HGS INDIA LTD. LIST AT 33 PERCENT PREMIUM

HGS HGS India shares made a strong debut on the stock market on November 6, listing at a premium of 33.33 percent over the initial public offering price on the NSE Emerge platform. The stock opened at Rs 160 per share, compared with its IPO issue price of Rs 120, delivering a listing gain of Rs 40 per share to investors who received an allotment. The listing was largely in line with grey market expectations. Ahead of its market debut, HGS India was commanding a grey market premium of around Rs 40 per share, suggesting a potential listing price of Rs 160, according to InvestorGain. However, the grey market is unofficial and unregulated, and GMP trends do not guarantee actual listing prices or returns. The company had set the IPO price band at Rs 114-120 per share. The allotment process was completed on November 4, while refunds and the credit of shares to investors' demat accounts were scheduled for November 5. HGS India plans to utilise Rs 15.05 crore from the net proceeds of its fresh issue to replace plant and machinery at its existing manufacturing facility in Manesar, Gurugram. Additionally, Rs 1.05 crore has been earmarked for establishing an in-house gold plating facility as part of the company's backward integration strategy. Established in 1986, HGS India manufactures geophones, geophone strings, seismic cables, geophysical connectors and accessories used in seismic data collection. The company operates a manufacturing facility in Manesar, Haryana, and brings nearly four decades of manufacturing experience. Its products cater to a diverse range of industries, including oil and gas exploration, defence research, mineral exploration, vibration monitoring, geophysical seabed surveys and earthquake seismology. The company also serves academic institutions and organisations involved in applied research.