HGS IPOALLOTMENT
HGS (India) Limited manufactures geophysical and seismic equipment for oil & gas, mineral exploration and geological research.
- Open30 Oct
- Close3 Nov
- Allotment4 NovToday
- Refund5 Nov
- Demat5 Nov
- Listing6 Nov
Listing on
06 Nov 26
Allotment 04 Nov 26
Grey market premium
₹25(+20.83%)
Est. listing ~ ₹145
Overview
Price band
₹114-120
Lot size
1,200 shares
Minimum application 2 lots
Face value
₹10 / share
Issue type
Book Built Issue
Min. investment
₹2,88,000
2 lots · 2,400 shares
Listing at
NSE
Issue Size : 28,80,000 shares worth ₹34.56 Cr
- Fresh Issue : 23,26,000 shares worth ₹27.91 Cr
- Offer for Sale : 5,54,000 shares worth ₹6.65 Cr
IPO Share Reservation
Total
96.07%
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,88,000 |
| Retail (Max) | 2 | 2,400 | ₹2,88,000 |
| S-HNI (Min) | 3 | 3,600 | ₹4,32,000 |
| S-HNI (Max) | 6 | 7,200 | ₹8,64,000 |
| B-HNI (Min) | 7 | 8,400 | ₹10,08,000 |
Live GMP
GMP
₹25+20.83%
Exp. listing
₹145
Retail profit
₹60,0002,400 shares
HNI profit
₹90,0003,600 shares
Latest GMP
₹25
All-time high
₹25
All-time low
₹25
Subscription
- QIB137.92xQIB137.92xQualified Institutional BuyersShares offered 5,47,200Shares applied 7,54,69,200Bid amount ₹906 Cr
- NII (HNI)425.02xNII (HNI)425.02xNon-Institutional InvestorsShares offered 4,14,000Shares applied 17,59,59,600Bid amount ₹2,112 Cr
- S-HNI291.21xS-HNI291.21xSmall HNI · ₹2L – ₹10LShares offered 1,40,400Shares applied 4,08,86,400Bid amount ₹491 Cr
- B-HNI493.69xB-HNI493.69xBig HNI · above ₹10LShares offered 2,73,600Shares applied 13,50,73,200Bid amount ₹1,621 Cr
- Retail235.72xRetail235.72xRetail Individual InvestorsShares offered 9,60,000Shares applied 22,62,88,800Bid amount ₹2,715 Cr
- Total248.66xTotal248.66xAll categories combinedShares offered 19,21,200Shares applied 47,77,17,600Bid amount ₹5,733 Cr
Financials
| Period(₹ Cr) | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| Mar 2024 | 37.93 | 33.25 | 4 | 113.7 |
| Mar 2025 | 53.45 | 39.63 | 10.51 | 104.04 |
| Mar 2026 | 48.91 | 33.5 | 11.64 | 110.12 |
| Apr 2026 | 3.79 | 2.33 | 1.11 | 111.9 |
KPI & Valuation
Key performance indicators
- ROE
- 1.24%
- PAT Margin
- 35.8%
- ROCE
- 1.6%
- EBITDA Margin
- 50.81%
- Price to Book Value
- 1.13
- RoNW
- 1.23%
As of 30 Apr 2026
Valuation
- EPS Pre IPO
- ₹13.64
- EPS Post IPO
- ₹12.29
- P/E Pre IPO
- 8.8
- P/E Post IPO
- 9.76
Strengths & risks
Strengths
- Nearly 40 years of industry experience.
- Products sold in approximately 47 countries.
- Wide range of seismic and geophysical products.
- In-house manufacturing and backward integration.
- ISO 9001:2015 and ZED Gold certified.
- Experienced management and established customer relationships.
Risks
- Top 10 customers contributed 72.58% of FY2026 revenue.
- High export dependency (84.22% of FY2026 revenue).
- No long-term contracts with major customers.
- High dependence on geophone strings and seismic cables.
- Single manufacturing facility in Manesar.
- Dependence on skilled technical employees.
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding the capital expenditure towards replacement of plant and machinery for its existing manufacturing facility at Manesar, Gurugram. | 15.05 |
| Funding the capital expenditure towards Backward Integration for setting up in-house gold plating facility. | 1.05 |
| Funding the capital expenditure towards Infrastructural development of building on 2nd Floor at its existing manufacturing facility at Manesar, Gurugram.. | 3.26 |
| Pursuing unidentified acquisitions and general corporate purpose. | - |
Promoter Holdings
Company Promoter(s)
- Anil Dass
- Shashi Singh
- Cecilia Margareta Singh Ramel
- Sowar Pvt.Ltd.
Registrar & contacts
Registrar
Kfin Technologies Ltd.
Company
HGS (India) Limited
- Portion-2, First & Second Floor, A-259, Defence Colony, New Delhi, 110024
- 011-46066604
- cs@hgsindia.com
- https://www.hgsindia.com/
Documents
Lead managers
About HGS
HGS (India) Limited is a New Delhi-based manufacturer of geophysical equipment and components used in seismic data acquisition, geological exploration and geoscience applications. Established in 1986 in technical and financial collaboration with Geosource Inc., USA, the company manufactures products under the “HG” brand.
The company's product portfolio includes:
- Geophones: Seismic sensors used to detect and measure ground vibrations.
- Geophone Strings: Customised sensor assemblies used in land and marsh seismic surveys.
- Seismic Cables and Connectors: Specialised components used for seismic signal transmission.
- Seismic Instruments: Seismographs, seismometers and accelerographs used for ground motion monitoring.
- Geophysical Accessories: Battery chargers, weight drops, pig tracking systems and other specialised equipment.
Its products are used across oil and gas exploration, mineral exploration, defence research, earthquake seismology, geophysical seabed surveys and infrastructure vibration monitoring.
The company operates a manufacturing facility in Manesar, Haryana, equipped with precision assembly lines, cable manufacturing facilities and 16 injection moulding machines. It also manufactures critical components in-house through backward integration.
As of April 30, 2026, the company's products were sold in approximately 47 countries, including India. It operates a wholly owned subsidiary, HGS Products B.V., Netherlands, to support international sales and marketing.
During FY2026, exports contributed 84.22% of revenue from operations, reflecting its strong international presence.
As of April 30, 2026, HGS (India) Limited had 162 permanent employees and 15 contractual employees.