HGS (India) SME IPO allotment status
Allotment was finalised on 4 November 2026. Check your status on the registrar site.
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HG
HGS (India) Limited IPO
Geophysical Equipment & Seismic Cables · Manesar, Gurugram
📋 NSE SME IPO
Fresh + OFS
NSE SME
₹120
Upper Price
₹34.56 Cr
Issue Size
Nov 6, 2026
Listing Date
₹130.30 Cr
Market Cap
📅 IPO Timetable
All dates tentative🟢
IPO Opens
Friday, 30 October 2026
Bidding starts — apply before close
🔒
IPO Closes
Tuesday, 3 November 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Wednesday, 4 November 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Thursday, 5 November 2026
Unallotted funds returned; shares credited to demat
🏷️
Friday, 6 November 2026
Trading begins on NSE SME from 10:00 AM IST
📋 IPO Details
IPO Open Date30 October 2026 (Fri)
IPO Close Date3 November 2026 (Tue)
Listing Date6 November 2026 (Fri)
Face Value₹10 per share
Price Band₹114 to ₹120
Issue Price (Upper Band)₹120 per share
Issue TypeBookbuild IPO — Fresh + OFS
Lot Size1,200 shares (Min App: 2 Lots / 2,400 Shares)
Total Issue Size28,80,000 shares (₹34.56 Cr)
Fresh Issue23,26,000 shares (₹27.91 Cr)
Offer for Sale (OFS)5,54,000 shares (₹6.65 Cr)
Market Maker Portion1,45,200 shares (₹1.74 Cr)
Net Offered to Public27,34,800 shares (₹32.82 Cr)
Pre-Issue Shares85,32,713
Post-Issue Shares1,08,58,713
Promoter Holding (Pre → Post)87.30% → 64.33%
Market Cap (Pre-IPO)₹102.39 Cr
Market Cap (Post-IPO)₹130.30 Cr
Listing ExchangeNSE SME
Lead ManagerHem Securities Ltd.
RegistrarKfin Technologies Ltd.
Market MakerHem Finlease Pvt.Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹120| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail — Minimum | 2 | 2,400 | ₹2,88,000 |
| Retail — Maximum | 2 | 2,400 | ₹2,88,000 |
| S-HNI (sNII) — Min | 3 | 3,600 | ₹4,32,000 |
| S-HNI (sNII) — Max | 6 | 7,200 | ₹8,64,000 |
| B-HNI (bNII) — Min | 7 | 8,400 | ₹10,08,000 |
⚠️ Note: Investors can bid for a minimum of 2,400 shares (2 lots) and in multiples of 1,200 shares thereafter. Market Maker reservation comprises 1,45,200 shares.
👥 Investor Reservation
Allocated portion of Net Offer49.76%
QIB Portion
13,60,800 Shares
35.10%
Retail Portion
9,60,000 Shares
15.14%
NII Portion
4,14,000 Shares
📍
The QIB portion (13,60,800 shares) includes an Anchor Investor reservation of 8,13,600 shares (28.25% of Net Issue), leaving 5,47,200 shares exclusively for QIBs (excluding Anchors).
📊 Subscription Status
Day 2 · 2 Nov 2026 5:54 PM
| Category | Subscription | Shares Bid For |
|---|---|---|
| QIB (Ex Anchor) | 4.88x | 26,72,400 |
| NII / HNI | 31.56x | 1,30,66,800 |
| — bNII (> ₹10L) | 33.54x | 91,76,400 |
| — sNII (< ₹10L) | 27.71x | 38,90,400 |
| Retail Individual | 25.56x | 2,45,35,200 |
| Total | 20.96x | 4,02,74,400 |
*Total Applications: 12,252 · Excludes Anchor & Market Maker portion
📈 Company Financials
Restated Consolidated · ₹ Crore| Metric | 30 Apr 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Total Assets | 111.90 | 110.12 | 104.04 | 113.70 |
| Total Income | 3.79 | 48.91 | 53.45 | 37.93 |
| PAT | 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 & Surplus | 91.80 | 90.66 | 87.97 | 95.47 |
Income Growth
FY 2023–24₹37.93 Cr
FY 2024–25₹53.45 Cr
FY 2025–26₹48.91 Cr
🎯 Key Performance Indicators
13.35%
ROE (Mar 26)
1.24% (Apr 26)
13.04%
RoNW (Mar 26)
1.23% (Apr 26)
17.13%
ROCE (Mar 26)
1.60% (Apr 26)
25.77%
PAT Margin (Mar 26)
35.80% (Apr 26)
37.40%
EBITDA Margin (Mar 26)
50.81% (Apr 26)
1.15x
Price/Book (Mar 26)
1.13x (Apr 26)
₹104.63
NAV (Mar 26)
₹105.96 (Apr 26)
⚖️ Valuation & EPS
Pre-IPO EPS
₹13.64
FY26 earnings + pre-issue shares
P/E: 8.80xPost-IPO EPS
₹12.29
Annualised post-issue basis
P/E: 9.76xPrice to Book Value
1.13x
At upper price band ₹120
Market Cap
₹130.30 Cr
At upper offer price ₹120
ℹ️
Pre-IPO EPS (₹13.64) is established on pre-issue equity of 85,32,713 shares and restated FY26 PAT of ₹11.64 Cr. Post-issue EPS (₹12.29) relies on robust earnings applied to an expanded post-issue base of 1,08,58,713 shares following the fresh issuance of 23,26,000 shares. Post-IPO Market Capitalisation expands to ₹130.30 Cr at the upper band.
