HGS (India) IPO
HGS (India) IPO is an NSE SME book-built issue of ₹34.56 crore, comprising a Fresh Issue of 23,26,000 equity shares and an Offer for Sale of 5,54,000 equity shares. The price band is ₹114 to ₹120 per share, with a lot size of 1,200 shares. The IPO opens o
HGS (India) IPO Details
HGS (India) Limited manufactures geophysical equipment used in seismic surveys, exploration and geoscience applications. Its product range includes geophones, geophone strings, seismic cables, connectors and specialised equipment for applications such as oil and gas exploration, mineral exploration, earthquake monitoring and infrastructure monitoring. The proposed IPO consists of a fresh issue of 23.26 lakh shares and an offer for sale of 5.54 lakh shares. At the upper price band of ₹120 per share, the issue size is approximately ₹34.56 crore. The fresh issue proceeds are intended to support machinery replacement, backward integration, facility infrastructure and other permitted corporate purposes.
HGS (India) IPO Timeline (Tentative)
The timeline covers the expected sequence from subscription opening through listing on the NSE SME platform.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Oct 30, 2026 |
| IPO Close Date | Tue, Nov 3, 2026 |
| Basis of Allotment | Wed, Nov 4, 2026 |
| Initiation of Refunds | Thu, Nov 5, 2026 |
| Credit of Shares to Demat | Thu, Nov 5, 2026 |
| Listing Date | Fri, Nov 6, 2026 |
HGS (India) IPO Lot Size
Investors can apply for a minimum of 2,400 shares, equivalent to two lots, and in multiples of 1,200 shares thereafter, subject to the final investor-category rules. Amounts are calculated at ₹120 per share.
| 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 |
HGS (India) IPO Reservation
The reservation structure specifies the minimum or maximum allocation for the main investor categories. Final category-wise allocation should be checked against the offer document and exchange disclosures.
HGS (India) IPO Subscription
Subscription figures should be updated using confirmed exchange data during the offer period. No subscription multiple is included until verified figures are available.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About HGS (India)
HGS (India) Limited was incorporated in 1986 and commenced commercial production in 1988. The company manufactures geophysical equipment used in seismic surveys, subsurface exploration and geoscience applications. It was formerly known as Geosource India Limited and has developed manufacturing capabilities in geophones, geophone strings, seismic cables, connectors and related equipment.
Its manufacturing facility is located at IMT Manesar in Haryana. The facility includes equipment and production areas for geophone elements, extrusion, moulding, machining, cable processing and assembly. The company has expanded beyond its traditional products into a broader range of geophysical equipment, including accelerometers, seismometers, magnetometers, seismic acquisition systems and specialised monitoring products.
The company serves applications across oil and gas exploration, mineral exploration, earthquake monitoring, defence research and infrastructure monitoring. Its subsidiary, HGS Products B.V. in the Netherlands, supports its European operations and research and development activities. The company reports ISO 9001:2015 certification and ZED Gold certification.
The IPO proceeds are intended to support machinery replacement, backward integration and infrastructure development. Investors should evaluate the expected operational benefits of these investments alongside the company's financial performance, end-market demand and ability to generate returns on the new capital.
Strengths
- Long operating history in geophysical equipment manufacturing.
- Specialised products used in seismic surveys and geoscience applications.
- Manufacturing capabilities spanning machining, moulding, cable processing and assembly.
- Diversification into adjacent sensing and monitoring equipment.
- International customer reach and a Netherlands subsidiary supporting European operations and research.
- Proposed investment in manufacturing equipment, backward integration and facility infrastructure.
Risks to Consider
- Demand for seismic equipment can fluctuate with oil and gas exploration and other end-market spending.
- Machinery replacement and facility development may face implementation delays or cost overruns.
- Product development and technological changes require continued investment and technical expertise.
- Specialised equipment markets can be competitive, with pressure on pricing and delivery requirements.
- New monitoring applications may take time to scale commercially.
- International sales may expose the company to export-market conditions and currency movements.
- Listing gains are not guaranteed, and the market price may fall below the issue price.
