HGS (India)

HGS (India)

LIVE

IPO Date: 30 Oct - 3 Nov 2026

Listing Date: 6 Nov 2026

Price Range

₹114 to ₹120

Issue Size

35 Cr

Min Investment

₹2,73,600

2 lots minimum (SEBI rule for SME)

Min Application

2400 Shares

1200 per lot × 2

View IPO Document

Schedule of HGS (India)

  1. Issue open date

    30 Oct 2026

  2. Issue close date

    3 Nov 2026

  3. UPI mandate deadline

    3 Nov 2026 (5 PM)

  4. Allotment finalization

    4 Nov 2026

  5. Share credit

    5 Nov 2026

  6. Listing date

    6 Nov 2026

  7. Mandate end date

    18 Nov 2026

Issue size

Funds Raised in the IPOAmount
Overall35 Cr
Fresh Issue23.26 Cr
Offer for Sale5.54 Cr

Allotment DetailsNew

Allotment TimelineDetails
Allotment Date4 Nov 2026
Allotment Link{Link}

Grey Market Premium

New

Grey Market Premium (GMP) is the premium at which the shares are traded in the grey market. It gives a fair idea about the listing price of the IPO shares. The GMP can be positive or negative based on the demand and supply of the shares in the grey market.

DateIPO PriceGMPEst. Listing Price
29 Oct 2026Latest₹120₹0₹120(0%)
28 Oct 2026₹120₹0₹120(0%)
27 Oct 2026₹120₹0₹120(0%)

Performance HGS (India)

Issue PriceListing GainCurrent Market PriceP/L
₹114 to ₹120............

About HGS (India)

HGS (India) Limited, formerly known as Geosource India Limited, is a manufacturer of geophones, seismic cables, geophysical connectors, and related equipment for the energy and geoscience industries. Established in 1986, the company manufactures products used in seismic data acquisition for oil and gas exploration, mineral exploration, earthquake monitoring, vibration analysis, and defense research. Its manufacturing facility is located in IMT Manesar, Gurugram, Haryana, with in-house production, assembly, and testing capabilities. The company also supplies specialized geophysical instruments and customized equipment to domestic and international customers. Its wholly owned Netherlands subsidiary, HGS Products B.V., supports international sales, marketing, and research and development.

Founded in1986
Managing directorAnil Dass
Parent organization

Financial Overview

Strengths

4
  1. 1

    Established Industry Experience. Operating since 1986, the company has decades of experience manufacturing geophones, seismic cables, and geophysical equipment.

  2. 2

    International Market Reach. The company exports its products to numerous international markets. Export revenue accounted for approximately 84.22% of FY2026 revenue, providing access to global customers but also creating overseas market exposure.

  3. 3

    Integrated Manufacturing Capabilities. In-house component manufacturing, cable extrusion, injection moulding, assembly, and testing help maintain product quality and control production processes.

  4. 4

    Diversified Product Applications. Its products serve oil and gas exploration, mineral exploration, earthquake monitoring, vibration monitoring, and defense research, providing opportunities beyond conventional seismic exploration.

Risks

4
  1. 1

    High Customer Concentration. The top 10 customers accounted for more than 72% of FY2026 revenue, creating exposure to the loss of major customers or reduced orders.

  2. 2

    Dependence on Global Markets. A significant share of revenue comes from exports, exposing the company to foreign exchange fluctuations, international trade restrictions, and geopolitical uncertainties.

  3. 3

    Oil and Gas Industry Exposure. Changes in global exploration spending and demand for seismic survey equipment could affect order volumes and revenue.

  4. 4

    Single-Location Manufacturing Concentration. Its principal manufacturing operations are concentrated in Manesar, Haryana, making production vulnerable to facility disruptions, equipment failures, or localized operational problems.

Subscription Figures

CategorySubscription (No. of times)
Qualified Institutional Buyers (QIBs)N/A
Non-Institutional Investors (NIIs)N/A
Retail Individual Investors (RIIs)N/A
EmployeeN/A
TotalN/A