HGS (India) IPO
- Price band
- ₹114 – ₹120
- Issue size
- ₹34.56 Cr
- Min. investment
- ₹1,44,000
- 1,200 shares
- GMP
- ₹19
- +15.83%
- Subscribed
- 0x
- Bidding dates
- 30 Oct – 3 Nov 2026
IPO timeline
- Opens · Today30 OctFri
- Closes3 NovTue
- Allotment4 NovWed
- Refunds5 NovThu
- Demat credit5 NovThu
- Listing6 NovFri
Issue details
- Price band
- ₹114 – ₹120 per share
- Issue size
- ₹34.56 Cr
- Fresh issue
- Not available
- Offer for sale
- Not available
- Issue type
- Fresh capital cum OFS
- Face value
- ₹10 per share
- Lot size
- 1,200 shares
- Minimum investment
- ₹1,44,000
- Listing on
- NSE SME
- Exchange code
- HGSINDIALT
This issue combines a fresh issue and an offer for sale. The amounts for each part are not available in our data; see the offer document for the split.
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹1,44,000 |
| Retail (Max) | 1 | 1,200 | ₹1,44,000 |
| HNI (Min) | 2 | 2,400 | ₹2,88,000 |
Reservation
- QIB
- Not more than 50% of the Net Offer
- Retail
- Not less than 35% of the Net Offer
- NII
- Not less than 15% of the Net Offer
Grey market premium (GMP)
- Current GMP
- ₹19
- +15.83%
- Estimated listing price
- ₹139
- Issue price ₹120
- Highest
- ₹0
- 27 Oct
- Lowest
- ₹0
- 27 Oct
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 30 Oct 2026 | ₹0 | 0.00% | ₹120 |
| 29 Oct 2026 | ₹0 | 0.00% | ₹120 |
| 28 Oct 2026 | ₹0 | 0.00% | ₹120 |
| 27 Oct 2026 | ₹0 | 0.00% | ₹120 |
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
Financials
- P/E Ratio
- 9.76
- EPS (₹)
- 12.29
- RoE
- 1.24%
- RoCE
- 1.60%
- RoNW
- 1.23%
- PAT Margin
- 35.80%
- EBITDA Margin
- 50.81%
- NAV (₹)
- 105.96
Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.
| 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 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| HGS (India) This IPO | ₹34.56 Cr | 9.76 | 1.23% | 35.80% | 0x | — |
| Vans Electroengineerings SME · listed 7 Oct 2026 | ₹33.98 Cr | 23.79 | 58.79% | 23.61% | 584.44x | +90.00% |
| G.V.Electricals SME · listed 12 Aug 2026 | ₹42.25 Cr | — | — | — | 149.31x | +21.54% |
| FX Multitech SME · listed 28 Sep 2026 | ₹45.24 Cr | 14.43 | 31.80% | 9.60% | 16.54x | +6.08% |
| Accord Transformer & Switchgear SME · listed 2 Mar 2026 | ₹25.59 Cr | 15.63 | 28.10% | 7.66% | 332.11x | +8.70% |
| IC Electricals Company SME · listed 10 Jul 2026 | ₹47.91 Cr | 12.82 | 23.88% | 9.84% | 0x | — |
| Sollfege Smart Electronics SME · listed 8 Oct 2026 | ₹21.78 Cr | 25.11 | 18.86% | 9.86% | 2.08x | +89.82% |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
IPO objectives
How HGS (India) plans to use the money raised, as stated in the offer document.
- 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
About HGS (India)
HGS (India) Limited was incorporated in February 1986. It makes geophones, geophone strings, seismic cables, connectors and accessories used to collect seismic data. It works under the HG brand and was set up with technical and financial collaboration from Geosource Inc., USA. Its products are used in oil and gas exploration, mineral exploration, defence research, earthquake monitoring and vibration analysis. It also makes cables and connectors for resistivity meters and radar equipment. The company makes many key parts itself, including cable extrusion and injection moulding. Its plant is at Manesar, Haryana, with assembly, coil winding, magnetising and testing facilities. The plant is ISO 9001:2015 certified, holds ZED Gold certification and is a 100% Export Oriented Unit in the Noida Special Economic Zone. It exports to countries in North America, Europe, Asia and Africa. In 2015 it set up a wholly owned subsidiary, HGS Products B.V., in the Netherlands for sales and customer support.
Strengths
- Profit after tax rose 10.75% from Rs 10.51 crore in FY2025 to Rs 11.64 crore in FY2026, and was Rs 4.00 crore in FY2024.
