HGS (India) IPO

Listed on the exchange

HGS (India) priced its issue at ₹120.00 and began trading on 6 November 2026.

The dates that matter

An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.

Issue dates

1. Anchor investor biddingCompleted

   29 October 2026

   One day before the public window, for institutional anchors.

2. Bidding opensCompleted

   30 October 2026

3. Bidding closesCompleted

   3 November 2026

4. Basis of allotmentCompleted

   4 November 2026

5. Refunds initiatedCompleted

   5 November 2026

6. Shares credited to DematCompleted

   5 November 2026

7. Listing on the exchangeCompleted

   6 November 2026

Grey market premium

Grey market premium is the price traders quote among themselves for shares that have not listed yet. Below is the full day-by-day record we hold for this issue, not only the latest figure, because the movement across the bidding window says more than any single day does.

About HGS (India)

HGS (India) Ltd. makes geophysical instruments and the components that go into seismic surveys. Its main products are geophones and geophone strings, seismic cables, connectors, and seismic instruments such as seismographs, seismometers and accelerographs. Customers use these in oil and gas exploration, mineral exploration, defence research, earthquake monitoring and infrastructure vibration analysis. The company sells under the HG brand from a plant in Manesar, Gurugram, which runs precision assembly, coil winding, magnetising, injection moulding and cable extrusion lines. HGS (India) began in 1986 through a technical and financial tie-up with Geosource Inc. of the United States. It holds ISO 9001:2015 and ZED Gold certification and operates as a 100% Export Oriented Unit under NSEZ. A wholly owned Dutch subsidiary, HGS Products B.V., set up in 2015, handles international sales and customer support. As of September 30, 2025, the company served 146 clients across 21 countries.

Promoters

• Anil Dass
• Shashi Singh
• Cecilia Margareta Singh Ramel
• Sowar Pvt.Ltd.

Financial highlights

The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.

Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Apr 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.

Key ratios

Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.

Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.

What the money is for

Every issue states its objects in the offer document. These are reproduced from it, largest first, so you can see where most of the raise is going.

• Funding the capital expenditure towards replacement of plant and machinery for our existing manufacturing facility at Manesar, Gurugram

  ₹15.05 Cr

• Pursuing unidentified acquisitions and general corporate purpose

  ₹5.88 Cr

• Issue Expenses

  ₹3.31 Cr

• Funding the capital expenditure towards Infrastructural development of building on 3rd Floor at our existing manufacturing facility at Manesar, Gurugram

  ₹3.26 Cr

• Funding the capital expenditure towards Backward Integration for setting up in-house gold plating facility

  ₹1.05 Cr

Who gets what share

SEBI fixes how much of a book-built issue each investor category can be allotted. This is the split for this issue as stated in the offer document.

Percentages are reproduced as text from the offer document. A dash means the document does not state an amount for that category. Categories are labelled using the document's own terms, which differ slightly between issues.

Questions people ask

Sources

• National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
• BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
• Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
• HGS (India) issue particulars are compiled and published by Ankit Kumar, Founder of DematOpen, refreshed every 30 minutes, and reviewed against the offer document. The record was last updated 16 November 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.