HGS (India) IPO: Listing Price, Share Price Today, Listing Gains and Review

HGS (India) IPO overview

Data as of 31 October 2026, 14:00 IST (bidding closes Tuesday, 3 November). Confirmed = red herring prospectus (RHP), SEBI or exchange notice. Reported = media or broker summaries of the RHP. Calculated = our arithmetic. Unofficial = grey-market quotes.

The HGS (India) IPO is open on the NSE SME platform from 30 October to 3 November 2026 at a price band of ₹114 to ₹120 a share. One lot is 1,200 shares, and individual investors apply for two lots (2,400 shares), which costs ₹2,88,000 at the upper band. The ₹34.56 crore issue combines ₹27.91 crore of new shares with a ₹6.65 crore offer for sale. After day 1 it was 1.53 times subscribed (Confirmed, NSE data). HGS has made seismic equipment since 1986, carries no reported debt and has a net worth of about ₹89 crore. Allotment is due on 4 November and listing on 6 November.

HGS (India) IPO subscription status and allotment

Final subscription and allotment update (3 November 2026): bidding closed on Tuesday, 3 November with the issue about 247 times subscribed (Reported by Whalesbook; HDFC Sky showed 248.56x). Demand rose sharply from 1.53 times after day 1, with NIIs at 425 times and retail at 233 times. With retail bid about 233 times, roughly 1 in 233 minimum applications can expect shares (Calculated).

The basis of allotment is due on 4 November. Refunds and demat credit follow on 5 November, and the shares are expected to list on NSE Emerge on 6 November. KFin Technologies is the registrar; see how to check allotment status below. Our earlier day-wise figures follow.

By the end of day 1 (30 October) the issue was 1.53 times subscribed on NSE (Confirmed, exchange data). Unusually for a first day, institutions (QIBs) led: they bid for 24.13 lakh shares, while non-institutional investors bid for 5.15 lakh shares. Bidding resumes on Monday 2 November and closes on Tuesday 3 November at 4:30 PM.

HGS (India) IPO details at a glance

What HGS (India) does

HGS (India) makes geophones, the sensors that pick up ground vibrations in seismic surveys, along with geophone strings, seismic cables, connectors and accessories sold under the HG brand. It also makes cables and connectors for resistivity meters and ground-penetrating radar. The end uses are oil and gas exploration, mineral exploration, defence research, earthquake monitoring and vibration analysis.

The company was incorporated in February 1986 with technical and financial collaboration from Geosource Inc. of the USA (Reported). Its plant at Manesar, Haryana, handles coil winding, magnetising, assembly and testing, and makes key parts such as extruded cable and moulded components in-house. It exports to North America, Europe, Asia and Africa, with a Netherlands subsidiary, HGS Products B.V., for sales and support. The promoters are Anil Dass, Shashi Singh, Cecilia Margareta Singh Ramel and Sowar Pvt. Ltd.; their stake falls from 87.30% to 64.33% after the issue (two summaries agree).

HGS (India) financials: revenue, profit and debt

Revenue rose 41% in FY25 and then fell about 8.5% in FY26 to ₹48.91 crore, yet profit still edged up to ₹11.64 crore, a net margin near 24% (Calculated). The balance sheet is the stand-out: no reported borrowings and net worth of about ₹89 crore, almost twice FY26 revenue. Net worth fell between FY24 and FY25 even though the company made a profit, which points to a payout or capital change; the RHP explains it, and the summaries we checked do not.

HGS (India) IPO valuation: what ₹120 a share implies

The summaries we checked do not state the share count clearly, and their ratios do not reconcile. Working back from the promoter stake (87.30% before, 64.33% after) and the 23.26 lakh new shares, HGS would be worth roughly ₹105 crore to ₹135 crore at ₹120, depending on who sells in the offer for sale (Calculated range). That is about 9 to 12 times FY26 profit and close to 1 times book value once the new money is added (Calculated).

On those numbers the price is modest for a debt-free, profitable company. The catch is growth: sales fell in FY26, and exploration budgets can swing with oil prices. Check the share count in the RHP before relying on any multiple, including ours.

How HGS (India) will use the IPO money

Most of the new money replaces old machines rather than adding capacity, which fits a business that has run for four decades. The open-ended line for “unidentified acquisitions” is worth reading in the RHP, because the amount and targets are not set.

HGS (India) IPO GMP today

Grey-market quotes for HGS (India) disagree widely. On 30 October one tracker showed nil and another ₹19, and a third showed ₹30 on 31 October (all Unofficial). With that spread, we do not treat any single figure as meaningful. GMP is unregulated and not a forecast of the listing price; see how it has performed in our GMP vs listing price tracker.

HGS (India) IPO lot size and minimum investment

HGS (India) IPO review: strengths and risks

Strengths

• Long record: making seismic equipment since 1986, with its own brand and a European subsidiary.
• Debt-free and cash-rich balance sheet: net worth of about ₹89 crore and no reported borrowings.
• Profitable through a weaker year: profit rose in FY26 even as revenue fell.
• Modest price: roughly 9 to 12 times FY26 profit and about book value (Calculated range).

Risks

• Falling sales: revenue dropped about 8.5% in FY26.
• Cyclical demand: orders track oil, gas and mineral exploration budgets.
• Unclear public data: share count and return ratios in the summaries do not reconcile; read the RHP.
• Part offer for sale: ₹6.65 crore goes to sellers, not the company.
• Open-ended acquisition plans: part of the money is for unidentified acquisitions.
• SME liquidity: a ₹2,88,000 minimum and thin trading after listing.

Our Scouter Reading: 5,000, Power Up

We score HGS (India) at 5,200 out of 10,000 on our earlier v1 research scale, in the Charged band. Points for a long track record, no debt, steady profit and a price close to book value. Points against falling FY26 sales, dependence on exploration cycles, a partial offer for sale and public figures that need checking against the RHP. The Scouter Reading rates the research case on the information above; it is not a recommendation to apply or avoid.

How to check HGS (India) IPO allotment status

The basis of allotment is expected on 4 November 2026. You can then check by PAN or application number on the registrar’s site, KFin Technologies, or on the NSE allotment page. Refunds and demat credit are expected on 5 November, before listing on 6 November. Our allotment status guide covers each method.

What to watch before the issue closes

• Individual and HNI demand on 2 and 3 November: day 1 was driven by institutions.
• The RHP’s share count and FY25 net-worth change: both affect the valuation.
• Order trends: any comment in the RHP on FY27 exploration demand after the FY26 sales dip.

Other SME issues closing on 3 November: Maxwell Engineering Solutions, Johnsoncab Electricals and Vectras Enprocon. See all live IPOs.

HGS (India) IPO: frequently asked questions

Figures are from the RHP summaries and exchange data named in the text and may change; read the RHP before investing. SME shares can be thinly traded.