HGS (India) IPO: Price Band, Lot Size, Financials & Review
HGS (India) IPO is open for subscription until Tue, 3 Nov 2026. It is subscribed 1.16x overall so far (Day 1 of 3). The price band is ₹114 – ₹120 with a lot of 1200 shares, so one retail lot costs ₹2,88,000 at the upper band. The latest GMP is +₹30 (+25.00%), implying an estimated listing price of ₹150.
- Open Date
- 30 Oct 2026
- Close Date
- 3 Nov 2026
Last updated
- Price band
- ₹114 – ₹120
- Lot size
- 1,200 shares
- Min. investment
- ₹2,88,000
- Issue size
- ₹34.56 Cr
- GMP
- +₹30
- Subscribed
- 🔥 1.16x
HGS (India) IPO details
HGS (India) IPO is a ₹34.56 Cr book-building IPO on the SME segment, listing on NSE. It combines a fresh issue of ₹27.91 Cr (80.76%) with an offer for sale of ₹6.65 Cr (19.24%) by existing shareholders. Only the fresh issue money goes to the company.
The issue opened on Fri, 30 Oct 2026 and closes on Tue, 3 Nov 2026. Allotment is expected on Wed, 4 Nov 2026 and listing on Fri, 6 Nov 2026.
The price band is ₹114 to ₹120 per share and the lot size is 1200 shares, so the minimum retail application is ₹2,88,000. Retail investors can apply for up to 2 lots (2,400 shares, ₹2,88,000).
KFin Technologies Limited is the registrar, and Hem Securities Ltd. is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The latest HGS (India) IPO GMP is +₹30 as of 31 Oct (+25.00% against the upper price band of ₹120), implying an estimated listing price of ₹150. Across 2 days of tracking, GMP ranged from +₹30 (30 Oct) to +₹30 (30 Oct).
| Latest GMP | +₹30 |
|---|---|
| GMP vs upper band | +25.00% |
| Estimated listing price | ₹150 |
| Highest (30 Oct) | +₹30 |
| Lowest (30 Oct) | +₹30 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the HGS (India) IPO day-wise GMP.
Subscription
Day-wise subscription →HGS (India) IPO is subscribed 1.16x overall so far (Day 1 of 3): QIB 1.77x, NII 1.24x and retail 0.25x.
| Category | Subscribed |
|---|---|
| QIB | 1.77x |
| NII | 1.24x |
| └ bNII (above ₹10 lakh) | 3.56x |
| └ sNII (₹2–10 lakh) | 0.05x |
| Retail | 0.25x |
| Total | 1.16x |
Cumulative figures as of Day 1 of 3; updated during bidding hours. Category-wise bids, application-wise breakup and allotment chances are on the HGS (India) IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 8,13,600 | 22.93% |
| Qualified Institutions | 13,60,800 | 38.35% |
| Non-Institutional | 4,14,000 | 11.67% |
| └ SNII | 2,73,600 | 7.71% |
| └ BNII | 1,40,400 | 3.96% |
| Retail Investors | 9,60,000 | 27.05% |
| Total | 35,48,400 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
HGS (India) IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,88,000 |
| Retail (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 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹27.91 Cr (80.76%) with an offer for sale of ₹6.65 Cr (19.24%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹120, the issue is priced at 8.80x pre-issue earnings and 9.76x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Promoter holding falls from 87.30% before the issue to 64.33% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹13.64 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 8.80x |
| EPS (post-issue) EPS on the enlarged share capital | ₹12.29 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 9.76x |
| Promoter holding (pre-issue) | 87.30% |
| Promoter holding (post-issue) | 64.33% |
HGS (India) Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income fell from ₹53.45 Cr to ₹48.91 Cr, and profit after tax rose from ₹10.51 Cr to ₹11.64 Cr. The PAT margin for 31 Mar 2026 was 23.80%.
