HGS India IPO 2026: Price Band, Dates, GMP & Review
HGS (India) Limited, a Manesar-based maker of seismic and geoscience equipment, has opened its initial public offering for subscription. The ₹34.56 crore NSE SME issue opened on 30 October 2026 and closes on 3 November 2026, with shares priced in a band of ₹114–120. Here is a complete look at the issue — dates, lot size, financials, grey market premium (GMP) and a balanced review.
HGS India IPO Details
The issue is a book-built SME IPO of 28,80,000 equity shares of face value ₹10 each, aggregating up to ₹34.56 crore at the upper price band. It combines a fresh issue of 23,26,000 shares (₹27.91 crore) with an offer for sale of 5,54,000 shares (₹6.65 crore) by promoters. The company raised ₹9.76 crore from anchor investors ahead of the opening.
| Particular | Detail |
|---|---|
| Issue type | Book-built SME IPO, NSE Emerge |
| Issue size | 28,80,000 shares, up to ₹34.56 crore |
| Fresh issue | 23,26,000 shares (₹27.91 crore) |
| Offer for sale | 5,54,000 shares (₹6.65 crore) |
| Price band | ₹114–120 per share |
| Face value | ₹10 per share |
| Lot size | 1,200 shares |
| Minimum application | 2 lots (2,400 shares) — ₹2,88,000 at the upper band |
| Market maker portion | 1,45,200 shares |
| Lead manager | Hem Securities Ltd |
| Registrar | KFin Technologies Ltd |
| Market maker | Hem Finlease Pvt. Ltd. |
HGS India IPO Dates
| Event | Date |
|---|---|
| IPO opens | 30 October 2026 |
| IPO closes | 3 November 2026 |
| Allotment finalisation | 4 November 2026 |
| Refund initiation / demat credit | 5 November 2026 |
| Listing (NSE SME) | 6 November 2026 |
Reservation: up to 50% of the net offer for qualified institutional buyers, at least 15% for non-institutional investors and at least 35% for retail investors.
About HGS (India) Limited
Incorporated in February 1986 in technical and financial collaboration with Geosource Inc. of the USA (originally Geosource India Limited, renamed HGS (India) Limited in 1992), the company operates under the "HG" brand. It designs and manufactures geophones, geophone strings, seismic cables, connectors and accessories used to detect ground vibrations and record seismic data.
Its products serve oil and gas exploration, mineral exploration, defence research, earthquake monitoring, vibration analysis and geophysical seabed surveys. The company also makes seismometers, seismographs, accelerographs and cables and connectors for resistivity meters and radar equipment. Manufacturing is done at an integrated facility in Manesar, Gurugram, Haryana, with injection moulding, extrusion and cable lines, precision assembly and in-house testing. Its wholly owned Netherlands subsidiary, HGS Products B.V. (established 2015), supports international sales.
The export footprint is large: exports contributed 84.22% of revenue in FY 2025-26, and geophone strings and harnesses were the largest product category at 66.29% of revenue. As of 30 April 2026, the company had 162 permanent employees and 15 contractual employees. Promoters — Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel and Sowar Private Limited — hold 87.30% before the issue and about 63.50% after it.
HGS India IPO Financials
Restated consolidated figures show revenue falling in FY26 even as profit rose — a point investors should note.
| Particular (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 35.48 | 49.08 | 45.16 |
| Expenses | 33.25 | 39.63 | 33.50 |
| Profit after tax | 4.00 | 10.51 | 11.64 |
| PAT margin | 11.27% | 21.40% | 25.77% |
Revenue fell about 8% in FY26 while profit after tax rose about 11%, lifting the PAT margin to roughly 25.8%. At the upper band of ₹120, the issue implies a market capitalisation of about ₹130 crore, or roughly 11 times FY26 earnings.
Objects of the Issue — Where the Money Goes
The fresh-issue proceeds are earmarked mainly for capital expenditure at the Manesar facility:
- ₹15.05 crore — replacement of plant and machinery at the existing Manesar facility
- ₹3.26 crore — infrastructure development of the building's third floor at Manesar
- ₹1.05 crore — backward integration through an in-house gold plating facility
- Balance — general corporate purposes and acquisitions
Note that the offer-for-sale proceeds go to the selling promoters, not to the company.
HGS India IPO GMP Today
Grey market premium figures for HGS India have varied across trackers, reported in the ₹19–30 range around the opening — implying an estimated listing price of roughly ₹139–150 against the ₹120 upper band. GMP is unofficial, unregulated market-reported data, is not endorsed by SEBI, NSE or BSE, and can change quickly; it should never be the sole basis for an investment decision. Our morning GMP roundup for 31 October tracks HGS alongside the other open issues.
HGS India IPO Review: Strengths and Risks
Strengths: a profitable, nearly four-decade-old niche manufacturer; strong FY26 margins (~25.8% PAT margin, ~37.4% EBITDA margin); a diversified export base with most revenue from overseas; and a modest issue size with most proceeds funding plant modernisation rather than debt or working capital.
Risks: FY26 revenue declined about 8%; demand depends on oil and gas exploration spending, which is cyclical; exports at 84% of revenue bring currency and geopolitical exposure; the minimum application of ₹2,88,000 is steep for retail investors; part of the issue is an offer for sale; and SME stocks typically carry lower liquidity and higher volatility than mainboard listings.
How to Apply for the HGS India IPO
Apply through a SEBI-registered broker or UPI-enabled banking app using the ASBA method: select the issue, bid within the ₹114–120 band for a minimum of 2 lots (2,400 shares), and approve the UPI mandate before the daily cut-off. Bidding closes on 3 November 2026.
FAQs
When does the HGS India IPO open and close?
It opened on 30 October 2026 and closes on 3 November 2026.
What is the HGS India IPO price band and lot size?
₹114–120 per share, with a lot size of 1,200 shares. The minimum application is 2 lots (2,400 shares), or ₹2,88,000 at the upper band.
What is the HGS India IPO issue size?
Up to ₹34.56 crore — a fresh issue of 23,26,000 shares plus an offer for sale of 5,54,000 shares.
When is the HGS India IPO allotment and listing?
Allotment is expected on 4 November 2026, and listing on the NSE SME platform is tentatively set for 6 November 2026.
What is the HGS India IPO GMP?
Trackers reported roughly ₹19–30 around the opening, but GMP is unofficial and subject to change.
What does HGS (India) Limited do?
It manufactures geophones, seismic cables, connectors and other geoscience equipment used in oil and gas exploration, mineral discovery, defence research and earthquake monitoring.
Conclusion
HGS (India) offers SME exposure to a profitable, export-led seismic equipment maker at roughly 11 times FY26 earnings, with IPO proceeds funding plant modernisation. The FY26 revenue dip, exploration-cycle dependence and the ₹2,88,000 minimum ticket are the key watchpoints before applying. Investors should read the RHP and do their own due diligence. For the latest on the other open issues, see our 31 October GMP roundup and the Vectras Enprocon IPO deep-dive.
Disclaimer: This article is for information only and is not investment advice. Investments in securities are subject to market risk; read all offer documents carefully.