- Summary
- The HGS (India) IPO is a book-building SME IPO, scheduled to open on 30 October 2026 and close on 3 November 2026.
- The tentative listing of the IPO shares is fixed on 6 November 2026 on the NSE SME platform.
- The price of the share is between ₹114 and ₹120 per share, with a minimum application of 2 lots (2,400 shares).
The HGS (India) IPO is a book-building SME public issue that will open on 30 October 2026 and close on 3 November 2026. The company has set a price band of ₹114 to ₹120 per share, with a face value of ₹10 per share. The issue includes a fresh issue of 23,26,000 shares and an offer for sale (OFS) of 5,54,000 shares, taking the total issue size to approximately ₹35 crore. The minimum application requirement for individual investors is fixed at 2 lots, or 2,400 shares, with an amount of ₹2,88,000. The tentative allotment date is 4 November 2026, and the shares are scheduled to list on the NSE SME platform on 6 November 2026.
HGS (India) IPO Key Details
The table below presents the essential details investors should know before applying for the HGS (India) IPO.
| IPO Open Date | 30 October 2026 |
| Close Date | 3 November 2026 |
| Face value | ₹10 per share |
| Issue Price Band | ₹114-₹120 per share |
| IPO Lot Size | 1,200 shares |
| Fresh issue | 23,26,000 shares |
| Offer for Sale | 5,54,000 shares |
| Type of issue | SME book-building |
| Listing at | NSE SME |
| Total Issue Size (₹ Crore) | ₹35 crores approx |
| Minimum Investment | 2 lots (2,400 shares) |
HGS (India) IPO Timeline
Below is the complete schedule of events for the HGS (India) IPO.
| Bid Opening | 30 October 2026 |
| Bid Closing | 3 November 2026 |
| Tentative Allotment | 4 November 2026 |
| Initiation of Refunds | 5 November 2026 |
| Credit of Shares to Demat | 5 November 2026 |
| Tentative Listing Date | 6 November 2026 |
| UPI mandate closing date | 3 November 2026 |
Key Performance Indicators of HGS (India) IPO
These financial ratios highlight the company’s profitability, capital efficiency, and overall financial performance over the past three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (%) | 13.35 | 11.66 | 4.22 |
| ROCE (%) | 17.13 | 16.06 | 4.88 |
| Debt Equity (in times) | _ | _ | _ |
| RoNW (%) | 13.04 | 12.34 | 4.21 |
| PAT Margin (%) | 25.77 | 21.40 | 11.27 |
| EBITDA margin (%) | 37.40 | 31.19 | 17.36 |
| Price to book | 1.15 | _ | _ |
HGS (India) IPO Financial Details
The Financial information of the HGS (India) IPO is as follows.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 45.16 | 49.08 | 35.48 |
| Total Asset | 110.13 | 104.04 | 113.70 |
| Profit | 11.64 | 10.51 | 4.00 |
HGS (India) IPO Subscription Status
| Date | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
| Oct 30 (Day 1) | 1.77 | 1.24 | 1.83 | 0.1 | 0.25 | 1.16 |
HGS (India) IPO Grey Market Premium (GMP)
The current status of the Grey Market Premium for the HGS (India) IPO shows a GMP of ₹0 with an estimated listing price of ₹120.
| GMP Date | GMP | Est. Listing Price on upper price-₹120.00 | Est. Profit* | Trend |
| 30-Oct 18:37 Sub: 1.16x O | ₹19 (15.83%) ─ | ₹139 | ₹22,800 | Initial |
GMP is the premium value of the IPO share in the unofficial market before it opens for subscription.
HGS (India) IPO Reservation
The following table shows the distribution of shares reserved for retail investors, QIBs, and NIIs under the IPO.
| Investor Category | Offered No. of Shares |
| QIBs | Not more than 50% of the net issue |
| NIIs | Not less than 15% of the net issue |
| Retails | Not less than 35% of the net issue |
| Total | 100% |
HGS (India) IPO Lot Sizes
Refer to the minimum and maximum investment requirements for each investor category as per the prescribed lot size.
| Application | Lot | Shares | Amount in ₹ |
| Individual Investor (Min) | 2 | 2,400 | 2,88,000 |
| Individual Investor (Max) | 2 | 2,400 | 2,88,000 |
| sHNI (Min) | 3 | 3,600 | 4,32,000 |
| sHNI (Max) | 6 | 7,200 | 8,64,000 |
| bHNI (Min) | 7 | 8,400 | 10,08,000 |
HGS (India) IPO Prospectus
Investors can access the offered prospectus for the HGS (India) IPO mentioned below.