🎯 Objects of the Issue
Net fresh proceeds utilisation1
Funding the capital expenditure towards replacement of plant and machinery for our existing manufacturing facility at Manesar, Gurugram
₹15.05 Cr
2
Funding the capital expenditure towards Backward Integration for setting up in-house gold plating facility
₹1.05 Cr
3
Funding the capital expenditure towards Infrastructural development of building on 3rd Floor at our existing manufacturing facility at Manesar, Gurugram
₹3.26 Cr
4
Pursuing unidentified acquisitions and general corporate purpose
Balance
Total Identified Proceeds Goal
₹19.36 Cr
🏢 About HGS (India) Ltd.
Est. 1986 · New Delhi / Manesar · Geophysical & Seismic Equipment ManufacturingHGS (India) Limited (HGSI), established in February 1986 through a technical and financial collaboration with Geosource Inc., USA, is an industry-leading manufacturer of high-precision geophysical equipment. Operating under the reputed “HG” brand, the company specializes in manufacturing advanced geophones, geophone strings, highly durable seismic cables, connectors, and complementary accessories essential for seismic data acquisition.
The business maintains fully integrated in-house manufacturing capabilities at its Manesar, Haryana facility, incorporating advanced cable extrusion lines, injection moulding machines, precision assembly, coil winding, and specialized testing infrastructure. This integration allows HGS to maintain stringent quality controls over mission-critical components deployed across oil and gas exploration, mineral exploration, earthquake monitoring, and defense research. HGSI also produces customized cables and connectors optimized for resistivity meters and complex radar applications. Exporting its specialized products heavily across North America, Europe, Asia, and Africa, the firm operates a wholly-owned subsidiary, HGS Products B.V., in the Netherlands to drive international sales support. The company is ISO 9001:2015 certified, holds a ZED Gold Certification, and is a recognized 100% Export Oriented Unit by the Noida Special Economic Zone (NSEZ).
Brand Ecosystem
🌍
Seismic Data Collection
Advanced geophones and geophone strings used heavily in oil & gas and mineral exploration.
⚡
Cables & Connectors
High-durability seismic cables manufactured via in-house extrusion lines for resistivity and radar equipment.
⚙️
Integrated Manufacturing
In-house injection moulding, precision assembly, and coil winding operations based in Manesar.
🛢️
Global Footprint
100% Export Oriented Unit (EOU) with a dedicated Netherlands subsidiary driving robust EU/US sales.
Competitive Strengths
🏆Wide product portfolio addressing critical needs in demanding defense, earthquake monitoring, and energy sectors.
🔬Advanced in-house technical engineering and manufacturing capabilities securing strict IP and quality controls.
📊Decades of established, long-standing relationships with leading global seismic and energy corporations.
📈Robust financial returns, maintaining an excellent 25.77% PAT margin and 13.35% ROE through FY26.
Company Promoters
AD
Anil Dass & Shashi Singh
Promoters, HGS (India) Ltd.
CR
Cecilia Margareta Singh Ramel & Sowar Pvt.Ltd.
Promoters, HGS (India) Ltd.
Key Selling Shareholders (OFS)
Pawan Singh2,85,120 Shares (₹3.42 Cr)
Anjali Singh1,20,960 Shares (₹1.45 Cr)
Trishna Singh27,213 Shares (₹0.33 Cr)
Beena Dosija24,900 Shares (₹0.30 Cr)
Karan Singh21,434 Shares (₹0.26 Cr)
📅 Key Dates
IPO Opens30 Oct 2026
IPO Closes3 Nov 2026
Allotment4 Nov 2026
Refund & Share Credit5 Nov 2026
Listing Day6 Nov 2026
💡 Quick Summary
Price Band₹114 – ₹120
Upper Price₹120 / share
Lot Size1,200 shares
Min. Investment (Retail)₹2,88,000 (2 Lots)
Issue Size₹34.56 Cr
ListingNSE SME
🏦 Registrar & Lead Manager
Lead Manager
Hem Securities Ltd.
📍 Registered Address
HGS (India) Ltd.
Portion-2, First & Second Floor, A-259,
Defence Colony,
New Delhi, New Delhi — 110024
📞 011-46066604
[email protected]
Portion-2, First & Second Floor, A-259,
Defence Colony,
New Delhi, New Delhi — 110024
📞 011-46066604
[email protected]
🛡️ Regulatory Note: SME IPO investments are subject to SEBI regulations and higher lot size restrictions. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
⚠️
Disclaimer: This page presents publicly available information from the HGS (India) IPO RHP for informational purposes only. This format is generated adhering to the required structure as specified in the IPO NEW FORMAT source file. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
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