HGS (India) Limited
Bookbuilding IPO · NSE
- Price band
- ₹114 - ₹120
- Lot size
- 1,200 shares
- Issue amount
- ₹34.56 cr
- Total subscription
- 248.66×
- Opens
- 30 Oct 2026
- Closes
- 3 Nov 2026
- Allotment
- 4 Nov 2026
- Listing
- 6 Nov 2026
Offer at a glance
Issue overview
- Issue size
- 28,80,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,36,800
- Fresh issue
- ₹27.91 cr
- Offer for sale
- ₹6.65 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,44,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 85,32,713
- Shares after issue
- 1,08,58,713
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,400 | ₹2,88,000 |
| sHNI | 3 | 3,600 | ₹4,32,000 |
| bHNI | 7 | 8,400 | ₹10,08,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 3 Nov 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 400 | 94,287 |
| HNIs(10L +) | 76 | 15,675 |
| HNIs (2-10L) | 39 | 11,018 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 6.57 | 905.63 |
| RETAIL | 11.52 | 2,715.47 |
| NIB | 4.97 | 2,111.52 |
| HNIs 2+ | 1.68 | 490.64 |
| HNIs 10+ | 3.28 | 1,620.88 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Apr-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | 1.3 | 13.64 | 10.61 | 3.51 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 1.6 | 17.13 | 16.06 | 4.88 |
| RONW | 1.23 | 13.04 | 12.34 | 4.21 |
| PRE IPO(PE) | 0 | 8.8 | 0 | 0 |
| POST IPO(PE) | 9.77 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Incorporated in 1986, HGS (India) Limited manufactures geophysical equipment and components used in seismic and geoscience applications. The company was set up in collaboration with Geosource Inc., USA, and operates under the brand name “HG”. Its product range includes geophones, geophone strings, seismic cables, connectors, and other equipment like seismographs, seismometers, and accelerographs, which are used in areas such as oil and gas exploration, mineral exploration, defence research, earthquake studies, and infrastructure monitoring. The company has a manufacturing facility in Manesar, Haryana, with advanced production capabilities and also produces key components in-house. As of September 30, 2025, it serves customers in 21 countries with a total of 146 domestic and international clients, and has a workforce of 161 permanent employees.
Strengths
- Wide Product Portfolio: The Company offers a broad range of seismic products, including geophones, seismic cables, connectors, seismographs and seismometers. This covers multiple stages of the seismic value chain and reduces dependence on any single product category or end-user segment.
- Precision Engineering Expertise: The Company benefits from around 40 years of manufacturing experience inherited from Geosource Inc. (USA). Its in-house capabilities include precision geophone assembly, cable extrusion, injection moulding and coil winding, supporting the production of complex and technically advanced products.
- Long-Term Customer Relationships: The Company has established stable relationships with seismic survey and exploration customers. It served 146 domestic and international customers in FY2025 and received repeat orders from around 29 customers over the last three fiscals and the stub period.
Risk factors
- Customer Concentration: The Company relies heavily on key customers and does not have long-term contracts with them. Its top 10 customers contributed 79.49% of revenue during the stub period ended September 30, 2025, making the business vulnerable to the loss of major customers.
- Export and International Trade Risks: Exports accounted for 77.97% of revenue from operations during the stub period ended September 30, 2025. This exposes the Company to geopolitical uncertainties, tariff changes and currency fluctuations across international markets.
- Dependence on Key Products: Geophone Strings/Harness and Seismic Cables together contributed 79.48% of revenue from operations during the stub period ended September 30, 2025. This concentration exposes the Company to risks from declining demand or the availability of substitute products.
Promoters
Anil Dass
Shashi Singh
Cecilia Margareta Singh Ramel
Sowar Private Limited
Registrar & documents
Lead manager
Hem Securities Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Portion-2, First & Second Floor, A-259, Defence Colony, New Delhi, 110024
011-46066604
[email protected]Company website ↗Understanding HGSINDIALT IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.