HGS (India) Limited IPO Details
NSE - SMEListed
SMEGMP TodayLive
₹22(+18.3%)
Est. Listing: ₹142
7-Day Trend
7 days ago: ₹15Latest: ₹22
Price Band₹114 - ₹120Lot: 1,200 Shares
Min Outlay₹1,36,800Retail Category
Closes On03 Nov 2026Bidding Deadline
Total Demand248.66xSubscription Book
HGS (India) Limited IPO DetailsCore Specs
IPO Bidding Dates | 30 Oct 2026 to 03 Nov 2026 |
Allotment Date | 04 Nov 2026 |
Listing Date | 06 Nov 2026 |
Issue Price Band | ₹114 - ₹120 |
Market Lot Size | 1,200 Shares |
Face Value | ₹10 per share |
Total Issue Size | 28,80,000 Shares (₹34.56 Cr) |
Fresh Issue | 23,26,000 Shares (₹27.91 Cr) |
Offer For Sale (OFS) | 5,54,000 Shares (₹6.65 Cr) |
Listing Exchange(s) | NSE |
Pre-Issue Shares | 85,32,713 |
Post-Issue Shares | 1,08,58,713 |
Market Maker Portion | 1,45,200 Shares |
Lot(s) Distribution
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,88,000 |
| sHNI (Min) | 3 | 3,600 | ₹4,32,000 |
| bHNI (Min) | 7 | 8,400 | ₹10,08,000 |
Company Financials (In Crores)
| Period Ended | Apr-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Assets | 111.90 | 110.12 | 104.04 | 113.70 |
| Revenue | 3.79 | 48.91 | 53.45 | 37.93 |
| Net Worth | 90.41 | 89.27 | 85.16 | 95.03 |
| Borrowing | 0 | 0 | 0 | 0 |
| PAT | 1.11 | 11.64 | 10.51 | 4.00 |
| Reserves | 91.80 | 90.66 | 87.97 | 95.47 |
Key Performance Indicators (KPI)
| Metric | Apr-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| ROCE (%) | 1.60 | 17.13 | 16.06 | 4.88 |
| RONW (%) | 1.23 | 13.04 | 12.34 | 4.21 |
| EPS (₹) | 1.30 | 13.64 | 10.61 | 3.51 |
| P/E Ratio | 9.77 | 8.80 | - | - |
About HGS (India) Limited
Incorporated in 1986, HGS (India) Limited manufactures geophysical equipment and components used in seismic and geoscience applications. The company was set up in collaboration with Geosource Inc., USA, and operates under the brand name “HG”. Its product range includes geophones, geophone strings, seismic cables, connectors, and other equipment like seismographs, seismometers, and accelerographs, which are used in areas such as oil and gas exploration, mineral exploration, defence research, earthquake studies, and infrastructure monitoring. The company has a manufacturing facility in Manesar, Haryana, with advanced production capabilities and also produces key components in-house. As of September 30, 2025, it serves customers in 21 countries with a total of 146 domestic and international clients, and has a workforce of 161 permanent employees.
Strengths & Growth Drivers
- Wide Product Portfolio: The Company offers a broad range of seismic products, including geophones, seismic cables, connectors, seismographs and seismometers. This covers multiple stages of the seismic value chain and reduces dependence on any single product category or end-user segment.
- Precision Engineering Expertise: The Company benefits from around 40 years of manufacturing experience inherited from Geosource Inc. (USA). Its in-house capabilities include precision geophone assembly, cable extrusion, injection moulding and coil winding, supporting the production of complex and technically advanced products.
- Long-Term Customer Relationships: The Company has established stable relationships with seismic survey and exploration customers. It served 146 domestic and international customers in FY2025 and received repeat orders from around 29 customers over the last three fiscals and the stub period.
Risk Factors
- Customer Concentration: The Company relies heavily on key customers and does not have long-term contracts with them. Its top 10 customers contributed 79.49% of revenue during the stub period ended September 30, 2025, making the business vulnerable to the loss of major customers.
- Export and International Trade Risks: Exports accounted for 77.97% of revenue from operations during the stub period ended September 30, 2025. This exposes the Company to geopolitical uncertainties, tariff changes and currency fluctuations across international markets.
- Dependence on Key Products: Geophone Strings/Harness and Seismic Cables together contributed 79.48% of revenue from operations during the stub period ended September 30, 2025. This concentration exposes the Company to risks from declining demand or the availability of substitute products.