| Period ended | 30 Apr 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 111.90 | 110.12 | 104.04 | 113.70 |
| Total Income | 3.79 | 48.91 | 53.45 | 37.93 |
| Profit After Tax | 1.11 | 11.64 | 10.51 | 4.00 |
| EBITDA | 1.58 | 16.89 | 15.31 | 6.16 |
| Net Worth | 90.41 | 89.27 | 85.16 | 95.04 |
| Reserve & Surplus | 91.80 | 90.66 | 87.97 | 95.47 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | 30 Apr 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| ROE % | 1.24 | 13.35 | 11.66 | 4.22 |
| ROCE % | 1.60 | 17.13 | 16.06 | 4.88 |
| RoNW % | 1.23 | 13.04 | 12.34 | 4.21 |
| Pat Margin % | 35.80 | 25.77 | 21.40 | 11.27 |
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the capital expenditure towards replacement of plant and machinery for our existing manufacturing facility at Manesar, Gurugram | 15.05 |
| 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 | 3.26 |
| 4 | Pursuing unidentified acquisitions and general corporate purpose | — |
| Total | 19.36 |
About HGS (India) Limited
Incorporated in 1986, HGS (India) Limited is engaged in the manufacturing of geophysical equipment and components for seismic and geoscience applications. The company was established through technical and financial collaboration with Geosource Inc., USA, and markets its products under the brand name “HG.”
Its product portfolio comprises geophones, geophone strings, seismic cables, connectors, and various seismic instruments and accessories, including seismographs, seismometers, and accelerographs. These products cater to a wide range of applications, including oil and gas exploration, mineral exploration, defence research, earthquake seismology, and infrastructure monitoring.
The company operates a manufacturing facility in Manesar, Haryana, equipped with precision assembly lines, injection moulding machines, and cable manufacturing facilities. It has also pursued backward integration by manufacturing key components in-house, supporting its production capabilities.
As of September 30, 2025, HGS (India) Limited serves customers across 21 countries, catering to a total of 146 domestic and international clients. The company has a workforce of 161 permanent employees.
Promoters
- Anil Dass
- Shashi Singh
- Cecilia Margareta Singh Ramel
- Sowar Private Limited
Contact details
HGS (India) Ltd.
Portion-2, First & Second Floor,
A-259,
Defence Colony
New Delhi, New Delhi, 110024
Telephone: 011- 46066604
Email: cs@hgsindia.com
Website:http://www.hgsindia.com/
HGS (India) IPO FAQs
- What is the HGS (India) IPO price band?
- The HGS (India) IPO price band is ₹114 to ₹120 per share.
- What is the HGS (India) IPO lot size and minimum investment?
- The HGS (India) IPO lot size is 1200 shares. The minimum retail investment is ₹2,88,000 for one lot at the upper price band. Retail investors can apply for up to 2 lots (2,400 shares), costing ₹2,88,000.
- When does HGS (India) IPO close?
- HGS (India) IPO opened on Fri, 30 Oct 2026 and closes on Tue, 3 Nov 2026.
- What is the HGS (India) IPO subscription status?
- HGS (India) IPO is subscribed 1.16x overall so far (Day 1 of 3): QIB 1.77x, NII 1.24x and retail 0.25x. Day-wise and category-wise figures are on the subscription page.
- What is the HGS (India) IPO GMP today?
- The latest HGS (India) IPO GMP is +₹30 as of 31 Oct (+25.00% against the upper price band of ₹120), implying an estimated listing price of ₹150. Across 2 days of tracking, GMP ranged from +₹30 (30 Oct) to +₹30 (30 Oct). GMP is an unofficial grey market indicator and can change quickly.
- What is the HGS (India) IPO allotment date?
- The HGS (India) IPO basis of allotment is expected on Wed, 4 Nov 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the HGS (India) IPO listing date?
- HGS (India) IPO is expected to list on NSE on Fri, 6 Nov 2026.
- Is the HGS (India) IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹27.91 Cr (80.76%) with an offer for sale of ₹6.65 Cr (19.24%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the HGS (India) IPO?
- The registrar for the HGS (India) IPO is KFin Technologies Limited, and the book running lead manager is Hem Securities Ltd..
- How to apply for the HGS (India) IPO?
- Apply through your broker app or net banking using UPI or ASBA. Select the IPO, enter the number of lots and your bid (retail investors can bid at the cut-off price), and approve the UPI mandate before the issue closes on Tue, 3 Nov 2026.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.