HGS (India) Limited IPO
HGSINDIALT · NSE · SME · Engineering - Industrial Equipments
Overview
Updated 2 hr agoHGS (India) Limited is an established manufacturer of geophones, seismic cables, and connectors, primarily serving the energy and geoscience sectors. The company is launching an initial public offering (IPO) of 28,80,000 equity shares, comprising a fresh issue of 23,26,000 shares and an offer for sale of 5,54,000 shares, to be listed on the NSE Emerge platform.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,44,000 |
| bNII (min) | 7 | 8,400 | ₹10,08,000 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 12 Nov, 18:33 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Day-wise demand
close of each bidding day| Day | Date | QIB | NII | bNII | sNII | Retail | Employee | Total |
|---|---|---|---|---|---|---|---|---|
| Day 1 | 30 Oct | -- | -- | -- | -- | -- | -- | 1.16x |
bNII = NII bids above ₹10 lakh, sNII = NII bids from ₹2 lakh to ₹10 lakh. Each day shows the last reading we recorded that day.
Grey market premium
Unofficial| Date | GMP | GMP % | Implied price |
|---|---|---|---|
| 06-Nov-2026 | +₹28 | +23.3% | ₹148 |
| 05-Nov-2026 | +₹30 | +24.6% | ₹150 |
| 04-Nov-2026 | +₹23 | +19.2% | ₹143 |
| 03-Nov-2026 | +₹26 | +21.3% | ₹146 |
| 02-Nov-2026 | +₹25 | +20.8% | ₹145 |
| 01-Nov-2026 | +₹30 | +25.0% | ₹150 |
| 31-Oct-2026 | +₹30 | +25.0% | ₹150 |
GMP is an unofficial, unregulated, community-tracked quote. It is not an exchange price and not a forecast. See how often it has been right →
Listing performance
Latest price updated 5 hr ago.
Grey market vs reality: the last GMP before listing was +₹28 (+23.3%). It listed at +40.0%, off by 16.7 points.
Issue details
| Status | Listed |
| Exchange | NSE |
| Segment | SME |
| Sector | Engineering - Industrial Equipments |
| Price band | ₹114–120 |
| Final issue price | ₹120.00 |
| Face value | ₹10 per share |
| Lot size | 1,200 shares |
| Minimum investment | ₹1,44,000 |
| Issue size | ₹35.00 Cr |
| Market cap at upper band | ₹130 Cr |
| P/E at upper band | 8.8x |
| Registrar | KFin Technologies Limited |
| Lead managers | Hem Securities Limited |
| NSE symbol | HGSINDIALT |
| ISIN | INE813R01012 |
Shareholder quota and promoter holding
Company & business
HGS (India) Limited, established in 1986, specializes in the manufacturing of geophones, seismic cables, and connectors for the seismic industry. The company's products are integral to recording and transmitting ground vibration signals for subsurface geological structures, serving sectors like oil and gas exploration, earthquake seismology, and defence research. Operating from its manufacturing facility in Manesar, Haryana, the company is a 100% Export Oriented Unit (EOU) and maintains a global client base. It is led by experienced promoters and a professional management team, with a focus on precision engineering and quality assurance, holding ISO 9001:2015 and ZED Gold certifications.
Objects of the issue — how the money will be used
- Funding capital expenditure towards replacement of plant and machinery for existing manufacturing facility at Manesar, Gurugram (₹15.05 Cr)
- Funding capital expenditure towards Backward Integration for setting up in-house gold plating facility (₹1.05 Cr)
- Funding capital expenditure towards Infrastructural development of building on 2nd Floor at existing manufacturing facility at Manesar, Gurugram (₹3.26 Cr)
- Pursuing unidentified acquisitions and general corporate purpose
Key strengths
- Wide product portfolio catering to various end user industries
- Precision engineering expertise with complex product manufacturing capabilities
- Long term and well-established relationships with customers
- Focus on Quality Assurance
- Established supply chain and sourcing network
- Experienced Promoters and professional management team
Key risks
- Dependence on key customers without long-term contracts
- Significant portion of revenue derived from exports, exposing the company to international trade risks
- High dependence on key products like Geophones Strings/Harness and Seismic Cables
- Uncertainty regarding the impact of global geopolitical conflicts on business operations
- Under-utilization of manufacturing facilities
- Reliance on specific industries like Oil & Gas exploration
- Strict quality requirements and potential for product warranty claims
- Dependence on a limited number of suppliers for raw materials
Promoters
Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel, Sowar Private Limited
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 35.48 | -- | 4.00 | 113.70 | 95.04 | 0.00 |
| FY25 | 49.08 | -- | 10.51 | 104.04 | 85.16 | 0.00 |
| FY26 | 45.16 | -- | 11.64 | 110.12 | 89.27 | 0.00 |
Key performance indicators · FY26
Peers & valuation
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.