About HGS (India) Ltd.
HGS (India) Limited is a manufacturing company that makes equipment used for seismic surveys and geophysical studies. Its product range includes geophones, seismic cables, connectors, and other related equipment. These products help collect and measure ground vibrations and seismic signals for activities such as oil and gas exploration, earthquake monitoring, and geophysical research.
The company was established in 1986 and has been operating in its manufacturing facility in Haryana. It supplies products to both domestic and international customers. Hence, exports are a significant part of its business. Its operations focus on producing specialised equipment used to collect seismic data and support exploration activities.
Promoters:
- Anil Dass
- Shashi Singh
- Cecilia Margareta Singh Ramel
- Sowar Pvt. Ltd.
| Book Runner | Hem Securities Ltd. |
| Issue Registrar | Kfin Technologies Ltd. |
Objectives of HGS (India) IPO
The company intends to deploy the funds raised through this public issue toward specific operational and strategic goals, as detailed in the table below.
| Particulars | Est. Amount in ₹ Crores |
| For funding the capital expenditure towards replacement of plant and machinery of manufacturing facility at Gurugram | 15.05 |
| For funding the capital expenditure towards Backward Integration for setting up an in-house gold plating set-up | 1.05 |
| For funding the capital expenditure towards infrastructural development of manufacturing facility at Gurugram | 3.26 |
| Pursuing unidentified acquisitions and general corporate purposes | – |
| Total | – |
HGS (India) Ltd.- Strengths and benefits
- Diverse range of products: HGS (India) manufactures geophones, seismic cables, connectors, seismographs, seismometers, and other geophysical equipment. This allows it to serve customers across several applications, including oil and gas exploration, earthquake monitoring, and mineral exploration.
- Experienced business: The company has operated since 1986 and has experience in manufacturing precision equipment. Its quality systems include ISO 9001:2015 certification and ZED Gold certification, which support its focus on product quality.
HGS (India) Ltd- Risks and limitations
- Top customer concentration: In FY 2025–26, the company’s top five customers contributed 60.21% of its revenue, while its top ten customers contributed 72.58%. The company also states that most customer relationships are not covered by long-term contracts. Losing major customers or receiving fewer orders could affect its revenue and profits.
- Single manufacturing unit: The production depends on a single manufacturing facility in Haryana. Hence, any hindrance, including unstable power supply, natural disaster, or factory shutdown, could affect its entire business and production.
- Dependence between export markets: The exports contributed around 84.22% of the total revenue in FY 2025–26. Any changes in the international trade rules, tariffs, currency movements, geopolitical tensions, or demand in overseas markets could affect the company’s business.
HGS (India) IPO Review
The HGS (India) IPO is an approximately ₹35 crore SME public IPO with a price band of ₹114–₹120 per share. The issue will remain open from 30 October to 3 November 2026, and the tentative allotment date is 4 November 2026. The minimum application for individual investors is 2 lots, or 2,400 shares, requiring ₹2,88,000 at the upper price band. While its profits and margins have improved over the last three financial years, its dependence on major customers and export markets remains important for investors to consider. The proposed listing date is fixed on the NSE on 6 November 2026.
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HGS (India) IPO FAQs
The HGS (India) IPO is an SME book-building public issue comprising a fresh issue of 23,26,000 shares and an offer for sale of 5,54,000 shares. The price band is ₹114–₹120 per share, and the shares are proposed to be listed on NSE Emerge.
Investors can apply through their stockbroker’s IPO platform or a supported banking application. Select the HGS (India) IPO, enter the number of lots and bid price, and submit the application using the ASBA process or UPI, as applicable. Ensure that the application details are correct and approve the UPI mandate before the deadline.
The HGS (India) IPO has both strengths and risks. The company has reported growth in profits and improved EBITDA margins. However, it depends heavily on export markets and a limited number of major customers. Investors should review its financial performance, IPO valuation, and risk factors before deciding whether to apply.
The HGS (India) IPO will open on 30 October 2026 and close on 3 November 2026.
The lot size is 1,200 shares. Individual investors must apply for at least two lots, or 2,400 shares.
The tentative allotment date for the HGS (India) IPO is 4 November 2026.
The HGS (India) IPO is tentatively scheduled to list on the NSE SME platform on 6 November 2026.