- EBITDA grew from Rs 6.16 crore in FY2024 to Rs 15.31 crore in FY2025 and Rs 16.89 crore in FY2026.
- Net worth was Rs 89.27 crore on 31 March 2026, and the restated table shows no borrowing.
- The P/E is 9.76 at the upper band of Rs 120, based on post-issue EPS of Rs 12.29. The pre-issue P/E is 8.8 on pre-issue EPS of Rs 13.64.
- Net asset value is Rs 105.96 per share at the source, against an upper band of Rs 120.
- The plant is a 100% Export Oriented Unit and the company sells to several continents.
- Rs 19.36 crore of the proceeds is for new machinery, gold plating and a building floor at Manesar.
- The company is ISO 9001:2015 certified and has ZED Gold certification.
Risks
- The source return ratios do not fit the table. It shows RoNW of 1.23% and RoCE of 1.60%, but PAT of Rs 11.64 crore on net worth of Rs 89.27 crore is about 13%. The PAT margin of 35.80% and EBITDA margin of 50.81% also differ from the table. Treat these figures with care.
- Total income fell from Rs 53.45 crore in FY2025 to Rs 48.91 crore in FY2026, a drop of 8.49%.
- Net worth fell from Rs 95.04 crore on 31 March 2024 to Rs 89.27 crore on 31 March 2026, even though profit was positive in each year.
- The latest column covers only one month to 30 April 2026: total income Rs 3.79 crore and PAT Rs 1.11 crore.
- The issue is a mix of fresh issue and offer for sale. The source does not split the Rs 34.56 crore, so how much goes to selling shareholders is not clear.
- The source gives no amount for general corporate purposes and unidentified acquisitions, which is the remaining part of the proceeds.
- Promoters include Sowar Pvt Ltd along with Anil Dass, Shashi Singh and Cecilia Margareta Singh Ramel. They hold 87.3% before the issue and will hold 64.33% after it.
- The business depends on seismic and energy customers, and the source gives no customer split, so concentration cannot be checked.
- This is an SME issue. One lot is 1,200 shares, which is about Rs 1.44 lakh at the upper band of Rs 120, and SME shares usually trade in low volume after listing.
Promoters and shareholding
Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel and Sowar Pvt.Ltd
- Promoter holding, pre-issue
- 87.3%
- Promoter holding, post-issue
- 64.33%
Registrar, lead managers and documents
Lead manager
Company contact
Portion-2, First & Second Floor, A-259, Defence Colony, New Delhi, New Delhi, 110024
011-46066604
cs@hgsindia.comHGS (India) IPO: common questions
1.When does the HGS (India) IPO open and close?
The HGS (India) IPO opens on 30 Oct 2026 and closes on 3 Nov 2026.
2.What is the price band of the HGS (India) IPO?
The price band is ₹114 – ₹120 per share, with a lot size of 1,200 shares and a minimum investment of ₹1,44,000.
3.What is the size of the HGS (India) IPO?
The issue size is ₹34.56 Cr (Fresh capital cum OFS).
4.What is the GMP of the HGS (India) IPO?
The last reported grey market premium is ₹19 per share as of 30 Oct 2026, 01:48 PM IST. GMP is unofficial and changes frequently.
5.When is the HGS (India) IPO allotment?
The basis of allotment is expected on 4 Nov 2026. Allotment status can be checked with the registrar, KFin Technologies Limited.
6.When will the HGS (India) IPO list?
The shares are expected to list on 6 Nov 2026 on NSE SME.
7.Who is the lead manager of the HGS (India) IPO?
The book running lead manager is Hem Securities Ltd., and the registrar is KFin Technologies Limited.
8.What will the money raised in the HGS (India) IPO be used for?
As stated in the offer document, the proceeds are for: Funding the capital expenditure towards replacement of plant and machinery for our existing manufacturing facility at Manesar, Gurugram; Funding the capital expenditure towards Backward Integration for setting up in-house gold plating facility; Funding the capital expenditure towards Infrastructural development of building on 3rd Floor at our existing manufacturing facility at Manesar, Gurugram; Pursuing unidentified acquisitions and general corporate purpose.
9.How can my company launch an IPO like HGS (India)?
Start with an IPO readiness assessment: eligibility for the NSE Emerge or BSE SME platform, audited financials, governance, conversion to a public limited company and an indicative valuation. Be IPO Ready advises promoters through each step, from readiness to listing day.
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