HGS (India) IPO Details

Bookbuilding IPO | ₹35 Cr | Listing at NSE SME | Fri, Oct 30, 2026 - Tue, Nov 3, 2026 (O)

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HGS (India) IPO is a book build issue of ₹34.56 crores. The issue is a combination of fresh issue of 23.26 lakh shares aggregating to ₹27.91 crores and offer for sale of 5.54 lakh shares aggregating to ₹6.65 crores.

HGS (India) IPO bidding opened for subscription on Oct 30, 2026 and will close on Nov 3, 2026. The allotment for the HGS (India) IPO is expected to be finalized on Nov 4, 2026. HGS (India) IPO will list on the NSE SME with a tentative listing date fixed as Nov 6, 2026.

HGS (India) IPO is set issue price band at ₹114 to ₹120 per share. The lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,88,000 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹4,32,000.

Hem Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The Market Maker of the company is Hem Finlease Pvt.Ltd.

Refer to HGS (India) IPO RHP for detailed Information.

To be declared

Fri, Oct 30, 2026

IPO Close

Tue, Nov 3, 2026

Price Band

₹114 to ₹120

Market Cap

₹130.30 Cr * on Upper Price

IPO Date

30 Oct to 3 Nov, 2026
Listing Date

Fri, Nov 6, 2026 (T)
Face Value

₹10 per share
Price Band

₹114 to ₹120
Lot Size

1,200 Shares
Sale Type

Fresh capital cum OFS
Issue Type

Bookbuilding IPO
Listing At

NSE SME

Total Issue Size

28,80,000 shares (agg. up to ₹35 Cr)
Reserved for Market Maker

1,45,200 shares (agg. up to ₹2 Cr) Hem Finlease Pvt.Ltd.
Fresh Issue (Ex Market Maker)

21,80,800 shares (agg. up to ₹26 Cr)
Offer for Sale

21,80,800 shares (agg. up to ₹26 Cr)
Net Offered to Public

27,34,800 shares (agg. up to ₹33 Cr)
Share Holding Pre Issue

85,32,713 shares
Share Holding Post Issue

1,08,58,713 shares

IPO Timetable (Tentative)

IPO Open

Fri, Oct 30, 2026
Allotment

Wed, Nov 4, 2026
Credit of Shares

Thu, Nov 5, 2026

IPO Close

Tue, Nov 3, 2026
Refund

Thu, Nov 5, 2026
Listing

Fri, Nov 6, 2026

Issue Reservation

HGS (India) IPO comprises a total issue size of 36,93,600 shares. The net offer to the public is 35,48,400 shares, after excluding 1,45,200 shares allotted on a firm basis. Of the Net offer 21,74,400 (61.28%) are allocated to QIB, 4,14,000 (11.67%) allocated to NII 9,60,000 (27.05%) allocated to RII.

Investor Category	Shares	% of Net Issue	% of Total Issue
QIB	21,74,400	61.28%	58.87%
− Anchor Investor	8,13,600		22.03%
− QIB (Ex. Anchor)	13,60,800		36.84%
NII (HNI)	4,14,000	11.67%	11.21%
− bNII > ₹10L	2,73,600		7.41%
− sNII < ₹10L	1,40,400		3.80%
Retail	9,60,000	27.05%	25.99%
Firm Reservations
Market Maker	1,45,200		3.93%
Total	36,93,600	100.00%

IPO Lot Size

Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.

Application	Lots	Shares	Amount
Individual investors (IND) (Min)	2	2400	₹2,88,000
Individual investors (IND) (Max)	2	2400	₹2,88,000
S-HNI (Min)	3	3600	₹4,32,000
S-HNI (Max)	6	7200	₹8,64,000
B-HNI (Min)	7	8400	₹10,08,000

IPO Anchor Investors

HGS (India) IPO raises ₹9.76 crore from anchor investors. HGS (India) IPO Anchor bid date is October 29, 2026.
📝 Anchor Investors Letter (PDF)

Bid Date	Thu, Oct 29, 2026
Shares Offered	8,13,600
Anchor Portion (₹ Cr.)	9.76
Anchor lock-in period end date for 50% shares (30 Days)	Fri, Dec 4, 2026
Anchor lock-in period end date for remaining shares (90 Days)	Tue, Feb 2, 2027

Anchor Investor Category-wise Allotment

Category	Amount (Rs.Cr.)	Allotment %
AIF	8.76	89.68
NBFC	1.01	10.32
Total	9.76	100.00

About HGS (India) Ltd.

HGS (India) Limited (HGSI), incorporated in February 1986, manufactures geophones, geophone strings, seismic cables, connectors and accessories used in seismic data collection and geophysical equipment. Established in technical and financial collaboration with Geosource Inc., USA, the company operates under the “HG” brand.

Its products are used in oil and gas exploration, mineral exploration, defence research, earthquake monitoring, vibration analysis and other geoscience applications. The company also manufactures cables and connectors for resistivity meters and radar equipment.

HGS (India) has developed in-house manufacturing capabilities, including cable extrusion lines and injection moulding machines, enabling it to manufacture critical components and maintain quality control. Its manufacturing facility is located in Manesar, Haryana, and is equipped with precision assembly, coil winding, magnetising and testing facilities. The company is ISO 9001:2015 certified, holds ZED Gold Certification and is recognised as a 100% Export Oriented Unit by the Noida Special Economic Zone (NSEZ).

The company exports its products to several countries across North America, Europe, Asia, Africa and other regions. In 2015, it established its wholly owned subsidiary, HGS Products B.V., in the Netherlands to strengthen its international sales and customer support.