HGS (India) Financials (₹ Cr)
The following restated consolidated financial figures are based on the supplied IPO information. Amounts are in ₹ crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| 30 Sep 2025 | 28.13 | 6.82 | 111.37 | 87.72 |
| FY2025 | 53.45 | 10.51 | 104.04 | 85.16 |
| FY2024 | 37.93 | 4.00 | 113.70 | 95.04 |
| FY2023 | 33.77 | 3.67 | 114.52 | 94.52 |
KPIs & Valuation
Lower ROCE and RoNW for the September 2025 reporting date than for March 2025. The reported PAT margin also declined, while the EBITDA margin increased. These indicators should be assessed alongside the period covered, the composition of income and expenses, and the planned capital expenditure.
Objects of the Issue
The company proposes to utilise the net proceeds from the fresh issue to fund capital expenditure at its existing manufacturing facility, establish an in-house gold-plating facility, develop additional infrastructure, and meet other corporate requirements. The objects of the issue are as follows:
- Replacement of Plant and Machinery: ₹18.50 crore towards funding capital expenditure for the replacement of plant and machinery at the existing manufacturing facility in Manesar, Gurugram.
- In-house Gold-plating Facility: ₹1.05 crore towards funding capital expenditure for backward integration through the establishment of an in-house gold-plating facility.
- Infrastructure Development: ₹4.73 crore towards funding capital expenditure for infrastructure development on the third floor of the existing manufacturing facility at Manesar, Gurugram.
- Acquisitions and General Corporate Purposes: The remaining proceeds will be used to pursue unidentified acquisitions and meet general corporate purposes, subject to the applicable provisions of the offer document.
- The company has allocated ₹24.28 crore towards the three specified capital expenditure objectives. The balance allocation will be used for unidentified acquisitions and general corporate purposes, as permitted under the final offer document.
Promoters, Lead Managers & Registrar
The supplied IPO information identifies the following promoters and promoter-related entities.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Ltd. |
|---|---|
| Phone | 040-79615565 |
| hgs.ipo@kfintech.com | |
| Website | https://ris.kfintech.com/ |
HGS (India) IPO Review
HGS (India) has operated in geophysical equipment manufacturing for several decades and has built capabilities in geophones, seismic cables, connectors and related sensing equipment. Its established manufacturing base, technical experience and expansion into adjacent applications such as earthquake monitoring and specialised geophysical systems may support its ability to serve a wider range of customers. The supplied financial figures show an increase in total income and PAT between FY2023 and FY2025.
The planned use of proceeds is focused on manufacturing modernisation, backward integration and infrastructure development. Replacing plant and machinery may support production capability, while an in-house gold-plating facility could bring a selected process within the company’s operations. However, the benefits will depend on project execution, equipment commissioning, customer demand and the efficiency gains achieved after investment. The allocation for unidentified acquisitions and general corporate purposes should also be reviewed in the final offer document.
Investors should also assess the company’s dependence on specialised geophysical equipment markets, which can be affected by oil and gas exploration spending and changes in customer demand. The supplied KPIs show lower ROCE and RoNW for the September 2025 reporting date compared with March 2025, although the reporting periods are different. At the upper price band, the implied post-issue market capitalisation is approximately ₹130.30 crore based on the supplied share count. Investors should consider the final offer valuation, earnings basis, capital expenditure plans and business risks before deciding whether to apply. This review is informational and is not a recommendation to buy or sell the IPO.
How to Apply
Investors can apply through a supported broker or other permitted IPO application channel during the subscription period. Before submitting a bid, check the final issue terms, investor-category eligibility, lot size, application cut-off times and the relevant UPI or ASBA process.
Through UPI
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Log in to your broker's app or IPO application platform.
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Select the HGS (India) IPO.
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Choose the investor category and enter the number of lots.
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Enter a bid price within the permitted price band, or select the cut-off option if available and applicable.
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Provide the required UPI ID and submit the application.
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Open your UPI app and approve the mandate before the deadline.
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Check that the application and mandate are shown as submitted or approved in the relevant platform.
Applicants should follow the instructions provided by their broker or bank. Entering a bid alone does not guarantee a valid application if the required mandate or ASBA authorisation is not completed.
Prospectus & Documents
The company's official website provides an IPO section containing offer-document links. The DRHP should be consulted for the detailed issue structure, risk factors, financial information and intended use of proceeds. The final RHP or prospectus should be checked when published for updated issue terms and final allocations.
Last updated Oct 27, 2026.