SME
IPO ·
NSE Emerge
HGS (India) Ltd
Open
Manesar-based maker of geophones, seismic cables and accessories used in oil and gas, mineral exploration, defence and seismology.
Issue details
Price band
₹114 – ₹120
Face value
₹10
Lot size
1,200 shares
Minimum investment
₹2,88,000
Issue size
₹34.56 Cr
Fresh issue
₹27.91 Cr
Offer for sale
₹6.65 Cr
Issue type
Book Built
Exchange
NSE Emerge
Key dates
Opens
30 Oct 2026
Closes
3 Nov 2026
UPI mandate cut-off
5:00 PM on 3 Nov 2026
Allotment
4 Nov 2026
Refunds
5 Nov 2026
Shares in demat
5 Nov 2026
Listing
6 Nov 2026
Subscription and listing
Subscription
Not open yet
Listing price
Not listed yet
Registrar
KFin Technologies Ltd
Lead manager
Hem Securities Ltd
Grey market premium
Latest GMP
₹0
Est. listing price
₹120 (+0.0%)
Updated
30 Oct 2026
Unofficial grey market indication sourced via Chittorgarh. GMP is not regulated, can change quickly and is not a reliable guide to listing price. Not a recommendation.
Issue structure
Shares reserved per category and share of the total issue
QIB
—
Up to 50% of net offer
Retail
—
At least 35% of net offer
NII
—
At least 15% of net offer
Finaccle’s quick read
Neutral
Income up 41% and PAT up from ₹4.00 Cr to ₹10.51 Cr in FY25, but profit was flat in earlier years and RoNW is only 12.34% with ROCE of 16.23%.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
HGS (India) makes geophysical equipment for seismic and geoscience work, including geophones, seismic cables, connectors, seismographs and seismometers, under the HG brand. It was set up with technical and financial support from Geosource Inc., USA, and runs a factory in Manesar, Haryana. It serves 146 clients across 21 countries and has 161 permanent employees.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
—
ROCE
16.23%
Debt / equity
—
PAT margin
31.19%
P/E post issue
—
Market cap
₹130.30 Cr
Use of IPO money
Replacement of plant and machinery at Manesar facility
₹18.50 Cr
Backward integration (in-house gold plating facility)
₹1.05 Cr
Infrastructure development on 3rd floor of Manesar facility
₹4.73 Cr
Unidentified acquisitions and general corporate purposes
—
Strengths
✓
Four-decade operating history in a niche segment
✓
Customers in 21 countries
✓
Large net worth relative to market cap
✓
Fresh funds mainly for plant upgrades
Risks to watch
!
PAT flat near ₹4 Cr before jumping to ₹10.51 Cr in FY25
!
Modest RoNW of 12.34% despite high margins
!
Depends on oil, gas and seismic exploration cycles
!
Latest financials on page are to Sep 2025, over a year old
!
OFS of about ₹7 Cr and unidentified acquisitions in objects
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.