Strengths

Wide Product Portfolio: Offers a diverse range of geophones, seismic cables, connectors and geophysical equipment for multiple industries.
Technical Expertise: Has specialised engineering and manufacturing capabilities for precision components and customised products.
Established Customer Relationships: Maintains long-standing relationships with customers in the seismic and energy sectors.
Focus on Quality: Follows established quality management standards and holds ISO 9001:2015 and ZED Gold certifications.
Strong Supply Chain: Has an established sourcing network and in-house component manufacturing capabilities.
Experienced Management: Benefits from experienced promoters and a professional management team.

Company Financials (Restated Consolidated)

HGS (India) Ltd.’s revenue decreased by 8% and profit after tax (PAT) rose by 11% between the financial year ending with March 31, 2026 and March 31, 2025. (Amount in ₹ Crore)

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
Reserves and Surplus	91.80	90.66	87.97	95.47

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

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

Key Performance Indicator (KPI)

KPI	Apr 30, 2025	Mar 31, 2026
ROE	1.24%	13.35%
ROCE	1.60%	17.13%
RoNW	1.23%	13.04%
PAT Margin	35.80%	25.77%
EBITDA Margin	50.81%	37.40%
NAV	105.96	104.63
P/B (x)	1.13	1.15

IPO Valuation

Valuation Metric	Pre IPO	Post IPO
EPS (₹)	13.64	12.29
P/E (x)	8.8	9.76
Market Cap at Offer Price	₹102.39 Cr.	₹130.30 Cr.

The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of April 30, 2026 available in RHP.

Shareholding Structure

Category	Pre IPO	Post IPO
Promoter and Promoter Group	87.3%	64.33%
Public	12.70%	35.67%
Total	100%	100%

Company Promoters: Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel and Sowar Pvt.Ltd..

Offer For Sale – Selling Shareholders

Name	Category	No. of Shares Offered	Amount (₹ cr.)
Pawan Singh	Promoter	2,85,120	3.42
Anjali Singh	Promoter	1,20,960	1.45
Trishna Singh	Promoter	27,213	0.33
Beena Dosija	Other	24,900	0.30
Karan Singh	Promoter	21,434	0.2

HGS (India) IPO Recommendations

Review By	Subscribe	May Apply	Neutral	Avoid
Brokers	0	0	0	0
Members	0	0	0	0

IPO Subscription Status

The HGS (India) IPO is subscribed 0.05 times on October 30, 2026 12:19:59 PM (Day 1). The public issue subscribed 0.09 times in the individual investors category, 0.00 times in the QIB category, and 0.12 times in the NII category. Check Day by Day Subscription Details (Live Status)

Category	Subscription (x)	Shares Offered	Shares bid for	Total Applications
QIB (Ex Anchor)	0.00	13,60,800	0	0
NII*	0.12	4,14,000	50,400	0
bNII (> ₹10L)	0.17	2,73,600	46,800	0
sNII (< ₹10L)	0.03	1,40,400	3,600	0
Individual Investor	0.09	9,60,000	86,400	36
Total	0.05	27,34,800	1,36,800	42

Total Applications: 42

*Market Maker portion is not included to NII/HNI.

📰 HGS (India) Ltd. – News Updates

HGS (India) IPO Raises Rs 9.76 crore from Anchor Investors
HGS (India) IPO Day 1 Subscription: Booked 0.04x So Far
HGS (India) IPO Opens Today: Price Band, Lot Size & Key Details
IPO Alert: HGS (India) Ltd. Set to Hit the Primary Market Soon

IPO Registrar

Kfin Technologies Ltd.

040-79615565
hgs.ipo@kfintech.com
Visit Website

IPO Lead Manager(s)

Hem Securities Ltd.

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

Contact Details

HGS (India) Ltd. Address

Portion-2, First & Second Floor,

A-259,

Defence Colony

New Delhi, New Delhi, 110024

011-46066604
cs@hgsindia.com
Visit Website

IPO FAQs

What is the HGS (India) IPO?

HGS (India) IPO is a SME IPO of 28,80,000 equity shares of the face value of ₹10 aggregating up to ₹35 Crores. The issue is priced at ₹114 to ₹120. The minimum order quantity is 1200.

The IPO opens on Fri, Oct 30, 2026, and closes on Tue, Nov 3, 2026.

Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.

How to apply in HGS (India) IPO through Angel One?

Angel One customers can apply for the HGS (India) IPO online through the Kite platform under the IPO & Bids section using UPI as the payment method.

Steps to Apply for HGS (India) IPO through Angel One

Log in to your Angel One Kite account.
On the home page, click IPO & Bids in the top menu.
Select the IPO tab and find the HGS (India) IPO in the list.
Click Apply next to the IPO.
Enter your UPI ID, bid quantity, and bid price.
Submit the IPO application.
Open your UPI app and approve the mandate to complete the application process.
For more details, visit the Angel One IPO Application Process Review.

When HGS (India) IPO will open?

The HGS (India) IPO opens on Fri, Oct 30, 2026 and closes on Tue, Nov 3, 2026.

What is the lot size of HGS (India) IPO?

HGS (India) IPO lot size is 1200, and the minimum amount required for application is ₹2,88,000, with 2 lots being the minimum application size.

How to apply for HGS (India) IPO?

You can apply in HGS (India) IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is HGS (India) IPO allotment?

The finalization of Basis of Allotment for HGS (India) IPO will be done on Wednesday, November 4, 2026, and the allotted shares will be credited to your demat account by Thu, Nov 5, 2026. Check the HGS (India) IPO allotment status.

When is HGS (India) IPO listing date ?

The HGS (India) IPO listing date is not yet announced. The tentative date of listing is Fri, Nov 6, 2026.