HGS (India) IPO
SME IPO · Listed Fri 6 Nov · price band ₹114–₹120
Key points
- Listed Fri 6 Nov at issue price ₹120: opened +33.3%, closed the day +40.0%, now +40.0%.
- 100% offer for sale: the company gets no money. Existing shareholders are selling ₹6.65 cr of shares.
- FY26: income ₹48.91 cr (−8.5%), profit ₹11.64 cr (+10.8%).
Listing day
The last grey-market estimate before listing was +23.3% to +33.3%; the actual listing-day open was +33.3%.
Timetable
- OpensFri 30 Oct
- ClosesTue 3 Nov
- AllotmentWed 4 Nov
- RefundThu 5 Nov
- Shares in dematThu 5 Nov
- ListingFri 6 Nov
Dates after the closing day are tentative and can shift by a day.
Why is HGS (India) raising money?
This IPO is entirely an offer for sale. The company does not receive any money; the ₹6.65 cr goes to the shareholders who are selling. The business itself gets no new capital from this IPO.
What the new money will be used for
- Funding the capital expenditure towards replacement of plant and machinery for our existing manufacturing facility at Manesar, Gurugram₹15.05 cr
- Funding the capital expenditure towards Backward Integration for setting up in-house gold plating facility₹1.05 cr
- Funding the capital expenditure towards Infrastructural development of building on 3rd Floor at our existing manufacturing facility at Manesar, Gurugram₹3.26 cr
- Pursuing unidentified acquisitions and general corporate purpose₹5.88 cr
- Issue Expenses₹3.31 cr
Who is selling
- Pawan SinghPromoter₹3.42 cr
- Anjali SinghPromoter₹1.45 cr
- Trishna SinghPromoter₹0.33 cr
- Beena DosijaOther₹0.3 cr
- Karan SinghPromoter₹0.26 cr
- Preneet KaurOther₹0.23 cr
6 more sellers with smaller amounts.
About HGS (India)
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).
Financials (₹ crore)
HGS (India) Ltd.'s revenue decreased by 8% and profit after tax (PAT) rose by 11% between the years ending March 31, 2026 and March 31, 2025.
| ₹ crore | Apr 2026 | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|---|
| Total Income | 4 | 49 | 53 | 38 |
| Profit After Tax | 1 | 12 | 11 | 4 |
| EBITDA | 2 | 17 | 15 | 6 |
| Net worth | 90 | 89 | 85 | 95 |
| Assets | 112 | 110 | 104 | 114 |
Restated figures from the offer document. A part-year period (for example 3 months to June) is not comparable with a full year.
Valuation and returns
| Apr 2025 | Mar 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 |
P/E = price ÷ earnings per share. A negative P/E means the company made a loss. Compare with listed peers in the same business before reading much into it.
Promoters: Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel and Sowar Pvt.Ltd.
Issue details
- Price band
- ₹114–₹120
- Lot size
- 1200 shares
- Minimum investment
- ₹1,44,000 (1 lot at ₹120)
- Total issue size
- ₹34.56 cr (0.29 crore shares)
- Fresh issue / OFS
- Fresh capital cum OFS
- Face value
- ₹10 per share
- Reserved for
- QIB 49.76% · NII 15.14% · Retail 35.1%
- Anchor investors
- ₹9.76 cr (already allotted)
- Employee discount
- –
- Retail limit
- ₹2 lakh
- UPI mandate deadline
- 03-Nov-2026 (up to 5:00 PM)
- Listing on
- NSE SME
- Lead managers
- Hem Securities Limited
- Registrar (allotment status)
- Kfin Technologies Limited · hgs.ipo@kfintech.com
Offer document (RHP) on NSE: download. It is long; the "Objects of the Offer" and "Risk Factors" chapters matter most.
Check allotment status
Allotment is done on Wed 4 Nov; shares reach demat accounts by Thu 5 Nov. You need your PAN or application number.
- KFin Technologiesthe registrar for this IPOCheck →
- BSE allotment statuschoose Equity, then the issue nameCheck →
- NSE IPO bid and allotment checklog in with PANCheck →
If shares are not allotted, the blocked amount is released to your bank account by Thu 5 Nov.
Quick answers
How do I check HGS (India) IPO allotment status?
Allotment is on Wed 4 Nov. Check it on the registrar's website (KFin Technologies) or on the BSE and NSE allotment pages using your PAN or application number.
Does HGS (India) get the IPO money?
No. The IPO is 100% offer for sale, so all ₹6.65 cr goes to the selling shareholders.
What is the minimum investment in the HGS (India) IPO?
One lot of 1200 shares, which costs ₹1,44,000 at the upper price of ₹120.
How did HGS (India) list?
HGS (India) listed on Fri 6 Nov against an issue price of ₹120. It opened +33.3% and closed the first day +40.0%.
Company figures are from the offer document as summarised by market websites; issue details and subscription are from NSE. Updated 08 Nov 2026, 12:08 PM IST. Education only, not investment advice. Read the offer document, especially the risk factors, before applying. All IPOs →