Company Promoters
- Anil Dass
- Shashi Singh
- Cecilia Margareta Singh Ramel
- Sowar Private Limited
Lead Manager(s)
Hem Securities Limited
Current GMP Today+₹22Live Unofficial Premium
Estimated Listing Price₹144022.00Cap Price (₹144000) + GMP (₹22)
Estimated Listing Gain+0.0%Expected ROI per Share
HGS (India) Limited Daily GMP Trend HistoryLive Daily Trend
| GMP Date | IPO Price | GMP (₹) | Est. Listing Price | Expected Gain (%) | Last Updated |
|---|---|---|---|---|---|
| 06 Nov 2026 | ₹120 | +₹22 | ₹142.00 | +18.3% | 04:26 AM |
| 05 Nov 2026 | ₹120 | +₹24 | ₹144.00 | +20.0% | 04:24 AM |
| 05 Nov 2026 | ₹120 | +₹34 | ₹154.00 | +28.3% | 06:19 AM |
| 04 Nov 2026 | ₹120 | +₹21.25 | ₹141.25 | +17.7% | 06:30 PM |
| 03 Nov 2026 | ₹120 | +₹21.25 | ₹141.25 | +17.7% | 06:30 PM |
| 02 Nov 2026 | ₹120 | +₹25.5 | ₹145.50 | +21.3% | 06:48 PM |
| 01 Nov 2026 | ₹120 | +₹25.5 | ₹145.50 | +21.3% | 06:48 PM |
| 31 Oct 2026 | ₹120 | +₹25.5 | ₹145.50 | +21.3% | 04:14 AM |
| 30 Oct 2026 | ₹120 | +₹16 | ₹136.00 | +13.3% | 06:30 PM |
| 29 Oct 2026 | ₹120 | ₹0 | ₹120.00 | 0.0% | 06:30 PM |
| 28 Oct 2026 | ₹120 | ₹0 | ₹120.00 | 0.0% | 04:31 AM |
| 27 Oct 2026 | ₹120 | ₹0 | ₹120.00 | 0.0% | 05:52 AM |
| 02 Apr 2026 | ₹120 | ₹0 | ₹0.00 | 0.0% | 08:38 AM |
Subscription Details (No. of Shares)Live Demand Book
| Category | Shares Offered | Shares Applied | Subscription Demand |
|---|---|---|---|
| QIB | 5,47,200 | 7,54,69,200 | 0x |
| NIB | 4,14,000 | 17,59,59,600 | 0x |
| HNIs(10L +) | 2,73,600 | 13,50,73,200 | 0x |
| HNIs (2-10L) | 1,40,400 | 4,08,86,400 | 0x |
| RETAIL | 9,60,000 | 22,62,88,800 | 0x |
Day Wise Subscription Details
| Day | Date | QIB (x) | NII (x) | Retail (x) | Total (x) |
|---|---|---|---|---|---|
| Day 1 | - | 0x | 0x | 0x | 0x |
| Day 2 | - | 0x | 0x | 0x | 0x |
| Day 3 | - | 0x | 0x | 0x | 0x |
IPO Reservation Breakup
| Investor Category | Shares Offered | Allocation (%) |
|---|---|---|
| Anchor | 8,13,600 | 28.25% |
| QIB | 5,47,200 | 19% |
| HNI | 4,14,000 | 14.38% |
| RETAIL | 9,60,000 | 33.33% |
| Market Maker | 1,45,200 | 5.04% |
Official IPO Documents & Filings
Red Herring Prospectus (RHP)
Complete issue guidelines, risks, financials, and company profile.
Draft Red Herring (DRHP)
Initial draft submitted to SEBI before price discovery.
HGS (India) Limited IPO Review & FAQ
Everything you need to know about IPO GMP, Kostak, and listing expectations.
As of today, HGS (India) Limited IPO Grey Market Premium (GMP) is trading at ₹22 per share. With an issue cap price of ₹120, the expected listing price is ₹142 (+18.3% gain).
UPCOMING30 OCT
OPEN30 OCT
CLOSE03 NOV
LISTED06 NOV
Quick NavigationAuto-Synced
Issue Key Information
Allotment StatusPrice Band₹114 - ₹120
Issue Cap Price₹120
Market Lot Size1,200 Shares
Min Retail Outlay₹1,36,800
Total Issue Size₹34.56 Cr
Listing ExchangesNSE
RegistrarKfin Technologies Limited
IPO Lot & Return Calculator
1 Lot(s)
Total Shares Applied:1200 shares
Required Investment (At Cap):₹1,44,000
Expected Listing Gain (@ GMP):+₹26,400
Estimated Portfolio Value:₹1,70,400