.com |
| Anchor bid date | 29 Oct 2026 |
| Anchor lock-in ends (50%) | 4 Dec 2026 |
| Anchor lock-in ends (remaining) | 2 Feb 2027 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 2,400 | ₹2,88,000 |
| Retail (maximum) | 2 | 2,400 | ₹2,88,000 |
| sNII (minimum) | 3 | 3,600 | ₹2,88,000 |
| bNII (minimum) | 3 | 3,600 | ₹10,08,000 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| QIB | — | — | Not more than 50% of the Net Offer |
| NII (HNI) | — | — | Not less than 15% of the Net Offer |
| Retail | — | — | Not less than 35% of the Net Offer |
| Market Maker | — | 1,45,200 |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹13.64 |
|---|---|
| EPS (post-issue) | ₹12.29 |
| P/E (pre-issue) | 8.8x |
| P/E (post-issue) | 9.76x |
| RoNW | 13.04% |
| RoCE | 17.13% |
| RoE | 13.35% |
| PAT margin | 25.77% |
| EBITDA margin | 37.4% |
| Price / book | 1.15x |
| NAV per share | ₹104.63 |
| Market cap (upper band) | ₹130.3 Cr |
Financials (₹ Cr)
| Metric | 30 Apr 2026 | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|---|
| Assets | 111.9 | 110.12 | 104.04 | 113.7 | +5.8% |
| Total Income | 3.79 | 48.91 | 53.45 | 37.93 | −8.5% |
| Profit After Tax | 1.11 | 11.64 | 10.51 | 4 | +10.8% |
| EBITDA | 1.58 | 16.89 | 15.31 | 6.16 | +10.3% |
| NET Worth | 90.41 | 89.27 | 85.16 | 95.04 | +4.8% |
| Reserves and Surplus | 91.8 | 90.66 | 87.97 | 95.47 | +3.1% |
About HGS (India)
HGS (India) Limited is engaged in the manufacturing of geophysical instruments and components used in seismic surveys and geoscience-related applications.
Established through technical and financial collaboration with Geosource Inc., USA, the company markets its products under the "HG" brand.
Its product range comprises geophones, geophone strings, seismic cables, connectors, and various seismic instruments and accessories, including seismographs, seismometers, and accelerographs.
The company's products cater to a wide range of applications, including oil and gas exploration, mineral exploration, defence research, earthquake studies, and infrastructure monitoring.
HGS (India) Limited operates a manufacturing facility in Manesar, Haryana, featuring precision assembly lines, injection moulding equipment, and cable manufacturing facilities. The company has also strengthened its manufacturing capabilities through backward integration, enabling in-house production of key components.
As of September 30, 2025, the company served 146 domestic and international clients across 21 countries.
Objects of the issue
- Funding the capital expenditure towards replacement of plant and machinery for our existing manufacturing facility at Manesar, Gurugram — ₹15.05 Cr
- Funding the capital expenditure towards Backward Integration for setting up in-house gold plating facility — ₹1.05 Cr
- Funding the capital expenditure towards Infrastructural development of building on 3rd Floor at our existing manufacturing facility at Manesar, Gurugram — ₹3.26 Cr
- Pursuing unidentified acquisitions and general corporate purpose
Net proceeds: ₹19.36 Cr
Strengths (per the offer document)
- Wide product portfolio catering to various end user industries — Our Company offers a comprehensive range of products for the seismic industry within the energy and geoscience sector.
- Precision engineering expertise with complex product manufacturing capabilities — We possess around 40 years of manufacturing experience, inherited from foundational partnerships with a global Company Geosource Inc.
- Long term and well-established relationships with customers — Our Company has developed long-standing and stable relationships with customers engaged in seismic surveys, exploration activities, and geoscience applications, primarily through consistent product…
- Focus on Quality Assurance — Our facility is ISO 9001:2015 certified with Quality Management System issued by TUV SUD.
- Established supply chain and sourcing network — We possess a reliable supply chain network.
- Experienced Promoters and professional management team — Our growth has been fostered by the entrepreneurial spirit of our promoters and senior management along with a team of qualified employees.
Risk factors (as disclosed by the company)
- Our reliance on certain industries for a significant portion of our sales could have an adverse effect on our business — We are engaged in the business of manufacturing geophones, seismic cables, and connectors for the seismic industry within the energy and geoscience sector.
- We are subject to strict quality requirements, customer inspections and audits — Our Company manufactures a wide range of critical assemblies and precision components with close tolerances through its precision machining, assembly, and specialized fabrication facilities, for…
- We may be subject to risks associated with product warranty — We are subject to risks and costs associated with product warranties, supply of defective products within the warranty periods stipulated for our products.
- Our business is dependent on our manufacturing facility and we are subject to certain risks in our manufacturing process — We operate from our manufacturing facility situated at Manesar, Haryana, utilizing machinery including precision assembly lines, injection moulding units for ruggedized casing, and coil winding and…
- The industry where our Company operates requires deployment of skilled and technical employees including labour workforce and our success depends largely upon… — We have in our team skilled and semiskilled personnel who are abreast with our manufacturing activities.
- Inventories and trade receivables form a major part of our current assets — Inventories and trade receivables form a major part of our current assets.
- Our Company is dependent on limited number of suppliers for procurement of raw materials and components — We manufacture our products utilizing raw materials like: plastic granules, copper, brass, aluminium and stainless steel and mild steel and special conductors.
- We depend on our technical expertise to manufacture and develop products and if we are unable to keep our technical knowledge and process know-how confidential — We possess around 40 years of manufacturing experience, inherited from foundational partnerships with a global Company Geosource Inc.
From the DRHP (strengths pages 144–147, risk factors pages 27–33). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF)
Track this issue
- HGS (India) IPO GMP today and trend
- HGS (India) IPO subscription status, day by day
- HGS (India) IPO allotment status and how to check
Frequently asked questions
When does the HGS (India) IPO open and close?
The issue is scheduled for 30 Oct – 3 Nov 2026.
What is the HGS (India) IPO price band?
The price band is ₹114 – ₹120 per share with a lot size of 1,200 shares.
How big is the HGS (India) IPO?
The total issue size is ₹34.56 Cr, of which ₹26.17 Cr is a fresh issue and ₹6.65 Cr an offer for sale.
When will HGS (India) list?
The tentative listing date is 6 Nov on the SME platform.
How do I apply for the HGS (India) IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), HGS (India) · as filed with SEBI · nsearchives.nseindia.com
- Registrar allotment page, Kfin Technologies Ltd. · allotment 4 Nov · ipostatus.kfintech.com
- NSE public issues page · listing 6 Nov · nseindia.com
- HGS (India) company website · hgsindia.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 28 Oct, 14:06 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “HGS (India) IPO”, https://buyunlistedshares.com/ipo/hgs-india-ipo, as of 28 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. Data as of 28 Oct 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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